Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Reconciliation of the federal statutory income tax rate to our effective income tax rate

A reconciliation of the federal statutory income tax to our effective income tax is as follows (in thousands):

	Year Ended December 31,
	2022		2021		2020
Federal statutory income tax	$	(11,447)	$	17,352	$	(14,559)
State and local income taxes	(615)		783		(4,659)
Research and development credit	(9,366)		(10,492)		(9,669)
Stock-based compensation	3,384		2,424		529
Foreign-derived intangible income	(1,449)		—		—
Other	(74)		95		56
Change in state rate	44		2,599		—
Net change in valuation allowance	20,196		(12,761)		28,302
Income tax provision	$	673	$	—	$	—

Schedule of tax effect of temporary differences that give rise to a significant portion of the deferred tax assets and liabilities

The tax effect of temporary differences that give rise to a significant portion of the deferred tax assets and liabilities at December 31, 2022 and 2021 is presented below (in thousands):

	December 31,
	2022		2021
Deferred income tax assets
Net operating loss carryforwards	$	32,898	$	46,629
Research credits	54,825		48,128
Unrealized loss on securities	1,573		327
Capitalized lease assets	5,564		489
Accrued compensation	14,484		9,207
Capitalized research and development costs	21,338		—
Gross deferred income tax assets	130,682		104,780
Valuation allowance	(115,010)		(93,580)
Net deferred income tax assets	15,672		11,200
Deferred income tax liabilities
Patent costs	(2,885)		(3,416)
Deferred revenue	3,225		(3,508)
Licensing costs	(124)		(151)
Capitalized legal costs	(9)		(13)
Depreciation	(6,532)		(288)
Unrealized gain on securities	(9,347)		(3,824)
Gross deferred income tax liabilities	(15,672)		(11,200)
Net deferred income tax asset	$	—	$	—