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Income taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income taxes

Schedule of Income / (loss) before income tax (expense) / benefit

​

​	​	​	​	​	​	​	​	​	​
​	​	Years ended December 31,
​		2022			2021			2020
​	​	(in thousands)
Dutch operations	​	$	(96,872)	​	$	348,400	​	$	(130,493)
U.S. operations	​		(14,934)	​		(12,737)	​		(10,950)
Other	​	​	(16,453)	​	​	(2,857)	​	​	—
Total	​	$	(128,259)	​	$	332,806	​	$	(141,443)

​

Schedule of income tax benefit / (expense)

​

​	​	​	​	​	​	​	​	​	​
​	​	Years ended December 31,
​		2022			2021			2020
​	​	(in thousands)
Current tax (expense)	​	​	​	​	​	​	​	​	​
Other	​	$	(24)	​	$	(7)	​	$	—
Total current tax (expense)	​	$	(24)	​	$	(7)	​	$	—
Deferred tax benefit / (expense)	​		​	​		​	​		​
Dutch operations	​	$	(808)	​	$	(3,047)	​	$	—
U.S. operations	​		(1,075)	​		(771)	​		16,419
Other	​	​	3,377	​	​	608	​	​	—
Total deferred tax benefit / (expense)	​	$	1,494	​	$	(3,210)	​	$	16,419
Total income tax benefit / (expense)	​	$	1,470	​	$	(3,217)	​	$	16,419

​

Schedule of reconciliation of statutory income tax rate to effective tax rate

​

​	​	​	​	​	​	​	​	​	​
​		Years ended December 31,
​	​	2022		​	2021		​	2020
​	​	(in thousands)
(Loss) / income before income tax benefit / (expense) for the period	​	$	(128,259)	​	$	332,806	​	$	(141,443)
Expected income tax benefit / (expense) at the tax rate enacted in the Netherlands (2022: 25.8%, 2021: 25.0%, 2020: 25.0%)	​		33,091	​		(83,201)	​		35,361
Non-deductible expenses	​		(11,129)	​		(9,182)	​		(5,041)
Other net change in valuation allowance	​		(20,591)	​		88,857	​		(30,568)
Difference in tax rates between the Netherlands and the U.S. as well as other foreign countries	​		99	​		309	​		247
Release of valuation allowance related to expected future taxable income of U.S. operations	​	​	—	​	​	—	​	​	16,419
Income tax benefit / (expense)	​	$	1,470	​	$	(3,217)	​	$	16,419

​

Schedule of significant portions of deferred tax assets and deferred tax liabilities

​

​	​	​	​	​	​	​
​		Years ended December 31,
​	​	2022		​	2021
​	​	(in thousands)
Deferred tax assets:		​			​
Net operating loss carryforwards	​	$	84,633	​	$	71,917
Operating lease liabilities	​	​	10,612	​	​	9,300
Intangible assets	​		3,826	​		2,039
Accrued expenses and other current liabilities	​	​	1,862	​	​	1,312
Property, plant and equipment	​		510	​		971
Inventory	​	​	—	​	​	148
Research and development tax credit carryforwards	​	​	144	​	​	105
Interest carryforwards	​	​	3,697	​	​	—
Total deferred tax assets	​	$	105,284	​	$	85,792
Less valuation allowance	​		(74,547)	​		(60,289)
Deferred tax assets, net of valuation allowance	​	$	30,737	​	$	25,503
Acquired IPR&D Intangible Asset	​	​	(15,033)	​	​	(15,189)
Operating lease right-of-use assets	​	​	(9,323)	​	​	(7,493)
Other current assets and receivables	​	​	(110)	​	​	(87)
Deferred tax liability	​	$	(24,466)	​	$	(22,769)
Net deferred tax asset	​	$	6,271	​	$	2,734

​

Summary of Changes in the valuation allowance

​

​	​	​	​	​	​	​	​	​	​
​	​	Years ended December 31,
​		2022			2021			2020
​	​	(in thousands)
January 1,	​	$	60,289	​	$	150,113	​	$	109,856
Changes recorded in the statement of operations	​	​	20,593	​	​	(88,858)	​	​	30,568
Changes recorded in equity	​	​	(972)	​	​	—	​	​	—
Increase related to 2021 and 2020 Dutch tax reforms	​		—	​		1,897	​		18,287
Valuation allowance assumed in Corlieve acquisition	​	​	—	​	​	545	​	​	—
Release of valuation allowance related to expected current year and future periods recorded in profit and loss	​	​	—	​	​	—	​	​	(16,419)
Other changes including currency translation adjustments	​		(5,363)	​		(3,408)	​	​	7,821
December 31,	​	$	74,547	​	$	60,289	​	$	150,113

​

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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.

+ References

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-Section 50
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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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- Definition

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.

+ References

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-SubTopic 10
-Section 50
-Paragraph 12
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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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