XML 103 R30.htm IDEA: XBRL DOCUMENT v3.24.0.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Loss before Income Tax Provision

The components of loss before income tax provision consist of the following:

			Year Ended December 31,
(in thousands)			2023						2022						2021
U.S.			$	(163,580)					$	(128,650)					$	(57,741)
Foreign			(43)						(50)						(55)
Consolidated net loss before income taxes			$	(163,623)					$	(128,700)					$	(57,796)

Schedule of Components of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities are as follows:

			December 31,
(in thousands)			2023						2022
Deferred Tax Assets:
Net operating loss carryforwards			$	72,777					$	66,160
Section 174 Capitalized R&D			37,240						16,570
Research and development credits			19,058						12,844
Equity compensation			10,533						10,021
Deferred Zejula royalty revenue			6,978						7,371
Lease liability			3,912						4,194
Other, net			7,201						3,458
Total deferred tax assets			157,699						120,618
Deferred Tax Liabilities:
ROU asset			(3,552)						(3,859)
Other, net			(2,658)						—
Fixed assets			(122)						(189)
Total deferred tax liabilities			(6,332)						(4,048)
Net deferred tax assets			151,367						116,570
Less: valuation allowance			(151,367)						(116,570)
Deferred tax assets, net of valuation allowance			$	—					$	—

Schedule of Reconciliation of Expected Statutory Federal Income Tax Provision and Actual Income Tax Provision

The following is a reconciliation of the expected statutory federal income tax provision to our actual income tax provision:

			Year Ended December 31,
(in thousands)			2023						2022						2021
Expected income tax benefit at federal statutory tax rate			$	(34,361)					$	(27,026)					$	(12,138)
State income taxes, net of federal benefit			(1,912)						(800)						(142)
Permanent items			56						27						17
Equity compensation			2,840						(297)						(708)
Non-deductible compensation			3,693						2,060						—
Research credits			(6,213)						(3,319)						8,087
Other			109						(6)						42
Change in the valuation allowance			35,784						29,385						4,842
Income tax (benefit) expense			$	(4)					$	24					$	—

Schedule of Activity Related to Unrecognized Tax Benefits

The following table summarizes the activity related to our unrecognized tax benefits:

			Year Ended December 31,
(in thousands)			2023						2022
Balance at the beginning of the year			$	3,369					$	2,473
Increase related to prior year tax positions			153						—
Increase related to current year tax positions			1,494						896
Balance at the end of the year			$	5,016					$	3,369

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-9

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 217
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482663/740-10-55-217

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration