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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Components of Loss From Continuing Operation Before Provision for Income Taxes

The components of loss from continuing operations before provision for income taxes are as follows (in thousands):

	Year Ended December 31,
	2023				2022				2021
United States	$	(48,495	)		$	(82,815	)		$	(314,673	)
Foreign		(478,001	)			(568,688	)			(431,329	)
Total	$	(526,496	)		$	(651,503	)		$	(746,002	)

Schedule of Provision for Income Tax Expense

Provision for income taxes for the years ended December 31, 2023, 2022, and 2021 are as follows (in thousands):

	Year Ended December 31, 2023				Year Ended December 31, 2022				Year Ended December 31, 2021
Current income tax expense:
U.S. Federal	$	—			$	—			$	—
U.S. State and Local		1,869				520				205
Foreign		263				149				147
Total current income tax expense		2,132				669				352
Deferred income tax expense:
U.S. Federal		—				—				—
U.S. State and Local		—				—				—
Foreign		—				—				—
Total deferred income tax expense		—				—				—
Total tax expense	$	2,132			$	669			$	352

Schedule of Reconciliation Between U.S. Federal Statutory Rate and Effective Tax rate

A reconciliation between the U.S. federal statutory tax rate and the Company's effective tax rate is summarized as follows (in thousands):

	Year Ended December
	2023								2022								2021
	Amount				Percentage of income before income taxes				Amount				Percentage of income before income taxes				Amount				Percentage of income before income taxes
Statutory U.S. federal income tax	$	(110,564	)			21.0	%		$	(136,816	)			21.0	%		$	(156,660	)			21.0	%
Foreign tax rate differential		42,100				(8.0	)			50,219				(7.7	)			38,677				(5.2	)
State income taxes, net of federal benefit		(13,438	)			2.6				9,051				(1.4	)			(14,145	)			1.9
Change in valuation allowances		119,592				(23.2	)			94,668				(14.5	)			133,668				(17.9	)
Tax credits		(11,566	)			2.2				(19,966	)			3.0				(20,005	)			2.6
Share Based Compensation		(26,881	)			5.1				—				—				—				—
Change in state apportionment		—				—				(35	)			—				—				—
Loss on debt conversion		—				—				6,626				(1.0	)			19,548				(2.6	)
Permanent and other		2,889				(0.1	)			(3,078	)			0.5				(731	)			0.1
Effective income tax provision	$	2,132				(0.4	)		$	669				(0.1	)		$	352				(0.1	)

Schedule of Deferred Tax Assets and Liabilities

The following table presents the principal components of the Company’s deferred tax assets and liabilities (in thousands):

	December 31,
	2023				2022
Deferred tax assets:
Intangible assets	$	192,444			$	187,839
Share-based compensation		31,712				29,673
Net operating loss carryforwards		329,135				228,985
Research and development credits		67,667				57,419
Orphan drug credits		34,023				30,160
Development derivative liability		75,190				79,374
Convertible debt		5,582				6,850
Fixed Assets		18				—
Lease liability		2,888				4,304
Accruals		17,401				16,272
Total deferred tax assets		756,060				640,876
Deferred tax liabilities:
Fixed assets		—				(91	)
Right-of-use asset		(2,672	)			(4,032	)
481(a) adjustment		—				(233	)
Total deferred tax liabilities		(2,672	)			(4,356	)
Net deferred tax assets before allowance:		753,388				636,520
Less valuation allowance		(753,388	)			(636,520	)
Net deferred tax assets	$	—			$	—

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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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