Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

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,
	2021			2020			2019
Federal statutory tax		21.00	%		21.00	%		21.00	%
State income tax, net of federal benefit		2.75			2.09			3.06
Valuation allowance		(24.06	)		(15.18	)		(16.32	)
Success payment liabilities		(1.40	)		(4.58	)		-
Contingent consideration		(1.88	)		(3.89	)		(2.71	)
Tax credits		2.58			1.88			1.93
Other		1.01			(1.32	)		(1.50	)
Effective income tax rate		0.00	%		0.00	%		5.46	%

Components of Net Deferred Tax Assets

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

	December 31,
	2021			2020
	(in thousands)
Deferred tax assets:
Net operating loss carryforwards	$	114,368		$	58,527
Lease liabilities		25,754			16,971
Tax credit carryforwards		24,008			11,908
Intangibles		5,986			-
Accrued liabilities and allowances		4,401			3,643
Success payment liabilities		3,290			2,785
Stock-based compensation		1,854			-
Other		-			25
Gross deferred tax assets		179,661			93,859
Valuation allowance		(156,622	)		(70,989	)
Deferred tax assets, net of valuation allowance		23,039			22,870
Deferred tax liabilities:
Right-of-use assets		(21,940	)		(14,577	)
Fixed assets		(1,050	)		(935	)
Intangibles		-			(6,870	)
Stock-based compensation		-			(488	)
Other		(49	)		-
Deferred tax liabilities		(23,039	)		(22,870	)
Net deferred taxes assets	$	-		$	-