Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Schedule Of Components Of Pretax Loss From Operations

The components of pretax loss from operations are as follows:


	Year Ended December 31,
	2023		2022		2021
U.S. Domestic	$	(134,979,579)	$	(277,440,803)	$	(302,614,003)
Foreign	(137,772)		(211,249)		(610,320)
Pretax loss from operations	$	(135,117,351)	$	(277,652,052)	$	(303,224,323)

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, 2023, 2022 and 2021, is as follows:


	Year Ended December 31,
	2023		2022		2021
Benefit from income taxes at statutory rates	$	(28,375,000)	$	(58,307,000)	$	(63,677,000)
State income tax, net of federal benefit	(3,922,000)		(3,601,000)		(3,447,000)

Change in valuation allowance	28,394,000		61,065,000		77,424,000

Research and development tax credits	(2,139,000)		(7,534,000)		(16,523,000)

Stock-based compensation	2,099,000		2,913,000		483,000
Uncertain tax positions	861,000		2,291,000		6,509,000
Goodwill Impairment	1,962,000		—		—
Expired NOLs and credits	1,352,000		1,459,000		616,000
Limited NOLs and credits	(997,000)		(1,337,000)		(542,000)
Change in tax rates	365,000		(187,000)		—
Foreign tax rate differential	(4,000)		(8,000)		(24,000)
Other	404,000		3,246,000		(819,000)
	$	—	$	—	$	—

Schedule Of Deferred Tax Assets And Liabilities

Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2023 and 2022 are shown below:


	As of December 31,
	2023		2022
Deferred tax assets:
Capitalized research expense	$	50,143,000	$	41,252,000
NOL carryforwards	235,624,000		212,768,000
Research and development and other tax credits	27,734,000		26,442,000
Deferred revenue	22,000		538,000

Stock-based compensation	3,683,000		3,945,000
Acquired intangibles	907,000		559,000


Investment in affiliated entity	1,406,000		1,569,000
Lease liability	2,822,000		3,247,000
Fixed assets	337,000		57,000
Other	6,808,000		11,062,000
	329,486,000		301,439,000
Valuation allowance	(327,493,000)		(299,124,000)
Total deferred tax assets	1,993,000		2,315,000
Deferred tax liabilities:
Acquired intangibles	—		(199,000)

Right of use asset	(1,993,000)		(2,148,000)



Total deferred tax liabilities	(1,993,000)		(2,347,000)
Net deferred tax liabilities	$	—	$	(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


2024	$	18.9	$	9.1	$	—	$	—	$	—
2025	13.7		5.2		—		—		—
2026	12.2		7.1		—		—		—
2027 and thereafter	249.2		332.0		1.1		41.6		—
Indefinite	719.3		0.6		—		—		6.1
	$	1,013.3	$	354.0	$	1.1	$	41.6	$	6.1

Schedule Of Unrecognized Tax Benefits Rollforward

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


	Year ended December 31,
	2023		2022		2021
Balance at beginning of the year	$	21,139,000	$	18,819,000	$	12,210,000
Increases related to current year tax positions	1,816,000		2,902,000		6,602,000
Increases (decreases) related to prior year tax positions	(841,000)		(582,000)		7,000

Balance at end of the year	$	22,114,000	$	21,139,000	$	18,819,000