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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Taxes

Reconciliation of the federal statutory income tax rate to our effective income tax rate

​	​	​	​	​	​	​	​	​	​	​
​	​	Year Ended
​	​	December 31,
​	​	2021		​	2020		​	2019
Federal statutory income tax		$	17,352		$	(14,559)		$	5,709	​
State and local income taxes	​	​	783	​	​	(4,659)	​		2,549	​
Research and development credit	​		(10,492)	​		(9,669)	​		(6,747)	​
Stock-based compensation	​	​	2,424	​	​	529	​	​	1,927	​
State credit	​	​	—	​	​	—	​	​	1,725	​
Other	​	​	95	​	​	56	​		(301)	​
Change in state rate	​	​	2,599	​	​	—	​	​	—	​
Net change in valuation allowance	​	​	(12,761)	​	​	28,302	​		(4,550)	​
Income tax provision	​	$	—	​	$	—	​	$	312	​

Schedule of tax effect of temporary differences that give rise to a significant portion of the deferred tax assets and liabilities

​	​	​	​	​	​	​	​
​		December 31,
​	​	2021			2020		​
Deferred income tax assets	​	​	​	​	​	​	​
Net operating loss carryforwards	​	$	46,629	​	$	56,182	​
Research credits	​	​	48,128	​		38,047	​
Unrealized loss on securities	​	​	327	​		195	​
Capitalized lease assets	​	​	489	​	​	288	​
Accrued compensation	​	​	9,207	​		8,464	​
Deferred revenue	​	​	—	​		11,925	​
Gross deferred income tax assets	​	​	104,780	​		115,101	​
Valuation allowance	​		(93,580)	​		(105,995)	​
Net deferred income tax assets	​	​	11,200	​		9,106	​
Deferred income tax liabilities	​	​	​	​	​	​	​
Patent costs	​		(3,416)	​		(4,219)	​
Equity investment	​	​	(3,508)	​	​	(4,497)	​
Licensing costs	​		(151)	​		(194)	​
Capitalized legal costs	​		(13)	​		(21)	​
Depreciation	​	​	(288)	​	​	(151)	​
Unrealized gain on securities	​	​	(3,824)	​	​	(24)	​
Gross deferred income tax liabilities	​		(11,200)	​		(9,106)	​
Net deferred income tax asset	​	$	—	​	$	—	​

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- References

No definition available.

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- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

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- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

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