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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of loss before Income Taxes

For financial reporting purposes, loss before income taxes includes the following components:

						Years Ended December 31,
(in thousands)						2020						2019						2018
United States						$	(365,332)					$	(393,955)					$	(309,183)
Foreign						91,078						38,045						(39,906)
Total						$	(274,254)					$	(355,910)					$	(349,089)

Schedule of Income Tax Expense (Benefit)

Following were the components of income tax expense (benefit) for the years ended December 31, 2020, 2019, and 2018:

(in thousands)						2020						2019						2018
Current
Federal						$	—					$	—					$	—
State						—						—						6
Foreign						4,163						2,877						(100)
Deferred
Federal						(1,410)						(984)						—
State						(155)						(1,415)						—
Foreign						—						—						—
Total						$	2,598					$	478					$	(94)

Schedule of Reconciliation of the Statutory Tax Rates and the Effective Tax Rates

A reconciliation of the statutory tax rates and the effective tax rates for the years ended December 31, 2020, 2019, and 2018 are as follows:

						Years Ended December 31,
						2020						2019						2018
Statutory rate						(21)		%				(21)		%				(21)		%
State taxes, net of federal benefit						—						—						(4)
Nondeductible IPR&D						—						—						6
Contingent consideration						—						—						1
Tax credits						(7)						(16)						(10)
Impact of foreign operations						4						9						2
Nondeductible executive compensation						2						1						—
Nondeductible debt conversion						—						(1)						—
Other						—						(1)						—
Valuation allowance						23						29						26
Net						1		%				—		%				—		%

Schedule of Significant Components of the Deferred Tax Assets and Liabilities

The significant components of the deferred tax assets and liabilities are as follows:

						Years Ended December 31,
(in thousands)						2020						2019
Deferred tax assets
Intellectual property						$	68,209					$	46,521
Amortization/depreciation						489						2,329
Research tax credit						182,651						141,669
Net operating loss carry forwards						305,876						286,850
Deferred reimbursements						1,912						2,230
Non-cash stock issue						17,553						19,058
Interest carry forward limitation						5,655						2,224
Lease liability						9,235						6,983
Other						10,855						13,921
Gross deferred tax assets						602,435						521,785
Deferred tax liabilities
Business acquisition						(4,937)						(5,051)
Royalty payable						(68,209)						(46,521)
Convertible notes						(94)						(653)
Advanced R&D payments						(1,776)						(2,611)
Right of use asset						(3,420)						(5,643)
Total net deferred tax assets						523,999						461,306
Less: valuation allowance						(528,895)						(466,357)
Net deferred tax liability						$	(4,896)					$	(5,051)

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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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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-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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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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