XML 74 R58.htm IDEA: XBRL DOCUMENT v3.24.0.1
Income Taxes - Other (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Loss before income taxes    
U.S. operations $ 142,943 $ 16,427
Loss before income taxes 142,943 16,427
U.S. State (1,538) 2,445
Foreign   944
Gross deferred tax assets:    
Net operating loss carryforwards 72,792 58,056
Accrued expenses 1,754 124
Amortization of intangible 468 454
Stock-based compensation 8,741 8,091
Research and development and other credits and other carryforwards 39,588 30,627
Lease liability 345 440
Capitalized research and development expenses 37,643 22,382
Royalty/ Deferred Revenue 4,298 3,781
Capital Loss 74 94
Interest carryforward 2,152  
Other 152 64
Total gross deferred tax assets 168,007 124,113
Gross deferred tax liabilities:    
ROU Asset (237) (291)
Depreciation (458) (224)
Unrealized income (209) (192)
Total gross deferred tax liabilities (904) (707)
Net deferred tax assets 167,103 123,406
Less: valuation allowance (167,103) (123,406)
Increase (decrease) in valuation allowance 43,700 7,700
Unrecognized tax benefits 0 0
Liability for uncertain tax positions 0 0
Interest and penalties accrued related to unrecognized tax benefits 0 0
Income tax benefit $ 1,538 $ (3,389)
Reconciliation of income tax expense (benefit) at the statutory federal income tax rate and income taxes    
Federal income tax expense at statutory rate (as a percent) 21.00% 21.00%
Permanent items (as a percent) (0.40%) (2.60%)
State income tax, net of federal benefit (as a percent) 4.10% (9.00%)
R&D tax credits (as a percent) 6.30% 88.10%
Change in state apportionment (as a percent) 2.50% (59.50%)
Foreign withholding tax (as a percent)   (5.70%)
Change in valuation allowance (as a percent) (30.60%) (47.00%)
Other (as a percent) (1.80%) (5.90%)
Effective income tax rate (as a percent) 1.10% (20.60%)
Federal    
Loss before income taxes    
Net operating loss carry forwards available to offset future federal and state taxable income $ 292,200 $ 233,500
Net operating loss carry forwards subject to expiration 81,100  
State    
Loss before income taxes    
Net operating loss carry forwards available to offset future federal and state taxable income 240,100 204,600
Tax credit carryovers 400  
Collaboration Agreement with Tenacia    
Loss before income taxes    
Foreign   900
Research and development    
Loss before income taxes    
U.S. State   $ 2,400
Research and development | Federal    
Loss before income taxes    
Tax credit carryovers $ 39,200