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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of loss before Income Taxes

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

						Years Ended December 31,
(in thousands)						2021						2020						2019
United States						$	(333,571)					$	(365,332)					$	(393,955)
Foreign						92,017						91,078						38,045
Total						$	(241,554)					$	(274,254)					$	(355,910)

Schedule of Income Tax Expense (Benefit)

Following were the components of income tax expense (benefit) for the years ended December 31, 2021, 2020, and 2019:

						Years Ended December 31,
(in thousands)						2021						2020						2019
Current
Federal						$	—					$	—					$	—
State						—						—						—
Foreign						8,857						4,163						2,877
Deferred
Federal						15						(1,410)						(984)
State						34						(155)						(1,415)
Foreign						—						—						—
Total						$	8,906					$	2,598					$	478

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, 2021, 2020, and 2019 are as follows:

						Years Ended December 31,
						2021						2020						2019
Statutory rate						(21)		%				(21)		%				(21)		%
State taxes, net of federal benefit						—						—						—
Nondeductible IPR&D						—						—						—
Contingent consideration						—						—						—
Tax credits						(9)						(7)						(16)
Impact of foreign operations						3						4						9
Nondeductible executive compensation						2						2						1
Nondeductible debt conversion						—						—						(1)
Other						1						—						(1)
Valuation allowance						28						23						29
Net						4		%				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)						2021						2020
Deferred tax assets
Intellectual property						$	105,453					$	68,209
Amortization/depreciation						277						489
Research tax credit						205,095						182,651
Net operating loss carry forwards						334,762						305,876
Deferred reimbursements						1,587						1,912
Non-cash stock issue						11,779						17,553
Interest carry forward limitation						8,285						5,655
Lease liability						9,105						9,235
Other						15,884						10,855
Gross deferred tax assets						692,227						602,435
Deferred tax liabilities
Business acquisition						(4,930)						(4,937)
Royalty payable						(105,453)						(68,209)
Convertible notes						—						(94)
Advanced R&D payments						(1,802)						(1,776)
Right of use asset						(3,130)						(3,420)
Total net deferred tax assets						576,912						523,999
Less: valuation allowance						(581,842)						(528,895)
Net deferred tax liability						$	(4,930)					$	(4,896)

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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
-Topic 740
-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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