Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Schedule of components of income tax benefit (provision)

	Year Ended December 31,
	2023		2022		2021
	(In thousands)
Income tax benefit (provision):
Federal	$	36,067	$	17,484	$	18,513
State		13,691		9,606		7,082
Expiration of NOLs and R&D credit		(15,141)		(16,862)		(14,210)
		34,617		10,228		11,385
Deferred tax valuation allowance		(34,617)		(10,228)		(11,158)
	$	—	$	—	$	227

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

	2023		2022		2021
	(In thousands)
Pre-tax loss	$	(141,429)	$	(112,325)	$	(70,738)
Loss at statutory rates		(29,700)		(23,588)		(14,855)
Research and development credits		(5,237)		(3,876)		(2,422)
State taxes		(13,691)		(9,606)		(7,082)
Other		(1,130)		11,421		(941)
Change in fair value remeasurement of contingent consideration		—		(1,441)		(295)
Expiration of NOLs and R&D credit		15,141		16,862		14,210
Change in valuation allowance		34,617		10,228		11,158
Income tax (benefit) provision	$	—	$	—	$	(227)

Schedule of principal components of the deferred tax assets and liabilities

	December 31,		December 31,
	2023		2022
	(In thousands)
Gross deferred tax assets
Net operating loss carryforwards	$	197,618	$	188,255
Tax credit carryforwards		56,830		50,688
Deferred research and development expenses		82,077		67,494
Stock-based compensation		14,671		9,993
Fixed assets		1,019		1,193
Accrued expenses and other		398		373
		352,613		317,996
Gross deferred tax liabilities
IPR&D intangibles		(6,840)		(6,840)
Total deferred tax assets and liabilities		345,773		311,156
Valuation allowance		(347,386)		(312,769)
Net deferred tax liability	$	(1,613)	$	(1,613)