Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of (Benefit) Provision for Income Taxes

The Company’s (benefit) provision for income taxes consists of the following:

	Year Ended December 31,
(In thousands)	2022			2021			2020
Current income tax provision:
U.S. federal	$	18,105		$	2,700		$	2,943
U.S. state		5,653			1,079			1,396
Rest of world		—			3			—
Deferred income tax (benefit) provision:
U.S. federal		(28,123	)		5,908			9,876
U.S. state		(4,672	)		(827	)		109
Ireland		—			—			—
Total tax (benefit) provision	$	(9,037	)	$	8,863		$	14,324

Schedule of Loss Before Income Taxes by Geographical Area

The distribution of the Company’s loss before income taxes by geographical area consists of the following:

	Year Ended December 31,
(In thousands)	2022			2021			2020
Ireland	$	(183,828	)	$	(54,070	)	$	(138,070	)
U.S.		16,524			14,764			41,599
Rest of world		—			—			(66	)
Loss before income taxes	$	(167,304	)	$	(39,306	)	$	(96,537	)

Schedule of Components of Net Deferred Tax Assets

The components of the Company’s net deferred tax assets consist of the following:

	December 31,			December 31,
(In thousands)	2022			2021
Deferred tax assets:
NOL carryforwards	$	238,128		$	222,508
Research and development expenses		66,464			—
Accrued expenses and reserves		55,755			52,308
Share-based compensation		41,075			40,455
Tax credits		22,932			58,704
Other		9,993			7,758
Less: valuation allowance		(271,517	)		(249,112	)
Total deferred tax assets		162,830			132,621
Deferred tax liabilities:
Property, plant and equipment		(46,274	)		(50,187	)
Other		(1,502	)		(1,150	)
Total deferred tax liabilities		(47,776	)		(51,337	)
Net deferred tax assets	$	115,054		$	81,284

Schedule of Activity in Valuation Allowance Associated with Deferred taxes

The activity in the valuation allowance associated with deferred taxes consists of the following:

(In thousands)	Balance at Beginning of Period			(Additions) / Reductions (1)			Balance at End of Period
Deferred tax asset valuation allowance for the year ended December 31, 2020	$	(242,059	)	$	(11,590	)	$	(253,649	)
Deferred tax asset valuation allowance for the year ended December 31, 2021	$	(253,649	)	$	4,537		$	(249,112	)
Deferred tax asset valuation allowance for the year ended December 31, 2022	$	(249,112	)	$	(22,405	)	$	(271,517	)

(1) The (additions)/reductions in each of the periods presented relate primarily to Irish NOLs.

Schedule of Reconciliation of Federal Statutory Tax Rate to its Effective Tax Rate

A reconciliation of the Company’s statutory tax rate to its effective tax rate is as follows:

	Year Ended December 31,
(In thousands, except percentage amounts)	2022				2021				2020
Statutory tax rate		12.5		%		12.5		%		12.5		%
Loss before income taxes at statutory rate	$	(20,913	)		$	(4,913	)		$	(12,067	)
Share-based compensation		4,461				7,841				8,972
Foreign rate differential(1)		(2,122	)			5,811				7,798
Change in valuation allowance		21,455				(4,537	)			11,590
Intercompany amounts(2)		(1,694	)			10,707				6,234
Irish rate differential(3)		4,926				1,817				2,511
Uncertain tax positions		602				704				811
Non-deductible lobbying expenses		775				637				683
U.S. state income taxes, net of U.S. federal benefit		598				248				1,298
In-process R&D(4)		—				2,724				332
Foreign derived intangible income		(10,405	)			(3,875	)			(3,125	)
R&D credit		(7,863	)			(8,488	)			(11,198	)
Other permanent items(5)		1,143				187				485
Income tax (benefit) provision	$	(9,037	)		$	8,863			$	14,324
Effective tax rate		5.4		%		(22.5	)	%		(14.8	)	%

(1) Represents income or losses of U.S. subsidiaries, subject to tax at a rate other than the Irish statutory rate.

(2) Intercompany amounts include cross-territory eliminations, the pre-tax effect of which has been eliminated in arriving at the Company's consolidated loss before taxes.

(3) Represents income or losses of Irish companies subject to tax at a rate other than the Irish statutory rate.

(4) Represents the tax effect of the research and development expense recorded in connection with the acquisition of Rodin.

(5) Other permanent items include, but are not limited to, non-deductible meals and entertainment expenses and non-deductible compensation of senior officers of the Company.

Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

	Unrecognized
(In thousands)	Tax Benefits
Balance, December 31, 2019	$	6,857
Additions based on tax positions related to prior periods		15
Additions based on tax positions related to the current period		796
Balance, December 31, 2020	$	7,668
Reductions based on tax positions related to prior periods		(27	)
Additions based on tax positions related to the current period		731
Balance, December 31, 2021	$	8,372
Reductions based on the lapse of applicable statues of limitations		(438	)
Additions based on tax positions related to prior periods		449
Additions based on tax positions related to the current period		590
Balance, December 31, 2022	$	8,973