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Income taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The loss from operations before tax (expense) benefit consisted of the following for the years ended December 31, 2020, 2019, and 2018:

​

​	​	​	​	​	​	​	​	​	​
​		2020			2019			2018
Domestic	​	$	(452,475)	​	$	(231,915)	​	$	(68,461)
Foreign	​		49,543	​		(8,011)	​		(59,649)
Total	​	$	(402,932)	​	$	(239,926)	​	$	(128,110)

​

Components of Income Tax Provision

The Income Tax Provision consisted of the following for the years ended December 31, 2020, 2019 and 2018:

​

​	​	​	​	​	​	​	​	​	​
​		2020			2019			2018
Current:		​			​			​
U.S. Federal	​	$	—	​	$	—	​	$	—
U.S. State and Local	​		(24,984)	​		(61)	​		(38)
Foreign	​		(4,372)	​		(2,041)	​		(669)
Deferred:	​			​			​
U.S. Federal	​		—	​		—	​		—
U.S. State and Local	​		(5,872)	​		(8,812)	​		—
Foreign	​		—	​		(736)	​		736
Total tax benefit (expense)	​	$	(35,228)	​	$	(11,650)	​	$	29

Schedule of reconciliation of the U.S. statutory income tax rate to the Company's effective tax rate

A reconciliation of the U.S. statutory income tax rate to the Company’s effective tax rate is as follows:

​

​	​	​	​	​	​	​	​
​		December 31,
​		2020		2019		2018
Federal income tax provision at statutory rate	​	21.00	%	21.00	%	21.00	%
State income tax provision, net of federal benefit	​	(3.31)		1.08		0.05	​
Permanent differences	​	(6.66)		(6.17)		(6.41)	​
Research and development	​	4.93		4.38		6.49	​
Change in valuation allowances	​	(26.40)		(35.49)		2.20	​
Change in deferred tax assets	​	2.93		15.89		(14.22)	​
Foreign tax rate differential	​	0.72		(1.88)		(9.10)	​
Tax rate change	​	(1.46)		(3.67)		—	​
(Accrual) Release of uncertain tax positions	​	(0.61)	​	—	​	—	​
Other	​	0.12		—		0.01	​
Effective income tax rate	​	(8.74)	%	(4.86)	%	0.02	%

​

Schedule of significant components of the Company's deferred tax assets and liabilities

The amount of deferred income taxes are as follows:

The significant components of the Company’s deferred tax assets and liabilities at December 31, 2020 and 2019 are as follows:

​

​	​	​	​	​	​	​
​		2020			2019
Deferred tax assets:		​			​
Accrued expense	​	$	5,528	​	$	2,588
Amortization	​		80,677	​		78,291
Depreciation	​		—	​		991
Federal tax credits	​		123,405	​		99,421
State tax credits	​		—	​		6,489
Federal net operating losses	​		16,999	​		91,010
State net operating losses	​		1,428	​		1,360
Foreign net operating losses	​		—	​		1,056
Capitalized research and development costs	​		661	​		1,274
Share based compensation and other	​		14,612	​		16,425
Liability for sale of future royalties	​	​	161,204	​	​	—
Other comprehensive loss	​		7,624	​		1,512
Total gross deferred tax assets	​		412,138	​		300,417
Less valuation allowance	​		(379,608)	​		(267,131)
Total deferred tax assets, net of valuation allowance	​	$	32,530	​	$	33,286
Deferred tax liabilities:	​			​
Depreciation	​	$	(2,904)	​	$	—
Convertible debt	​	​	(29,626)	​	​	(33,286)
Indefinite lived intangible	​		(136,735)	​		(130,862)
Total gross deferred tax liabilities	​		(169,265)	​		(164,148)
Net deferred tax assets (liabilities)	​	$	(136,735)	​	$	(130,862)

​

Schedule of uncertain income tax benefits

A reconciliation of the gross amount of unrecognized tax benefits, excluding accrued interest and penalties, is as follows:

​	​	​
​	Unrecognized Tax Benefits
Balance at December 31, 2019	​	—
Increase in tax positions for prior years		2,446
Balance at December 31, 2020	$	2,446

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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