Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

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,
	2022			2021			2020
Federal statutory tax		21.00	%		21.00	%		21.00	%
State income tax, net of federal benefit		13.49			2.75			2.09
Valuation allowance		(43.69	)		(24.06	)		(15.18	)
Success payment liabilities		5.40			(1.40	)		(4.58	)
Contingent consideration		0.26			(1.88	)		(3.89	)
Tax credits		4.93			2.58			1.88
Other		(1.39	)		1.01			(1.32	)
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,
	2022			2021
	(in thousands)
Deferred tax assets:
Net operating loss carryforwards	$	154,888		$	114,368
Capitalized research and development		49,687			-
Tax credit carryforwards		44,051			24,008
Lease liabilities		28,050			25,754
Intangibles		7,949			5,986
Stock-based compensation		6,958			1,854
Accrued liabilities and allowances		6,807			4,401
Success payment liabilities		516			3,290
Other		155			-
Gross deferred tax assets		299,061			179,661
Valuation allowance		(274,348	)		(156,622	)
Deferred tax assets, net of valuation allowance		24,713			23,039
Deferred tax liabilities:
Right-of-use assets		(23,554	)		(21,940	)
Fixed assets		(1,159	)		(1,050	)
Other		-			(49	)
Deferred tax liabilities		(24,713	)		(23,039	)
Net deferred taxes assets	$	-		$	-