Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Schedule Of Components Of Pretax Loss From Operations

The components of pretax loss from operations are as follows:


	Year Ended December 31,
	2022		2021		2020
U.S. Domestic	$	(277,440,803)	$	(302,614,003)	$	(162,664,355)
Foreign	(211,249)		(610,320)		(225,949)
Pretax loss from operations	$	(277,652,052)	$	(303,224,323)	$	(162,890,304)

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 benefit, using a 21% statutory tax rate for December 31, 2022, 2021 and 2020, is as follows:


	Year Ended December 31,
	2022		2021		2020
Benefit from income taxes at statutory rates	$	(58,307,000)	$	(63,677,000)	$	(34,207,000)
State income tax, net of federal benefit	(3,601,000)		(3,447,000)		—

Change in valuation allowance	61,065,000		77,424,000		21,428,000
Nondeductible loss on extinguishment of debt	—		—		14,450,000
Research and development tax credits	(7,534,000)		(16,523,000)		(2,650,000)

Stock-based compensation	2,913,000		483,000		(1,953,000)
Uncertain tax positions	2,291,000		6,509,000		1,068,000
Deconsolidation of subsidiary	—		—		853,000
Expired NOLs and credits	1,459,000		616,000		468,000
Limited NOLs and credits	(1,337,000)		(542,000)		(368,000)
Change in tax rates	(187,000)		—		—
Foreign tax rate differential	(8,000)		(24,000)		(9,000)
Other	3,246,000		(819,000)		920,000
	$	—	$	—	$	—

Schedule Of Deferred Tax Assets And Liabilities

Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2022 and 2021 are shown below:


	As of December 31,
	2022		2021
Deferred tax assets:
Capitalized research expense	$	41,252,000	$	4,200,000
NOL carryforwards	212,768,000		197,144,000
Research and development and other tax credits	26,442,000		23,005,000
Deferred revenue	538,000		987,000

Stock-based compensation	3,945,000		3,599,000
Acquired intangibles	559,000		637,000

Interest expense	—		83,000
Investment in affiliated entity	1,569,000		750,000
Lease liability	3,247,000		3,793,000
Fixed assets	57,000		—
Other	11,062,000		5,973,000
	301,439,000		240,171,000
Valuation allowance	(299,124,000)		(237,205,000)
Total deferred tax assets	2,315,000		2,966,000
Deferred tax liabilities:
Acquired intangibles	(199,000)		(194,000)

Right of use asset	(2,148,000)		(2,430,000)
Note discount	—		(321,000)

Fixed assets	—		(53,000)
Total deferred tax liabilities	(2,347,000)		(2,998,000)
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


2023	$	5.3	$	1.2	$	—	$	—	$	—
2024	18.9		9.1		—		—		—
2025	9.6		5.2		—		—		—
2026	12.2		7.1		—		—		—
2027 and thereafter	249.2		277.3		1.0		40.5		—
Indefinite	625.4		—		—		—		4.7
	$	920.6	$	299.9	$	1.0	$	40.5	$	4.7

Schedule Of Unrecognized Tax Benefits Rollforward

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


	Year ended December 31,
	2022		2021		2020
Balance at beginning of the year	$	18,819,000	$	12,210,000	$	11,204,000
Increases related to current year tax positions	2,902,000		6,602,000		1,043,000
Increases (decreases) related to prior year tax positions	(582,000)		7,000		27,000
Other	—		—		(64,000)
Balance at end of the year	$	21,139,000	$	18,819,000	$	12,210,000