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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Taxes

Schedule of Components of Income Tax Expense (Benefit)

​

​	​	​	​	​	​	​	​	​	​
​		December 31,
​		2020			2019			2018
​	​	(In thousands)
Current income tax benefit:	​	​			​			​
Federal	​	$	—	​	$	—	​	$	—
State	​		—	​		—	​		—
Total current income tax benefit	​		—	​		—	​		—
Deferred income tax benefit:	​			​			​
Federal	​		10,149	​		—	​		11,261
State	​		1,862	​		—	​		1,668
Total deferred income tax benefit	​		12,011	​		—	​		12,929
Income tax benefit	​	$	12,011	​	$	—	​	$	12,929

Significant Components of Deferred Tax Assets

​

​	​	​	​	​	​	​
​		December 31,
​		2020			2019
​	​	(In thousands)
Deferred tax assets:	​	​			​
Net operating loss carryforwards	​	$	149,993	​	$	126,794
Research and development tax credits	​		56,103	​		40,654
Stock-based compensation	​		10,586	​		9,959
Lease liability	​		8,646	​		7,908
Disallowed interest expense	​	​	11,859	​	​	8,122
Other	​		7,411	​		6,433
Total deferred tax assets	​		244,598	​		199,870
Deferred tax liabilities:	​			​
Property and equipment	​	​	(113)	​	​	—
Equity component of Convertible Notes	​		(18,302)	​		(11,082)
Right of use assets	​	​	(6,197)	​	​	(6,480)
Total deferred tax liabilities	​		(24,612)	​		(17,562)
Net deferred tax assets before valuation allowance	​		219,986	​		182,308
Less valuation allowance	​		(219,986)	​		(182,308)
Net deferred tax assets	​	$	—	​	$	—

Reconciliation of Federal Statutory Tax Rate to Effective Income Tax

​

​	​	​	​	​	​	​	​
​		Year ended December 31,
​		2020		2019		2018
U.S. Federal statutory rate on net loss	​	(21.0)	%	(21.0)	%	(21.0)	%
State tax, net of federal tax benefit	​	(3.1)	%	(2.7)	%	(2.5)	%
Change in valuation allowance	​	25.1	%	28.3	%	18.9	%
Tax credits	​	(8.0)	%	(5.9)	%	(4.6)	%
Other	​	(1.0)	%	1.3	%	(0.1)	%
Effective tax rate	​	(8.0)	%	-	%	(9.3)	%

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- 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

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-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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