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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2022
Income Taxes  
Schedule of components of the income (loss) before income taxes

Year Ended December 31, 

(In thousands)

    

2022

    

2021

    

2020

Income (loss) before provision for income taxes:

  

  

Cayman Islands

$

$

$

37,567

United States

(40,556)

(82,213)

(63,306)

Ireland

(52,168)

(182,775)

(277,105)

United Kingdom

(91)

(234)

(499)

Total

$

(92,815)

$

(265,222)

$

(303,343)

Schedule of the components of provision for income tax (expense) benefit

Year Ended December 31, 

(In thousands)

    

2022

    

2021

    

2020

Provision for income tax (expense) benefit:

Current:

Cayman Islands

$

$

$

United States

173

8,545

Ireland

(8)

(8)

(13)

United Kingdom

(1)

(14)

(12)

Subtotal

(9)

151

8,520

Deferred:

Cayman Islands

United States

Ireland

United Kingdom

Subtotal

Total

$

(9)

$

151

$

8,520

Effective tax rate

(0.01)

%  

0.06

%  

2.81

%

Schedule of the differences between the Irish statutory income tax rate for non-trading income and the Company's effective tax rates

Year Ended December 31, 

    

2022

    

2021

    

2020

Provision at statutory income tax rate

25.00

%  

25.00

%  

25.00

%

Foreign rate differential

(6.80)

 

(8.50)

 

(11.02)

Share-based compensation

(3.28)

(3.11)

0.71

Non-deductible executive compensation

(2.79)

(1.22)

(0.60)

Uncertain tax positions

(7.10)

(3.95)

(1.19)

Research and development tax credit carryforwards

2.65

1.79

1.73

Intangible asset

1.83

9.45

Change in valuation allowance

(1.01)

 

(11.34)

 

(20.62)

Other

(6.68)

 

(0.44)

 

(0.65)

Effective tax rate

(0.01)

%  

0.06

%  

2.81

%

Significant components of the Company's deferred tax assets and liabilities

December 31, 

(In thousands)

    

2022

    

2021

Deferred tax assets:

Net operating loss carryforwards

 

$

104,236

$

115,606

Capital loss carryforwards

 

19,409

 

19,409

Research and development tax credit carryforwards

 

16,176

 

28,372

Fixed assets and intangibles

283,260

287,177

Share-based compensation

4,298

10,432

Accruals

1,795

3,590

Operating lease liabilities

11,239

11,607

Prepaid assets

304

Other

 

30

 

10,505

Subtotal

440,747

486,698

Valuation allowance

 

(422,325)

 

(477,868)

Total deferred tax assets

18,422

8,830

Deferred tax liabilities:

Operating lease assets

(8,634)

(8,575)

Future contingent milestone and royalty assets

(11,725)

Prepaid assets

(255)

Total deferred tax liabilities

(20,359)

(8,830)

Net deferred tax assets (liabilities)

$

(1,937)

$

Reconciliation of unrecognized tax benefits

(In thousands)

    

Unrecognized tax benefits as of December 31, 2020

$

63,447

Gross decrease in tax positions for prior years

(395)

Gross increase in tax positions for current year

11,971

Unrecognized tax benefits as of December 31, 2021

75,023

Gross decrease in tax positions for prior years

(7,395)

Gross increase in tax positions for current year

8,371

Unrecognized tax benefits as of December 31, 2022

$

75,999