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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Taxes [Abstract] |
Loss Before Income Taxes | Loss before income taxes is comprised of (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
United States |  | $ | (334,707 | ) |  | $ | (258,493 | ) |  | $ | (29,966 | )
Foreign |  |  | 742 |  |  |  | 508 |  |  |  | 818 |
Loss before income taxes |  | $ | (333,965 | ) |  | $ | (257,985 | ) |  | $ | (29,148 | )
Income Tax Expense (Benefit) | Our income tax expense (benefit) was as follows (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 35,861 |  |  | $ | 10,522 |  |  | $ | (200 | )
State |  |  | (3,687 | ) |  |  | 1,129 |  |  |  | (690 | )
Foreign |  |  | 147 |  |  |  | 86 |  |  |  | 339 |
Total current income tax expense (benefit) |  |  | 32,321 |  |  |  | 11,737 |  |  |  | (551 | )
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | — |  |  |  | — |  |  |  | — |
State |  |  | — |  |  |  | — |  |  |  | — |
Total deferred income tax benefit |  |  | — |  |  |  | — |  |  |  | — |
Total income tax expense (benefit) |  | $ | 32,321 |  |  | $ | 11,737 |  |  | $ | (551 | )
Reconciliation of Statutory to Effective Tax Rate | Our expense (benefit) for income taxes differs from the amount computed by applying the U.S. federal statutory rate to loss before income taxes. The sources and tax effects of the differences are as follows (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Pre-tax loss |  | $ | (333,965 | ) |  |  |  |  | $ | (257,985 | ) |  |  |  |  | $ | (29,148 | ) |  |  |
Statutory rate |  |  | (70,133 | ) |  |  | 21.0 | % |  |  | (54,177 | ) |  |  | 21.0 | % |  |  | (6,121 | ) |  |  | 21.0 | %
State income tax net of federal benefit |  |  | (22,597 | ) |  |  | 6.8 | % |  |  | (13,622 | ) |  |  | 5.3 | % |  |  | 4,278 |  |  |  | (14.7 | )%
Foreign |  |  | (22 | ) |  |  | 0.0 | % |  |  | (49 | ) |  |  | 0.0 | % |  |  | 143 |  |  |  | (0.5 | )%
Net change in valuation allowance |  |  | 175,388 |  |  |  | (52.5 | )% |  |  | 104,951 |  |  |  | (40.7 | )% |  |  | 2,885 |  |  |  | (9.9 | )%
Loss on debt transactions |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 262 |  |  |  | (0.9 | )%
Tax credits |  |  | (67,131 | ) |  |  | 20.1 | % |  |  | (39,729 | ) |  |  | 15.4 | % |  |  | (23,198 | ) |  |  | 79.6 | %
Deferred tax true-up |  |  | 4 |  |  |  | 0.0 | % |  |  | (20 | ) |  |  | 0.0 | % |  |  | (24 | ) |  |  | 0.1 | %
Tax rate change |  |  | 1,023 |  |  |  | (0.3 | )% |  |  | (3,091 | ) |  |  | 1.2 | % |  |  | 12,838 |  |  |  | (44.0 | )%
Non-deductible compensation |  |  | 3,814 |  |  |  | (1.1 | )% |  |  | 3,023 |  |  |  | (1.2 | )% |  |  | 5,085 |  |  |  | (17.4 | )%
Other non-deductible items |  |  | 327 |  |  |  | (0.1 | )% |  |  | 57 |  |  |  | 0.0 | % |  |  | 84 |  |  |  | (0.3 | )%
Foreign-derived intangible income benefit |  |  | (7,493 | ) |  |  | 2.2 | % |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Stock-based compensation |  |  | 19,546 |  |  |  | (5.9 | )% |  |  | 14,030 |  |  |  | (5.4 | )% |  |  | 4,720 |  |  |  | (16.2 | )%
Other |  |  | (405 | ) |  |  | 0.1 | % |  |  | 364 |  |  |  | (0.1 | )% |  |  | (1,503 | ) |  |  | 5.1 | %
Effective rate |  | $ | 32,321 |  |  |  | (9.7 | )% |  | $ | 11,737 |  |  |  | (4.5 | )% |  | $ | (551 | ) |  |  | 1.9 | %
Deferred Tax Assets and Liabilities | Significant components of our deferred tax assets and liabilities as of December 31, 2023 and 2022 are as follows (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
Deferred Tax Assets: |  |  |  |  |  |
Net operating loss carryovers |  | $ | 77,964 |  |  | $ | 87,802 |
Tax credits |  |  | 239,962 |  |  |  | 277,436 |
Deferred revenue |  |  | 71,683 |  |  |  | 85,700 |
Stock-based compensation |  |  | 77,468 |  |  |  | 86,983 |
Intangible and capital assets |  |  | 104,380 |  |  |  | 104,649 |
Convertible debt |  |  | 16,849 |  |  |  | 34,384 |
Capitalized research and development expenses |  |  | 238,738 |  |  |  | 119,635 |
Long-term lease liabilities |  |  | 43,718 |  |  |  | 45,612 |
Sale of future royalties |  |  | 144,608 |  |  |  | — |
Other |  |  | 10,343 |  |  |  | 15,813 |
Total deferred tax assets |  | $ | 1,025,713 |  |  | $ | 858,014 |
Deferred Tax Liabilities: |  |  |  |  |  |  |  |
Fixed assets |  |  | (4,166 | ) |  |  | (4,475 | )
Right-of-use assets |  |  | (42,007 | ) |  |  | (44,504 | )
Other |  |  | (1,910 | ) |  |  | (313 | )
Net deferred tax asset |  | $ | 977,630 |  |  | $ | 808,722 |
Valuation allowance |  |  | (977,630 | ) |  |  | (808,722 | )
Total net deferred tax assets and liabilities |  | $ | — |  |  | $ | — |
Gross Unrecognized Tax Benefits | The following table summarizes our gross unrecognized tax benefits (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Beginning balance of unrecognized tax benefits |  | $ | 56,567 |  |  | $ | 55,085 |  |  | $ | 54,163 |
Decrease for lapse of statute of limitations |  |  | (14,993 | ) |  |  | — |  |  |  | — |
Decrease for prior period tax positions |  |  | (737 | ) |  |  | (267 | ) |  |  | (695 | )
Increase for prior period tax positions |  |  | 429 |  |  |  | 259 |  |  |  | 263 |
Increase for current period tax positions |  |  | 2,032 |  |  |  | 1,490 |  |  |  | 1,354 |
Ending balance of unrecognized tax benefits |  | $ | 43,298 |  |  | $ | 56,567 |  |  | $ | 55,085 |

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