Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Components of Income (Loss) Before Income Taxes

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

	Years Ended December 31,
	2021			2020			2019
United States	$	141,303		$	(105,960	)	$	(97,435	)
Foreign		(56	)		(50	)		(53	)
Total income (loss) before income taxes	$	141,247		$	(106,010	)	$	(97,488	)

Components of the Provision For Income Tax Expense (Benefit)

The components of the provision for income tax expense (benefit) were as follows (in thousands):

	Years Ended December 31,
	2021		2020		2019
Current:
Federal	$	4,107	$	—	$	—
State		9,300		5,240		(2,288	)
Foreign		—		—		—
Total current		13,407		5,240		(2,288	)
Deferred:
Federal		—		—		(284	)
State		—		—		(183	)
Foreign		—		—		—
Total deferred		—		—		(467	)
Total income tax expense (benefit)	$	13,407	$	5,240	$	(2,755	)

Schedule of Reconciliation of Effective Income Tax Expense (Benefit)

The following table presents a reconciliation of income tax expense (benefit) computed at the statutory federal income tax rate of 21% to income tax expense (benefit) reported in the consolidated statements of operations and comprehensive income (loss) (in thousands):

	Years Ended December 31,
	2021			2020			2019
Federal income tax expense (benefit) at statutory rate	$	29,662		$	(22,263	)	$	(20,473	)
State income tax expense (benefit), net of federal tax effect		9,183			(11,495	)		(15,323	)
Research and development credits		(10,059	)		(7,793	)		(11,075	)
Stock-based compensation		755			587			(2,134	)
Executive compensation		1,511			202			—
Other non-deductible expenses and reconciling items		329			684			144
Change in corporate tax rates		14,772			109			130
Change in valuation allowance		(32,746	)		45,209			45,976
Total income tax expense (benefit)	$	13,407		$	5,240		$	(2,755	)

Components of Net Deferred Tax Assets

The significant components of the Company’s net deferred tax assets were as follows (in thousands):

	As of December 31,
	2021			2020
Deferred tax assets:
Net operating loss carryforwards	$	3,981		$	14,683
Research and development tax credits		45,576			47,970
Stock-based compensation		18,303			15,644
Lease liabilities		23,430			21,961
Liability related sale of future royalties		43,234			62,089
Accruals and other		6,230			7,370
Total deferred tax assets before valuation allowance		140,754			169,717
Valuation allowance		(110,756	)		(142,907	)
Total deferred tax assets		29,998			26,810
Deferred tax liabilities:
Unrealized gains on marketable securities		—			(163	)
Right-of-use assets		(16,363	)		(21,094	)
Depreciation and amortization		(13,635	)		(5,155	)
Other		—			(398	)
Total deferred tax liabilities		(29,998	)		(26,810	)
Net deferred tax assets	$	—		$	—