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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Taxes

Components of Income (Loss) Before Income Taxes

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
(in thousands)		2022			2021			2020
Domestic	​	$	(291,746)	​	$	(287,058)	​	$	133,615
Foreign	​		(8)	​		(42)	​		2,092
Total	​	$	(291,754)	​	$	(287,100)	​	$	135,707

​

Schedule of Provision For (Benefit From) Income Taxes

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
(in thousands)		2022			2021			2020
Current:		​			​			​
Federal	​	$	—	​	$	—	​	$	—
State	​		—	​		—	​		3,463
Foreign	​		—	​		—	​		—
Subtotal	​	$	—	​	$	—	​	$	3,463
​	​			​			​
Deferred:	​			​			​
Federal	​	$	—	​	$	—	​	$	—
State	​		—	​		—	​		—
Foreign	​		—	​		—	​		—
Subtotal	​	$	—	​	$	—	​	$	—
​	​			​			​
Provision for income taxes	​	$	—	​	$	—	​	$	3,463

​

Reconciliation of Statutory U.S. Federal Rate

​

​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2022		2021		2020
Percent of pre-tax income:							​
United States federal statutory income tax rate		21.0	%	21.0	%	21.0	%
State taxes, net of federal benefit		1.7		2.6		2.0	​
Foreign rate differences		—		—		(0.3)	​
Permanent items	​	(0.1)		0.2		0.4	​
Research and development credit		1.8		2.6		(4.8)	​
Stock-based compensation costs	​	(2.3)	​	(1.2)	​	1.3	​
Other		—		—		(0.3)	​
Change in valuation allowance		(22.1)		(25.2)		(16.7)	​
Effective income tax rate		—	%	—	%	2.6	%

​

Components of Net Deferred Tax Assets

​

​	​	​	​	​	​	​
​	​	December 31,
(in thousands)		2022			2021
Net operating loss carryforwards	​	$	131,423	​	$	117,793
Research and development credits	​		63,164	​		58,039
Depreciation and amortization	​		51,877	​		40,620
Stock-based compensation	​		32,561	​		30,565
Sales related accruals	​		23,864	​		17,299
Other accruals	​		19,717	​		11,798
Capitalized research and development	​	​	17,673	​	​	—
Gross deferred tax assets	​		340,279	​		276,114
Right-of-use asset	​		(1,903)	​		(2,167)
In-process research and development	​		(603)	​		(603)
Gross deferred tax liabilities	​		(2,506)	​		(2,770)
Total net deferred tax asset	​		337,773	​		273,344
Less valuation allowance	​		(337,773)	​		(273,344)
Net deferred tax assets	​	$	—	​	$	—

​

Reconciliation of Unrecognized Tax Benefits

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
(in thousands)		2022			2021			2020
Balance at beginning of year	​	$	15,495	​	$	13,243	​	$	11,603
Additions based on tax positions related to current year	​		1,385	​		2,038	​		1,749
Additions (reductions) for tax positions of prior years	​		(42)	​		214	​		(109)
Balance at end of year	​	$	16,838	​	$	15,495	​	$	13,243

​

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