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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Taxes

Schedule of Components of Income Tax Expense (Benefit)

​

​	​	​	​	​	​	​	​	​	​
​		December 31,
​		2022			2021			2020
​	​	(In thousands)
Continuing operations:	​	​	​	​	​	​	​	​	​
Current income tax expense:	​	​			​			​
Federal	​	$	—	​	$	—	​	$	—
State	​		—	​		—	​		—
Total current income tax expense	​		—	​		—	​		—
​	​	​	​	​	​	​	​	​	​
Deferred income tax benefit:	​			​			​
Federal	​		—	​		—	​		(19,472)
State	​		—	​		—	​		(3,784)
Total deferred income tax benefit	​	​	—	​	​	—	​	​	(23,256)
Income tax benefit in continuing operations	​	$	—	​	$	—	​	$	(23,256)
​	​	​	​	​	​	​	​	​	​
Income tax expense as a component of discontinued operations	​	$	3,952	​	$	1,006	​	$	11,245

​

Significant Components of Deferred Tax Assets

​

​	​	​	​	​	​	​
​		December 31,
​		2022			2021
​	​	(In thousands)
Deferred tax assets:	​	​			​
Net operating loss carryforwards	​	$	85,887	​	$	143,657
Research and development tax credits	​		78,992	​		66,612
OMIDRIA royalty obligation	​	​	28,938	​	​	—
Capitalized research and development	​	​	21,864	​	​	—
Stock-based compensation	​		12,517	​		11,327
Lease liability	​		5,926	​		9,995
Other	​		9,234	​		17,862
Total deferred tax assets	​		243,358	​		249,453
Deferred tax liabilities:	​			​
Gain on discontinued operations	​	​	(34,883)	​	​	(42,212)
Right of use assets	​	​	(4,987)	​	​	(6,467)
Property and equipment	​	​	(288)	​	​	(102)
Total deferred tax liabilities	​		(40,158)	​		(48,781)
Net deferred tax assets before valuation allowance	​		203,200	​		200,672
Less valuation allowance	​		(203,200)	​		(201,340)
Net deferred tax liabilities	​	$	—	​	$	(668)

​

Reconciliation of Federal Statutory Tax Rate to Effective Income Tax

​

​	​	​	​	​	​	​	​
​		Year ended December 31,
​		2022		2021		2020
U.S. Federal statutory rate on net loss	​	(21.0)	%	(21.0)	%	(21.0)	%
State tax, net of federal tax benefit	​	(1.7)	%	(0.6)	%	(3.1)	%
Change in valuation allowance	​	28.3	%	26.9	%	19.3	%
Research and development tax credits	​	(6.8)	%	(5.5)	%	(6.2)	%
Stock compensation	​	1.4	%	0.3	%	0.5	%
Other	​	(0.2)	%	(0.1)	%	(1.3)	%
Effective tax rate	​	(0.0)	%	(0.0)	%	(11.8)	%

​

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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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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

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-Name Accounting Standards Codification
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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

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-SubTopic 10
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