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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Tax, Domestic and Foreign

Loss before provision for income taxes includes the following components (in thousands):

		Year Ended December 31,
		2024				2023
Domestic		$	(119,227	)		$	(274,998	)
Foreign			27				(1,258	)
Loss before provision for income taxes		$	(119,200	)		$	(276,256	)

Schedule of Provision for Income Taxes

The provision for income taxes consists of the following (in thousands):

		Year Ended December 31,
		2024				2023
Current:
Federal		$	—			$	—
State			(277	)			(43	)
Foreign			48				(17	)
Total current income tax expense			(229	)			(60	)
Deferred:
Federal			—				—
State			—				—
Foreign			(10	)			(140	)
Total deferred income tax expense			(10	)			(140	)
Provision (benefit) for income taxes		$	(239	)		$	(200	)

Schedule of Income Tax Provision Related to Continuing Operations

Our income tax provision related to continuing operations differs from the amount computed by applying the statutory income tax rate of 21% to our pretax loss as follows (in thousands):

		Year Ended December 31,
		2024				2023
Income tax benefit at federal statutory rate		$	(25,032	)		$	(58,013	)
Research credits			7,741				(1,192	)
Change in valuation allowance			1,635				35,033
Expiration of net operating loss carryforwards			8,252				312
Stock-based compensation			4,280				8,919
Non-cash interest expense on liability related to sales of future royalties			5,904				5,320
Non-cash royalty revenue related to sales of future royalties			(5,645	)			(7,838	)
Impairment of goodwill			—				16,065
Other			2,626				1,194
Provision (benefit) for income taxes		$	(239	)		$	(200	)

Schedule of Significant Components of Deferred Tax Assets and Liabilities

We measure deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future. Significant components of our deferred tax assets for federal and state income taxes are as follows (in thousands):

		December 31,
		2024				2023
Deferred tax assets:
Net operating loss carryforwards		$	587,528			$	574,737
Research and other credits			135,871				144,128
Net capital loss carryforwards			39,648				39,655
Operating lease liabilities			22,767				25,384
Stock-based compensation			19,619				19,447
Capitalized research and development costs			45,607				34,675
Liability related to the sale of future royalties			2,020				6,729
Other			9,402				13,863
Deferred tax assets before valuation allowance			862,462				858,618
Valuation allowance for deferred tax assets			(859,084	)			(854,528	)
Total deferred tax assets			3,378				4,090
Deferred tax liabilities:
Operating lease right-of-use assets			(1,835	)			(3,824	)
Investment in foreign subsidiary			(511	)			(521	)
Outside basis difference in Gannet BioChem			(1,337	)			—
Other			(205	)			(265	)
Total deferred tax liabilities			(3,888	)			(4,610	)
Net deferred tax assets (liabilities)		$	(510	)		$	(520	)

Schedule of Unrecognized Tax Benefits

We have the following activity relating to unrecognized tax benefits (in thousands):

		Year Ended December 31,
		2024				2023
Beginning balance		$	126,498			$	85,845
Tax positions related to current year:
Additions			582				848
Reductions			—				—
Tax positions related to prior years:
Additions			10,101				40,079
Reductions			(16	)			—
Settlements			(815	)			—
Lapses in statute of limitations			(678	)			(274	)
Ending balance		$	135,672			$	126,498

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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
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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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Tabular disclosure of the change in unrecognized tax benefits.

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