Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income (Loss) Before Income Taxes

The components of income (loss) before income taxes were as follows (in thousands):

	For the Years Ended December 31,
	2023			2022			2021
Foreign	$	247		$	892		$	(30,052	)
U.S.		(143,023	)		(165,814	)		(93,768	)
Total	$	(142,776	)	$	(164,922	)	$	(123,820	)

Schedule of Significant Components of Company's Deferred Tax Assets

The significant components of our deferred tax assets are comprised of the following (in thousands):

	As of December 31,
	2023			2022
Deferred tax assets:
U.S. and state net operating loss carryforwards	$	198,158		$	189,629
Research and development credits		108,682			100,436
Fixed assets and intangible assets		25,028			27,312
Stock-based compensation		8,500			13,818
Accruals and other temporary differences		6,380			6,613
Interest Expense - Sec 163(j)		6,894			9,236
Lease liability		1,461			2,193
Deferred royalty obligation		8,310			1,805
Capitalized research and development		47,986			27,748
Deferred royalty embedded derivative		671			679
Unicap - Sec 263A		800			1,214
Valuation allowance		(411,838	)		(379,166	)
Total deferred tax assets		1,032			1,517
Deferred tax liabilities:
Convertible debt amortization		(7	)		(5	)
Right-of-use asset		(1,025	)		(1,512	)
Total deferred tax liabilities		(1,032	)		(1,517	)
Net deferred tax assets	$	—		$	—

Schedule of Reconciliation of Income Tax Expense Computed at Statutory Federal Income Tax Rate to Income Taxes

A reconciliation of income tax expense computed at the statutory federal income tax rate to income taxes as reflected in the financial statements is as follows:

	For the Years Ended December 31,
	2023			2022			2021
Federal income tax expense at statutory rate		21.0	%		21.0	%		21.0	%
State income tax, net of federal benefit		4.0	%		4.0	%		0.8	%
Permanent differences		(1.0	)%		(3.3	)%		(2.7	)%
Research and development credit		7.3	%		6.3	%		11.3	%
Foreign rate differential		—	%		—	%		(5.2	)%
Change in valuation allowance		(22.9	)%		(29.3	)%		(35.4	)%
Migrated intellectual property		—	%		—	%		13.9	%
Stock-based compensation and 162m adjustment		(5.0	)%		(2.0	)%		(4.3	)%
Provision to return adjustments		(2.8	)%		—	%		(0.5	)%
Other		(0.8	)%		3.1	%		0.9	%
Effective income tax rate		(0.2	)%		(0.2	)%		(0.2	)%