Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income (loss) from Continuing Operations Before Provision for Income Taxes

Income (loss) from continuing operations before provision for income taxes for the Company’s domestic and international operations was as follows (in thousands):

	Year Ended December 31,
	2024		2023			2022
United States	$	30,518	$	(10,377	)	$	(87,400	)
Foreign		—		—			—
Income (loss) before provision for income taxes	$	30,518	$	(10,377	)	$	(87,400	)

Provision for Income Taxes

The provision for income taxes consists of the following (in thousands):

	Year Ended December 31,
	2024			2023			2022
Current
U.S. federal	$	—		$	—		$	—
U.S. state		2,750			1,555			—
Non-U.S.		165			—			—
Total current		2,915			1,555			—
Deferred
U.S. federal		15,302			(190	)		(5,606	)
U.S. state		(11,428	)		7,002			(4,334	)
Total deferred		3,874			6,812			(9,940	)
Valuation allowance		(3,859	)		(6,806	)		9,940
Net deferred		15			6			—
Total	$	2,930		$	1,561		$	—

Components of Net Deferred Tax Assets

Components of the net deferred tax assets are approximately as follows (in thousands):

	December 31,
	2024			2023
Deferred tax assets:
Net operating loss carryforwards	$	480,008		$	506,641
Research and development credits		75,730			77,007
Capitalized research costs		26,872			14,225
Milestone rights		804			1,006
Accrued expenses		4,302			3,760
Loss on purchase commitment		22,413			22,806
Non-qualified stock option expense		3,364			3,559
Capitalized patent costs		4,798			6,720
Other		4,973			3,405
Lease liability		3,578			1,280
Interest expense limitation		—			2,782
Depreciation		21,638			21,134
Deferred product revenue and costs		11,347			346
Sale of future royalties		38,059			34,848
Total deferred tax assets		697,886			699,519
Valuation allowance		(694,369	)		(698,228	)
Net deferred tax assets	$	3,517		$	1,291
Deferred tax liabilities:
Right of use asset	$	(3,334	)	$	(1,121	)
Other prepaids		(204	)		(176	)
Total deferred tax liabilities		(3,538	)		(1,297	)
Net deferred tax assets	$	(21	)	$	(6	)

Effective Tax Rate

The Company’s effective tax rate differs from the statutory federal income tax rate as follows:

	Year Ended December 31,
	2024			2023			2022
Federal tax benefit rate		21.0	%		21.0	%		21.0	%
State tax expense (net of federal benefit)		7.1	%		-11.8	%		0.0	%
Permanent items		5.2	%		-2.8	%		-0.1	%
Officers compensation		5.6	%		-35.3	%		-1.1	%
Debt settlement		7.2	%		0.0	%		0.0	%
Stock based compensation		0.0	%		-5.6	%		0.4	%
Tax attribute expirations		1.6	%		0.4	%		-13.2	%
Valuation allowance		-42.2	%		9.1	%		-7.2	%
Other deferred adjustments		4.1	%		10.0	%		0.2	%
Effective income tax rate		9.6	%		-15.0	%		0.0	%

Summary of Valuation Allowance for Deferred Tax Assets

A reconciliation of beginning and ending amounts of the Company's valuation allowance for deferred tax assets was as follows (in thousands):

	Year Ended December 31,
	2024			2023			2022
Valuation Allowance for Deferred Tax Assets
Beginning of Year	$	698,228		$	705,034		$	695,094
Additions (deductions) charged to expenses		(3,859	)		(6,806	)		9,940
End of Year	$	694,369		$	698,228		$	705,034

Summary of Positions for which Significant Change in Unrecognized Tax Benefits

A reconciliation of beginning and ending amounts of unrecognized tax benefits was as follows (in thousands):

	Year Ended December 31,
	2024		2023		2022
Unrecognized Tax Benefit
Beginning of Year	$	268,902	$	268,902	$	268,902
Gross increases for tax positions of prior years		—		—		—
Gross decreases for tax positions of prior years		—		—		—
Gross increases for tax positions of current year		—		—		—
Settlements		—		—		—
Lapse of statute of limitations		—		—		—
End of Year	$	268,902	$	268,902	$	268,902