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Income taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The loss from operations before tax benefit (expense) consisted of the following for the years ended December 31, 2023, 2022, and 2021:

​

​	​	​	​	​	​	​	​	​	​
​		2023			2022			2021
Domestic	​	$	(784,744)	​	$	(591,126)	​	$	(487,726)
Foreign	​		88,634	​		3,639	​		(30,614)
Total	​	$	(696,110)	​	$	(587,487)	​	$	(518,340)

​

Components of Income Tax Provision

The Income Tax Provision consisted of the following for the years ended December 31, 2023, 2022 and 2021:

​

​	​	​	​	​	​	​	​	​	​
​		2023			2022			2021
Current:		​			​			​
U.S. Federal	​	$	—	​	$	—	​	$	—
U.S. State and Local	​		27,226	​		(4,224)	​		(3,844)
Foreign	​		(4,003)	​		(1,582)	​		(1,340)
Deferred:	​		​	​		​	​
U.S. Federal	​		36,408	​		23,689	​		—
U.S. State and Local	​		10,521	​		10,587	​		(377)
Foreign	​		(646)	​		—	​		—
Total tax benefit (expense)	​	$	69,506	​	$	28,470	​	$	(5,561)

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,
​		2023		2022		2021
Federal income tax provision at statutory rate	​	21.00	%	21.00	%	21.00	%
State income tax provision, net of federal benefit	​	0.32		3.07		(0.74)
Permanent differences	​	(1.43)		(1.83)		(4.06)
Research and development	​	4.59		5.89		4.50
Change in valuation allowances	​	(16.86)		(23.36)		(29.03)
Change in deferred tax assets	​	—		(0.10)		12.05
Foreign tax rate differential	​	0.05		(0.17)		0.01
Tax rate change	​	(1.26)		0.34		0.01
Release (Accrual) of uncertain tax positions	​	3.71	​	—	​	(4.78)	​
Other	​	(0.12)		—		(0.03)
Effective income tax rate	​	10.00	%	4.84	%	(1.07)	%

​

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

​

​	​	​	​	​	​	​
​		December 31,
​	​	2023			2022
Assets:		​			​
Noncurrent deferred income taxes	​	$	—	​	$	—
Liabilities:	​			​
Noncurrent deferred income taxes	​		(55,905)	​		(102,834)
Deferred income taxes - net	​	$	(55,905)	​	$	(102,834)

​

The significant components of the Company’s deferred tax assets and liabilities at December 31, 2023 and 2022 are as follows:

​

​	​	​	​	​	​	​
​		2023			2022
Deferred tax assets:		​			​
Accrued expense	​	$	25,400	​	$	2,124
Amortization	​		137,808	​		52,532
Federal tax credits	​		205,485	​		174,802
State tax credits	​		9,817	​		9,787
Federal net operating losses	​		60,270	​		69,957
State net operating losses	​		18,680	​		10,316
Foreign net operating losses	​		4,052	​		4,837
Capitalized research and development costs	​		149,683	​		110,219
Share based compensation and other	​		30,757	​		27,054
Liability for sale of future royalties	​	​	190,659	​	​	185,589
Noncash interest expense	​	​	9,410	​	​	30,160
Other comprehensive loss	​		(728)	​		(719)
Total gross deferred tax assets	​		841,293	​		676,658
Less valuation allowance	​		(833,810)	​		(672,172)
Total deferred tax assets, net of valuation allowance	​	$	7,483	​	$	4,486
Deferred tax liabilities:	​			​
Depreciation	​	$	(7,483)	​	$	(4,486)
Indefinite lived intangible	​		(55,905)	​		(102,834)
Total gross deferred tax liabilities	​		(63,388)	​		(107,320)
Net deferred tax assets (liabilities)	​	$	(55,905)	​	$	(102,834)

​

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, 2022	​	27,217
Reductions based on settlements or expiration of statute of limitations		(24,671)
Interest received	​	(1,186)
Balance at December 31, 2023	$	1,360

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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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