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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Taxes |
Components of Income Taxes (Benefit) | The Company’s pre-tax loss of $71,265 is domestic. The Company’s benefit from income taxes is as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ |  | 2024 |  | 2023 |  | 2022
Current: |  | ​ |  |  | ​ |  |  | ​ |
Federal | ​ | $ | — | ​ | $ | — | ​ | $ | —
State | ​ |  | (398) | ​ |  | — | ​ |  | —
​ | ​ |  | (398) | ​ |  | — | ​ |  | —
Deferred: | ​ |  |  | ​ |  |  | ​ |  |
Federal | ​ |  | — | ​ |  | — | ​ |  | —
State | ​ |  | — | ​ |  | — | ​ |  | —
​ | ​ |  | — | ​ |  | — | ​ |  | —
Benefit from income taxes | ​ | $ | (398) | ​ | $ | — | ​ | $ | —
Schedule of Reconciliation of Income Taxes Computed Using U.S. Federal Statutory Rate to that Reflected in Operations | A reconciliation of income taxes computed using the U.S. federal statutory rate to that reflected in operations is as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, |
​ |  | 2024 |  | 2023 |  | 2022 |
Income taxes using U.S. federal statutory rate |  | 21.00 | % | 21.00 | % | 21.00 | %
State income taxes, net of federal benefit |  | (5.05) | % | 5.30 | % | (1.00) | %
Impact of R&D tax credit on effective tax rate |  | 2.59 | % | 3.68 | % | 4.91 | %
Impact of foreign tax credit on effective tax rate | ​ | (0.29) | % | — | % | — | %
Stock option shortfalls and cancellations |  | (4.88) | % | (1.22) | % | (3.33) | %
Permanent items and other |  | (0.65) | % | (0.89) | % | (1.86) | %
Change in valuation allowance |  | (11.11) | % | (27.34) | % | (19.88) | %
Provision to return |  | (1.05) | % | (0.53) | % | 0.16 | %
​ |  | 0.56 | % | 0.00 | % | 0.00 | %
​
Schedule of Significant Components of Company's Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities are as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ |  | 2024 |  | 2023
Valuation allowance |  | $ | (200,656) |  | $ | (192,791)
​ | ​ | ​ | ​ | ​ | ​ | ​
Net operating loss carryforwards | ​ | ​ | 122,727 | ​ | ​ | 123,739
Federal and state tax credits | ​ |  | 32,016 | ​ |  | 31,245
Stock-based compensation expense | ​ |  | 1,619 | ​ |  | 3,855
Intangible asset amortization | ​ | ​ | 34,823 | ​ | ​ | 33,162
Sales of future royalties and milestones | ​ | ​ | 8,952 | ​ | ​ | —
Other | ​ |  | 519 | ​ |  | 2,101
Deferred tax assets | ​ |  | 200,656 | ​ |  | 194,102
​ | ​ | ​ | ​ | ​ | ​ | ​
Other | ​ |  | — | ​ |  | (1,311)
Deferred tax liabilities: | ​ |  | — | ​ |  | (1,311)
​ | ​ |  | ​ | ​ |  | ​
Net deferred tax asset: | ​ | $ | — | ​ | $ | —
​

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