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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

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,
	2024				2023				2022
United States	$	(22,701	)		$	(48,495	)		$	(82,815	)
Foreign		(174,015	)			(478,001	)			(568,688	)
Total	$	(196,716	)		$	(526,496	)		$	(651,503	)

Schedule of Provision for Income Tax Expense

Provision for income taxes for the years ended December 31, 2024, 2023, and 2022 are as follows (in thousands):

	Year Ended December 31, 2024				Year Ended December 31, 2023				Year Ended December 31, 2022
Current income tax expense:
U.S. Federal	$	—			$	—			$	—
U.S. State and Local		474				1,869				520
Foreign		688				263				149
Total current income tax expense		1,162				2,132				669
Deferred income tax expense:
U.S. Federal		—				—				—
U.S. State and Local		—				—				—
Foreign		—				—				—
Total deferred income tax expense		—				—				—
Total tax expense	$	1,162			$	2,132			$	669

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
	2024								2023								2022
	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	$	(41,310	)			21.0	%		$	(110,564	)			21.0	%		$	(136,816	)			21.0	%
Foreign tax rate differential		16,791				(8.5	)			42,100				(8.0	)			50,219				(7.7	)
State income taxes, net of federal benefit		(18,218	)			9.3				(13,438	)			2.6				9,051				(1.4	)
Change in valuation allowances		11,106				(5.6	)			119,592				(23.2	)			94,668				(14.5	)
Tax credits		(22,100	)			11.2				(11,566	)			2.2				(19,966	)			3.0
GILTI Inclusion Income		59,627				(30.3	)			—				—				—				—
Share Based Compensation		(8,688	)			4.4				(26,881	)			5.1				—				—
Change in state apportionment		—				—				—				—				(35	)			—
Loss on debt conversion		—				—				—				—				6,626				(1.0	)
Permanent and other		3,954				(2.1	)			2,889				(0.1	)			(3,078	)			0.5
Effective income tax provision	$	1,162				(0.6	)		$	2,132				(0.4	)		$	669				(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,
	2024				2023
Deferred tax assets:
Intangible assets	$	177,244			$	160,281
Research and development capitalization		21,474				32,163
Share-based compensation		38,494				31,712
Net operating loss carryforwards		312,672				329,135
Research and development credits		81,340				67,667
Orphan drug credits		48,015				34,023
Development derivative liability		—				75,190
Convertible debt		1,021				5,582
Fixed Assets		194				18
Lease liability		3,026				2,888
Accruals		7,668				9,998
Deferred Interest Expense		1,974				—
Inventory Reserves		31,476				6,317
UNICAP		1,806				1,086
Total deferred tax assets		726,404				756,060
Deferred tax liabilities:
Fixed assets		—				—
Right-of-use asset		(2,821	)			(2,672	)
Total deferred tax liabilities		(2,821	)			(2,672	)
Net deferred tax assets before allowance:		723,583				753,388
Less valuation allowance		(723,583	)			(753,388	)
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.

+ References

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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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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-Topic 740
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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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-Name Accounting Standards Codification
-Section S99
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