Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of components of pretax loss from operations

The components of pretax loss from operations before equity method investment are as follows:


	Year Ended December 31,
	2021		2020		2019
U.S. Domestic	$	(302,614,003)	$	(162,664,355)	$	(120,809,112)
Foreign	(610,320)		(225,949)		—
Pretax loss from operations before equity method investment	$	(303,224,323)	$	(162,890,304)	$	(120,809,112)

Schedule of effective income tax rate reconciliation

The reconciliation of income taxes attributable to continuing operations computed at the statutory tax rates to income tax expense (benefit), using a 21% statutory tax rate for December 31, 2021, 2020 and 2019, is as follows:


	Year Ended December 31,
	2021		2020		2019
Income (benefit) taxes at statutory rates	$	(63,677,000)	$	(34,207,000)	$	(25,370,000)
State income tax, net of federal benefit	(3,447,000)		—		—

Change in valuation allowance	77,424,000		21,428,000		25,457,000
Nondeductible loss on extinguishment of debt	—		14,450,000		—
Research and development tax credits	(16,523,000)		(2,650,000)		(3,838,000)

Stock-based compensation	483,000		(1,953,000)		1,114,000
Uncertain tax positions	6,509,000		1,068,000		1,537,000
Deconsolidation of subsidiary	—		853,000		—
Expired NOLs and credits	616,000		468,000		616,000
Limited NOLs and credits	(542,000)		(368,000)		(616,000)
Change in tax rates	—		—		12,000
Foreign tax rate differential	(24,000)		(9,000)		—
Other	(819,000)		920,000		831,000
	$	—	$	—	$	(257,000)

Schedule of deferred tax assets and liabilities

Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2021 and 2020 are shown below:


	As of December 31,
	2021		2020
Deferred tax assets:
Capitalized research expense	$	4,200,000	$	5,250,000
NOL carryforwards	197,144,000		127,835,000
Research and development and other tax credits	23,005,000		13,242,000
Deferred revenue	987,000		1,628,000

Stock-based compensation	3,599,000		3,256,000
Acquired intangibles	637,000		757,000

Interest expense	83,000		564,000
Investment in affiliated entity	750,000		542,000
Lease liability	3,793,000		4,283,000

Other	5,973,000		6,127,000
	240,171,000		163,484,000
Valuation allowance	(237,205,000)		(159,705,000)
Total deferred tax assets	2,966,000		3,779,000
Deferred tax liabilities:
Acquired intangibles	(194,000)		(179,000)

Right of use asset	(2,430,000)		(2,676,000)
Note discount	(321,000)		(469,000)

Fixed assets	(53,000)		(487,000)
Net deferred tax liabilities	$	(32,000)	$	(32,000)

Schedule of operating loss and tax credit carryforward expirations

Based upon statute, federal and state losses and credits are expected to expire as follows (in millions):


Expiration Date:	Federal NOLs		State NOLs		Foreign NOLs		Federal R&D		State R&D


2022	$	6.1	$	0.4	$	—	$	—	$	—
2023	5.3		1.2		—		—		—
2024	16.5		9.1		—		—		—
2025 and thereafter	267.7		224.9		0.8		35.1		—
Indefinite	568.9		—		—		—		4.4
	$	864.5	$	235.6	$	0.8	$	35.1	$	4.4

Schedule of unrecognized tax benefits rollforward

The following table summarizes the activity related to the Company's unrecognized tax benefits:


	Year ended December 31,
	2021		2020		2019
Balance at beginning of the year	$	12,210,000	$	11,204,000	$	9,632,000
Increases related to current year tax positions	6,602,000		1,043,000		1,575,000
Increases (decreases) related to prior year tax positions	7,000		27,000		(3,000)
Other	—		(64,000)		—
Balance at end of the year	$	18,819,000	$	12,210,000	$	11,204,000