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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2022
Income Taxes  
Components of Income Taxes (Benefit)

The Company’s benefit from income taxes is as follows:

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 

​

    

2022

    

2021

    

2020

Current:

 

​

  

 

​

  

 

​

  

Federal

​

$

—

​

$

—

​

$

—

State

​

 

—

​

 

—

​

 

(691)

​

​

 

—

​

 

—

​

 

(691)

Deferred:

​

 

  

​

 

  

​

 

  

Federal

​

 

—

​

 

—

​

 

—

State

​

 

—

​

 

—

​

 

—

​

​

 

—

​

 

—

​

 

—

Benefit from income taxes

​

$

—

​

$

—

​

$

(691)

​

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, 

 

​

    

2022

    

2021

    

2020

 

Income taxes using U.S. federal statutory rate

 

21.00

%  

21.00

%  

21.00

%

State income taxes, net of federal benefit

 

(1.00)

%  

7.84

%  

(58.68)

%

Tax Cuts and Jobs Act

 

0.00

%  

0.00

%  

0.00

%

Impact of R&D tax credit on effective tax rate

 

4.91

%  

2.87

%  

(52.06)

%

Stock option shortfalls and cancellations

 

(3.33)

%  

(4.74)

%  

0.35

%

Permanent items and other

 

(1.86)

%  

(1.29)

%  

(5.08)

%

Change in valuation allowance

 

(19.88)

%  

(25.69)

%  

84.61

%

Provision to return

 

0.16

%  

0.01

%  

0.92

%

Non-taxable revenue

 

0.00

%  

0.00

%  

0.00

%

​

 

0.00

%  

0.00

%  

(8.94)

%

​

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, 

​

    

2022

    

2021

Valuation allowance

 

$

(160,814)

 

$

(143,388)

​

​

​

​

​

​

​

Net operating loss carryforwards

​

​

113,058

​

​

113,636

Federal and state tax credits

​

 

26,358

​

 

24,428

Stock-based compensation expense

​

 

3,434

​

 

5,023

Intangible asset amortization

​

​

17,265

​

​

—

Other

​

 

1,167

​

 

1,268

Deferred tax assets

​

 

161,282

​

 

144,355

​

​

​

​

​

​

​

Other

​

 

(468)

​

 

(967)

Deferred tax liabilities:

​

 

(468)

​

 

(967)

​

​

 

​

​

 

​

Net deferred tax asset:

​

$

—

​

$

—

​