Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Reconciliation of Income Taxes Computed Using U.S Federal Statutory Tax Rate

A reconciliation of income taxes computed using the U.S. federal statutory rate to that reflected in operations follows:

	Year Ended December 31,
	2024			2023			2022
Federal statutory tax		21.00	%		21.00	%		21.00	%
State income tax, net of federal benefit		(6.31	)		15.38			13.49
Valuation allowance		(18.00	)		(45.30	)		(43.69	)
Success payment liabilities		0.55			0.58			5.40
Contingent consideration		0.05			3.02			0.26
Tax credits		3.83			6.59			4.93
Other		(1.12	)		(1.27	)		(1.39	)
Effective income tax rate		0.00	%		0.00	%		0.00	%

Components of Net Deferred Tax Assets

The principal components of the Company’s net deferred tax assets are as follows:

	December 31,
	2024			2023
	(in thousands)
Deferred tax assets:
Net operating loss carryforwards	$	227,866		$	192,179
Capitalized research and development		101,732			101,136
Tax credit carryforwards		81,697			69,070
Lease liabilities		24,040			31,503
Stock-based compensation		13,258			12,607
Intangibles		8,902			10,744
Accrued liabilities and allowances		4,329			6,050
Fixed assets		1,935			1,073
Success payment liabilities		82			496
Other		1,475			285
Gross deferred tax assets		465,316			425,143
Valuation allowance		(450,666	)		(402,658	)
Deferred tax assets, net of valuation allowance		14,650			22,485
Deferred tax liabilities:
Right-of-use assets		(14,650	)		(22,485	)
Net deferred taxes assets	$	-		$	-