XML 55 R27.htm IDEA: XBRL DOCUMENT v3.22.4

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

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

The significant components of the Company's deferred income tax assets (liabilities) were as follows (in thousands):

			December 31,
			2022						2021
Deferred income tax assets:
Federal U.S. net operating loss carryforward			$	163,071					$	175,802
State net operating loss carryforward			44,784						49,965
Research and development credit, net			65,084						60,514
Orphan drug credit, net			35,703						24,858
Operating lease liabilities			9,585						7,008
Deferred revenue			—						1,245
Section 174 deferred tax asset			43,192						—
Depreciation			158						—
Other			19,733						16,727
Gross deferred income tax assets			381,310						336,119
Valuation allowance			(372,267)						(327,595)
Net deferred income tax assets			9,043						8,524
Deferred income tax liabilities:
Depreciation			—						(1,688)
Operating lease ROU assets			(7,522)						(4,576)
Prepaid expenditures			(1,521)						(2,260)
Gross deferred income tax liabilities			(9,043)						(8,524)
Net deferred income tax asset/(liability)			$	—					$	—

Reconciliation of Reported Estimated Income Tax Benefit

The reconciliation of the reported estimated income tax benefit to the amount that would result by applying the U.S. federal statutory tax rate to the net income is as follows (in thousands):

			Year Ended December 31,
			2022						2021						2020
United States federal tax at statutory rate			$	(25,149)					$	(42,445)					$	(27,245)
State taxes (net of federal benefit)			(7,385)						(12,806)						(8,100)
Deferred income tax adjustments			308						473						344
Research credit, net			(4,569)						(10,243)						(14,691)
Orphan drug credit, net			(10,846)						(1,449)						(528)
Other permanent items			1,362						1,199						1,156
Equity-based compensation			1,604						1,079						554
Change in valuation allowance			44,675						64,192						48,510
Income tax expense/(benefit)			$	—					$	—					$	—

Reconciliation of the Beginning and Ending Amount of Gross Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in thousands):

			Year Ended December 31,
			2022						2021						2020
Beginning balance			$	7,197					$	6,126					$	4,950
Increases for current year tax positions			548						965						839
Increases/(decreases) for prior year tax positions			(369)						106						337
Ending balance			$	7,376					$	7,197					$	6,126

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 55
-Paragraph 217
-URI https://asc.fasb.org/extlink&oid=126976462&loc=d3e36027-109320

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15A
-URI https://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration