Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Provision for Income Taxes

The provision for income taxes for each of the years ended December 31, 2021, 2020 and 2019 consisted of the following:

	Year ended December 31,
	2021	2020	2019
Current:
Federal	—	—	—
State	—	—	—
Foreign	—	—	—
Total Current:	—	—	—
Deferred:
Federal	—	—	—
State	—	—	(6,631)
Foreign	—	—	—
Total Deferred:	—	—	(6,631)
Total Income Taxes	—	—	(6,631)

Effective Income Tax Rate Differs From Statutory Federal Income Tax Rate

Our effective income tax rate differs from the statutory federal income tax rate as follows for the years ended December 31, 2021, 2020 and 2019:

	Year ended December 31,
	2021		2020		2019
Federal tax at statutory rate	21.0	%	21.0	%	21.0	%
State and local tax at statutory rate	3.0		3.0		5.5
Research and development tax credits	—		0.1		2.0
Change in valuation allowance	(22.7)		(21.5)		(22.4)
Other permanent differences	(1.0)		(0.4)		(0.3)
Reduction in deferred tax assets for change in ownership	—		—		(1.6)
Effect of rate changes	0.3		0.8		(1.4)
Provision to Return Adjustment	0.3		(1.5)		—
Prior Period Adjustment to State NOL DTA	—		(1.5)		—
Other	(0.9)		—		(0.5)
Effective tax rate	—	%	—	%	2.3	%

Significant Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows:

	December 31,
	2021		2020
	(in thousands)
Deferred tax assets:
Accrued expenses	$	3,306	$	3,079
Deferred revenue	9,725		9,091
Sale of Royalty	12,037		—
Stock based compensation	9,194		10,014
Research and development credits	5,034		4,620
Other non-current liabilities	20,424		17,015
Net operating loss carryforward	286,908		262,532
ASC 842 lease liability	9,096		6,776
Fixed assets	799		700
UNICAP	3,190		2,132
Inventory Reserve	10,281		8,260
Derivative Liability	413		542
Other	6,081		2,535
Total deferred tax assets	376,488		327,296
Less valuation allowance	(342,122)		(277,941)
Total deferred tax assets, net of valuation allowance	34,366		49,355
Deferred tax liabilities:
Fixed assets	—		—
Intangible assets	(25,598)		(34,178)
Inventory	—		(8,479)
ASC 842 ROU asset	(8,486)		(6,101)
Other	(282)		(597)
Total deferred tax liabilities	(34,366)		(49,355)
Net deferred tax liability	$	—	$	—