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Income Taxes | 12 Months Ended
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Dec. 31, 2024
Income Taxes |
Income Taxes | (16) Income Taxes The components of income tax benefit (provision) are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2024 |  | 2023 |  | 2022
​ | ​ | (In thousands)
Income tax benefit (provision): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | 39,821 | ​ | $ | 36,067 | ​ | $ | 17,484
State | ​ | ​ | 15,375 | ​ | ​ | 13,691 | ​ | ​ | 9,606
Expiration of NOLs and R&D credit | ​ | ​ | (82,825) | ​ | ​ | (15,141) | ​ | ​ | (16,862)
​ | ​ | ​ | (27,629) | ​ | ​ | 34,617 | ​ | ​ | 10,228
Deferred tax valuation allowance | ​ | ​ | 27,629 | ​ | ​ | (34,617) | ​ | ​ | (10,228)
​ | ​ | $ | — | ​ | $ | — | ​ | $ | —
​ A reconciliation between the amount of reported income tax and the amount computed using the U.S. statutory rate is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022
​ | ​ | (In thousands)
Pre-tax loss | ​ | $ | (157,863) | ​ | $ | (141,429) | ​ | $ | (112,325)
Loss at statutory rates | ​ | ​ | (33,151) | ​ | ​ | (29,700) | ​ | ​ | (23,588)
Research and development credits | ​ | ​ | (7,332) | ​ | ​ | (5,237) | ​ | ​ | (3,876)
State taxes | ​ | ​ | (15,375) | ​ | ​ | (13,691) | ​ | ​ | (9,606)
Other | ​ | ​ | 662 | ​ | ​ | (1,130) | ​ | ​ | 11,421
Change in fair value remeasurement of contingent consideration | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (1,441)
Expiration of Federal and State NOLs and R&D credits | ​ | ​ | 82,825 | ​ | ​ | 15,141 | ​ | ​ | 16,862
Change in valuation allowance | ​ | ​ | (27,629) | ​ | ​ | 34,617 | ​ | ​ | 10,228
Income tax (benefit) provision | ​ | $ | — | ​ | $ | — | ​ | $ | —
​ Deferred tax assets and liabilities are recognized based on temporary differences between the financial reporting and tax basis of assets and liabilities using future expected enacted rates. The principal components of the deferred tax assets and liabilities at December 31, 2024 and 2023 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, |  | December 31,
​ | ​ | 2024 | ​ | 2023
​ | ​ | (In thousands)
Gross deferred tax assets | ​ | ​ | ​ | ​ | ​ | ​
Net operating loss carryforwards | ​ | $ | 176,816 | ​ | $ | 197,618
Tax credit carryforwards | ​ | ​ | 24,718 | ​ | ​ | 56,830
Deferred research and development expenses | ​ | ​ | 101,047 | ​ | ​ | 82,077
Stock-based compensation | ​ | ​ | 20,940 | ​ | ​ | 14,671
Fixed assets | ​ | ​ | 1,033 | ​ | ​ | 1,019
Accrued expenses and other | ​ | ​ | 429 | ​ | ​ | 398
​ | ​ | ​ | 324,983 | ​ | ​ | 352,613
Gross deferred tax liabilities | ​ | ​ | ​ | ​ | ​ | ​
IPR&D intangibles | ​ | ​ | (6,840) | ​ | ​ | (6,840)
Total deferred tax assets and liabilities | ​ | ​ | 318,143 | ​ | ​ | 345,773
Valuation allowance | ​ | ​ | (319,756) | ​ | ​ | (347,386)
Net deferred tax liability | ​ | $ | (1,613) | ​ | $ | (1,613)
​ The Company has evaluated the positive and negative evidence bearing upon the realizability of its net deferred tax assets and considered its history of losses, ultimately concluding that it is “more likely than not” that the Company will not recognize the benefits of federal, state and foreign deferred tax assets and, as such, has maintained a full valuation allowance on its deferred tax assets. The net deferred tax liability of $1.6 million at December 31, 2024 and 2023, relates to the temporary differences associated with the IPR&D intangible assets acquired in previous business combinations and are not deductible for tax purposes. As of December 31, 2024, the Company had federal and state net operating loss carryforwards of $566.0 million and $888.8 million, respectively, which may be available to offset certain future income tax liabilities. State net operating loss carryforwards begin to expire in 2024. The federal net operating loss carryforwards of $566.0 million are from 2005 through 2024 and begin to expire in 2024. As of December 31, 2024, the Company also had federal and state research and development tax credit carryforwards of $19.8 million and $6.3 million, respectively, which may be available to offset future income tax liabilities and begin to expire in 2040 and 2029, respectively. Utilization of the net operating loss carryforwards and research and credit carryforwards may be subject to a substantial annual limitation under Section 382 of the Internal Revenue Code of 1986, or Section 382, due to ownership changes that occurred previously or that could occur in the future. These ownership changes may limit the amount of carryforwards that can be utilized annually to offset future taxable income. In general, an ownership change, as defined by Section 382, results from transactions increasing the ownership of certain shareholders or public groups in the stock of a corporation by more than 50% over a three-year period. The Company has performed a study under Internal Revenue Code Section 382 as of June 30, 2024, and concluded that a change in ownership following stock issuances in 2016 and 2020 triggered Section 382 limitations and approximately $758.7 million of federal NOL carryforwards and $48.7 million of federal tax credit carryforwards that were generated through June 30, 2020 will expire unutilized due to Section 382 and 383 limitations. The Company also estimated the amounts of State net operating loss and research and development tax credit carryforwards which will expire unutilized as a result of its annual limitations under Section 382 and has excluded those amounts from the carryforward amounts disclosed above and in the deferred tax assets and liabilities table included in this footnote. As of December 31, 2024 and 2023, the Company did not have any unrecognized tax benefits. Massachusetts, New Jersey, New York and Connecticut are the jurisdictions in which the Company primarily operates or has operated and has income tax nexus. The Company is not currently under examination by these or any other jurisdictions for any tax year. Generally, in U.S. federal and state taxing jurisdictions, all years which generated net operating losses and/or tax credit carryforwards remain subject to examination to the extent those carryforwards are utilized in a subsequent period.

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