Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Reconciliation of Income Taxes Computed Using U.S Federal Statutory Tax Rate

A reconciliation of income taxes computed using the U.S. federal statutory rate to that reflected in operations follows:

	Year Ended December 31,
	2023			2022			2021
Federal statutory tax		21.00	%		21.00	%		21.00	%
State income tax, net of federal benefit		15.38			13.49			2.75
Valuation allowance		(45.30	)		(43.69	)		(24.06	)
Success payment liabilities		0.58			5.40			(1.40	)
Contingent consideration		3.02			0.26			(1.88	)
Tax credits		6.59			4.93			2.58
Other		(1.27	)		(1.39	)		1.01
Effective income tax rate		0.00	%		0.00	%		0.00	%

Components of Net Deferred Tax Assets

The principal components of the Company’s net deferred tax assets are as follows:

	December 31,
	2023			2022
	(in thousands)
Deferred tax assets:
Net operating loss carryforwards	$	192,179		$	154,888
Capitalized research and development		101,136			49,687
Tax credit carryforwards		69,070			44,051
Lease liabilities		31,503			28,050
Stock-based compensation		12,607			6,958
Intangibles		10,744			7,949
Accrued liabilities and allowances		6,050			6,807
Fixed assets		1,073			-
Success payment liabilities		496			516
Other		285			155
Gross deferred tax assets		425,143			299,061
Valuation allowance		(402,658	)		(274,348	)
Deferred tax assets, net of valuation allowance		22,485			24,713
Deferred tax liabilities:
Right-of-use assets		(22,485	)		(23,554	)
Fixed assets		-			(1,159	)
Net deferred taxes assets	$	-		$	-