Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Loss from Continuing Operations Before Provision for Income Taxes

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,
	2021			2020
United States	$	(80,926	)	$	(57,458	)
Foreign		—			—
Loss before provision for income taxes	$	(80,926	)	$	(57,458	)

Provision for Income Taxes

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

	Year Ended December 31,
	2021			2020
Current
U.S. federal	$	—		$	—
U.S. state		—			—
Non-U.S.		—			(218	)
Total current		—			(218	)
Deferred
U.S. federal		(5,170	)		(4,377	)
U.S. state		(14,461	)		(469	)
Non-U.S.		—			—
Total deferred		(19,631	)		(4,846	)
Valuation allowance		19,631			4,846
Total	$	—		$	(218	)

Components of Net Deferred Tax Assets

Components of the net deferred tax assets as of December 31, 2021 and 2020, are approximately as follows (in thousands):

	December 31,
	2021			2020
Deferred tax assets:
Net operating loss carryforwards	$	542,800		$	533,448
Research and development credits		78,804			79,455
Milestone Rights		1,440			1,547
Accrued expenses		2,591			1,436
Loss on purchase commitment		24,845			23,864
Non-qualified stock option expense		5,684			3,766
Capitalized patent costs		7,518			5,273
Other		2,568			2,093
Lease liability		588			559
Interest expense limitation		5,696			2,460
Depreciation		22,983			20,735
Deferred Product Revenue & Costs		404			1,569
Total net deferred tax assets		695,921			676,205
Valuation allowance		(695,094	)		(675,463	)
Net deferred tax assets	$	827		$	742

Deferred tax liabilities:
Right of use asset	$	(555	)	$	(510	)
Other prepaids		(272	)		(232	)
Total deferred tax liabilities		(827	)		(742	)
Net deferred tax assets	$	—		$	—

Effective Tax Rate

The Company’s effective tax rate differs from the statutory federal income tax rate as follows for the years ended December 31, 2021 and 2020:

	Year Ended December 31,
	2021			2020
Federal tax benefit rate		21.0	%		21.0	%
Permanent items		-4.4	%		-6.1	%
Stock based compensation		0.3	%		-0.5	%
Tax attribute expirations		-5.9	%		-6.6	%
Foreign withholding tax		0.0	%		0.4	%
Valuation allowance		-11.2	%		-7.8	%
Other		0.2	%		0.0	%
Effective income tax rate		0.0	%		0.4	%

Summary of Positions for which Significant Change in Unrecognized Tax Benefits

A reconciliation of beginning and ending amounts of unrecognized tax benefits in 2021 and 2020, respectively, was as follows (in thousands):

	Year Ended December 31,
	2021		2020
Unrecognized Tax Benefit
Beginning of Year	$	268,902	$	—
Gross increases for tax positions of prior years		—		268,902
Gross decreases for tax positions of current year		—		—
Settlements		—		—
Lapse of statute of limitations		—		—
End of Year	$	268,902	$	268,902