Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Taxes

Schedule of components of income tax benefit (provision)

	Year Ended December 31,
	2020		2019		2018
	(In thousands)
Income tax benefit (provision):
Federal	$	16,615	$	13,869	$	22,255
State		5,802		2,170		6,406
Foreign		—		—		913
Expiration of NOLs and R&D credit		(20,294)		(18,966)		—
		2,123		(2,927)		29,574
Deferred tax valuation allowance		(956)		2,927		(28,809)
	$	1,167	$	—	$	765

Schedule of reconciliation between the amount of reported income tax and the amount computed using the U.S. Statutory rate

	2020		2019		2018
	(In thousands)
Pre-tax loss	$	(60,947)	$	(50,878)	$	(151,949)
Loss at statutory rates		(12,799)		(10,684)		(31,909)
Research and development credits		(1,778)		(1,902)		(2,056)
State taxes		(5,802)		(2,170)		(6,406)
Other		(1,152)		(1,011)		(1,175)
Change in fair value remeasurement of contingent consideration		(886)		(272)		(6,220)
Intangible impairment		—		—		19,105
Impact of pass-through entities		—		—		(913)
Expiration of NOLs and R&D credit		20,294		18,966		—
Change in valuation allowance		956		(2,927)		28,809
Income tax (benefit) provision	$	(1,167)	$	—	$	(765)

Schedule of principal components of the deferred tax assets and liabilities

	December 31,		December 31,
	2020		2019
	(In thousands)
Gross deferred tax assets
Net operating loss carryforwards	$	174,369	$	172,745
Foreign net operating loss carryforwards		—		—
Tax credit carryforwards		44,936		42,642
Deferred research and development expenses		63,215		70,042
Stock-based compensation		13,196		12,651
Fixed assets		1,303		1,759
Accrued expenses and other		325		328
		297,344		300,167
Gross deferred tax liabilities
IPR&D intangibles		(7,802)		(12,748)
Total deferred tax assets and liabilities		289,542		287,419
Valuation allowance		(291,382)		(290,426)
Net deferred tax liability	$	(1,840)	$	(3,007)