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Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2024
Income Taxes |
Income Taxes | 16. Income Taxes 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) | ​ | $ | — | ​ | $ | —
​ Historically, the Company’s benefit from income taxes related to state R&D tax credits exchanged for cash. The State of Connecticut provides companies with the opportunity to exchange certain R&D credit carryforwards for cash in exchange for foregoing the carryforward of the R&D credit. The program provides for such exchange of the R&D credits at a rate of 65% of the annual R&D credit, as defined. In the fourth quarter of 2024, the Company decided to exchange its R&D tax credit incurred during the year ended December 31, 2023. The Company opted not to exchange its R&D tax credit incurred during the year ended December 31, 2024, and was not eligible to exchange its R&D tax credit for cash during the year ended December 31, 2022. Therefore, there was a benefit from income taxes of $398 for the year ended December 31, 2024 and no benefit from income taxes for the years ended December 31, 2023 and 2022. 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 | %
​ 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: | ​ | $ | — | ​ | $ | —
​ A 100% valuation allowance has been recorded on the deferred tax asset as of December 31, 2024 and 2023 because management believes it is more likely than not that the asset will not be realized. The change in the valuation allowance during 2024 and 2023 was an increase of $7,865 and $31,977, respectively. The consolidated financial statements reflect expected future tax consequences of such positions presuming the taxing authorities possess full knowledge of the position and all relevant facts. As of December 31, 2024 and 2023, the Company had no unrecognized tax benefits or related interest and penalties accrued. In the event the Company determines that accrual of interest or penalties are necessary in the future, the amount will be presented as a component of income tax expense. At December 31, 2024, the Company had federal and state net operating loss, or NOL, carryforwards of $475,440 and $403,138, respectively. The federal and state tax loss carryforwards will begin to expire in 2026 and 2027, respectively, unless previously utilized. The federal NOLs arising in 2018 and forward have an unlimited carryforward period and losses from 2018-2020 may be carried back five years due to the Coronavirus Aid, Relief, and Economic Security Act of 2020, or the CARES Act. The Company conducted a 382 analysis in the first quarter of 2021. This analysis showed a limited change of ownership had occurred, and thus the full amount of the Company’s NOL carryforwards and R&D tax credits could be utilized annually in the future to offset taxable income or tax, respectively. The Company also had federal and state R&D tax credit carryforwards of $28,557 and $4,379, respectively. The federal credits will begin expiring in 2025 unless previously utilized. The Connecticut credit carryforwards have no expiration period. Because of the NOL and research credit carryforwards, tax years 2006 through 2024 remain open to U.S. federal and state tax examinations. The Inflation Reduction Act of 2022 included tax legislation that became effective early in 2023. Significant legislation for corporate taxpayers includes a corporate alternative minimum tax of 15.0% for companies with $1,000,000 or more in average net financial statement profits over the three previous years, as well as a 1.0% indirect excise tax on the repurchase of shares by a publicly traded company. The Company does not expect this legislation to have an effect on its tax provision. Further, beginning in the Company’s tax year ending December 31, 2022, as a result of the Tax Cuts and Jobs Act of 2017, current R&D expenditures incurred in the United States must be capitalized for tax purposes, and amortized over a period of five years (fifteen years in the case of R&D performed outside the United States).

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