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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes

Schedule of Components of Income (Loss) Before Income Taxes

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
(in thousands)		2024			2023			2022
Domestic	​	$	28,507	​	$	(238,272)	​	$	(291,746)
Foreign	​		—	​		—	​		(8)
Total	​	$	28,507	​	$	(238,272)	​	$	(291,754)

Schedule of Income Tax Provision (Benefit)

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
(in thousands)		2024			2023			2022
Current:		​			​			​
Federal	​	$	—	​	$	—	​	$	—
State	​		—	​		—	​		—
Foreign	​		—	​		—	​		—
Subtotal	​	$	—	​	$	—	​	$	—
​	​			​			​
Deferred:	​			​			​
Federal	​	$	—	​	$	(380)	​	$	—
State	​		—	​		—	​		—
Foreign	​		—	​		—	​		—
Subtotal	​	$	—	​	$	(380)	​	$	—
​	​			​			​
Income tax provision (benefit)	​	$	—	​	$	(380)	​	$	—

Schedule of Reconciliation of the Statutory United States Federal Rate to the Company's Effective Tax Rate

​

​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2024		2023		2022
Percent of pre-tax income:							​
United States federal statutory income tax rate		21.0	%	21.0	%	21.0	%
State taxes, net of federal benefit		2.8		(1.2)		1.7	​
Permanent items	​	(1.7)		—		(0.1)	​
Research and development credit		(23.9)		0.9		1.8	​
Stock-based compensation costs	​	31.4	​	(3.5)	​	(2.3)	​
Sale Transactions	​	1.8	​	—	​	—	​
Other		5.6		0.7		—	​
Change in valuation allowance	​	(37.0)		(17.7)		(22.1)	​
Effective income tax rate		—	%	0.2	%	—	%

Schedule of Components of the Company's Net Deferred Tax Assets (Liabilities)

​

​	​	​	​	​	​	​
​	​	December 31,
(in thousands)		2024			2023
Deferred tax assets:	​	​	​	​	​	​
Net operating loss carryforwards	​	$	158,090	​	$	170,402
Research and development credits	​		72,031	​		65,225
Depreciation and amortization	​		28,861	​		37,211
Stock-based compensation	​		26,814	​		30,370
Sales related accruals	​		39,966	​		38,474
Other accruals	​		42,537	​		42,480
Capitalized research and development	​	​	50,850	​	​	46,062
Total gross deferred tax assets	​		419,149	​		430,224
Valuation allowance	​		(412,833)	​		(423,385)
Total net deferred tax assets	​	​	6,316	​	​	6,839
Deferred tax liabilities:	​	​	​	​	​	​
Right-of-use asset	​		(1,004)	​		(1,538)
In-process research and development	​		(6,414)	​		(6,403)
Total deferred tax liabilities	​		(7,418)	​		(7,941)
Net deferred tax liabilities	​	$	(1,102)	​	$	(1,102)

Schedule of Reconciliation of the Company's Unrecognized Tax Benefits

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
(in thousands)		2024			2023			2022
Balance at beginning of year	​	$	17,417	​	$	16,838	​	$	15,495
Additions based on tax positions related to current year	​		1,565	​		865	​		1,385
Additions (reductions) for tax positions of prior years	​		265	​		(286)	​		(42)
Balance at end of year	​	$	19,247	​	$	17,417	​	$	16,838

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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.

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

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Tabular disclosure of the change in unrecognized tax benefits.

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