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Income taxes (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021, 2020, and 2019:

​

​	​	​	​	​	​	​	​	​	​
​		2021			2020			2019
Domestic	​	$	(487,726)	​	$	(452,475)	​	$	(231,915)
Foreign	​		(30,614)	​		49,543	​		(8,011)
Total	​	$	(518,340)	​	$	(402,932)	​	$	(239,926)

​

Components of Income Tax Provision

The Income Tax Provision consisted of the following for the years ended December 31, 2021, 2020 and 2019:

​

​	​	​	​	​	​	​	​	​	​
​		2021			2020			2019
Current:		​			​			​
U.S. Federal	​	$	—	​	$	—	​	$	—
U.S. State and Local	​		(3,844)	​		(24,984)	​		(61)
Foreign	​		(1,340)	​		(4,372)	​		(2,041)
Deferred:	​			​			​
U.S. Federal	​		—	​		—	​		—
U.S. State and Local	​		(377)	​		(5,872)	​		(8,812)
Foreign	​		—	​		—	​		(736)
Total tax expense	​	$	(5,561)	​	$	(35,228)	​	$	(11,650)

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,
​		2021		2020		2019
Federal income tax provision at statutory rate	​	21.00	%	21.00	%	21.00	%
State income tax provision, net of federal benefit	​	(0.74)		(3.31)		1.08
Permanent differences	​	(4.06)		(6.66)		(6.17)
Research and development	​	4.50		4.93		4.38
Change in valuation allowances	​	(29.03)		(26.40)		(35.49)
Change in deferred tax assets	​	12.05		2.93		15.89
Foreign tax rate differential	​	0.01		0.72		(1.88)
Tax rate change	​	0.01		(1.46)		(3.67)
(Accrual) Release of uncertain tax positions	​	(4.78)	​	(0.61)	​	—	​
Other	​	(0.03)		0.12		—
Effective income tax rate	​	(1.07)	%	(8.74)	%	(4.86)	%

​

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

​

​	​	​	​	​	​	​
​		December 31,
​	​	2021			2020
Assets:		​			​
Noncurrent deferred income taxes	​	$	—	​	$	—
Liabilities:	​			​
Noncurrent deferred income taxes	​		(137,110)	​		(136,735)
Deferred income taxes - net	​	$	(137,110)	​	$	(136,735)

​

The significant components of the Company’s deferred tax assets and liabilities at December 31, 2021 and 2020 are as follows:

​

​	​	​	​	​	​	​
​		2021			2020
Deferred tax assets:		​			​
Accrued expense	​	$	8,208	​	$	5,528
Amortization	​		87,998	​		80,677
Depreciation	​		—	​		—
Federal tax credits	​		142,595	​		123,405
State tax credits	​		8,054	​		—
Federal net operating losses	​		76,589	​		16,999
State net operating losses	​		9,159	​		1,428
Foreign net operating losses	​		3,316	​		—
Capitalized research and development costs	​		241	​		661
Share based compensation and other	​		15,273	​		14,612
Liability for sale of future royalties	​	​	148,503	​	​	161,204
Noncash interest expense	​	​	26,040	​	​	—
Other comprehensive loss	​		143	​		7,624
Total gross deferred tax assets	​		526,119	​		412,138
Less valuation allowance	​		(525,570)	​		(379,608)
Total deferred tax assets, net of valuation allowance	​	$	549	​	$	32,530
Deferred tax liabilities:	​			​
Depreciation	​	$	(549)	​	$	(2,904)
Convertible debt	​	​	—	​	​	(29,626)
Indefinite lived intangible	​		(137,110)	​		(136,735)
Total gross deferred tax liabilities	​		(137,659)	​		(169,265)
Net deferred tax assets (liabilities)	​	$	(137,110)	​	$	(136,735)

​

Schedule of unrecognized 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, 2020	​	2,446
Additions based on tax positions related to the current year		24,771
Balance at December 31, 2021	$	27,217

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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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