Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes

Schedule of components of the income (loss) before income taxes

	Year Ended December 31,
(In thousands)	2024		2023
Loss before provision for income taxes:
United States	$	2,014	$	1,151
Ireland		(46,628)		(50,420)
Total	$	(44,614)	$	(49,269)

Schedule of the components of provision for income tax expense

	Year Ended December 31,
(In thousands)	2024			2023
Provision for income tax expense:
Current:
United States	$	(19,375)		$	(2,881)
Ireland		(2)			—
United Kingdom		—			164
Subtotal		(19,377)			(2,717)
Deferred:
United States		7,573			(3,207)
Subtotal		7,573			(3,207)
Total	$	(11,804)		$	(5,924)
Effective tax rate		26.46	%		12.02	%

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,
	2024		2023
Provision at statutory income tax rate	25.00	%	25.00	%
Foreign rate differential	(8.08)		(8.28)
Share-based compensation	(6.15)		(3.00)
Non-deductible executive compensation	(3.28)		(4.45)
Uncertain tax positions	(21.19)		(7.31)
Research and development tax credit carryforwards	4.07		3.34
Change in valuation allowance	(12.76)		(16.00)
Other	(4.07)		(1.32)
Effective tax rate	(26.46)	%	(12.02)	%

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

	December 31,
(In thousands)	2024			2023
Deferred tax assets:
Net operating loss carryforwards	$	154,476	$	153,225
Capital loss carryforwards		20,094		21,482
Research and development tax credit carryforwards		16,211		16,910
Fixed assets and intangibles		235,265		235,381
Share-based compensation		3,402		3,431
Accruals		1,674		1,186
Operating lease liabilities		11,296		10,946
Prepaid assets		—		(248)
Other		9,170		4,982
Subtotal		451,588		447,295
Valuation allowance		(435,543)		(429,850)
Total deferred tax assets		16,045		17,445
Deferred tax liabilities:
Operating lease assets		(7,814)		(8,076)
Future contingent milestone and royalty assets		(5,533)		(14,512)
Prepaid assets		(268)		—
Total deferred tax liabilities		(13,615)		(22,588)
Net deferred tax assets (liabilities)	$	2,430	$	(5,143)

Reconciliation of unrecognized tax benefits

(In thousands)
Unrecognized tax benefits as of December 31, 2022	$	75,999
Gross decrease in tax positions for prior years		(632)
Gross increase in tax positions for current year		4,103
Unrecognized tax benefits as of December 31, 2023		79,470
Gross increase in tax positions for prior years		97
Gross increase in tax positions for current year		4,091
Unrecognized tax benefits as of December 31, 2024	$	83,658