Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.21.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2020
Income taxes  
Schedule of Components of Income Tax Expense (Benefit)

The components of the income tax provision (benefit) are as follows:

​

​

​

​

​

​

​

​

​

​

For the Year Ended December 31, 

($ in thousands)

    

2020

    

2019

Current

​

​

  

​

​

  

Federal

​

$

—

​

$

—

State

​

 

136

​

 

—

Deferred

​

 

  

​

 

  

Federal

​

 

—

​

 

—

State

​

 

—

​

 

—

Total

​

$

136

​

$

—

Schedule of Deferred Tax Assets and Liabilities

The significant components of the Company’s deferred taxes consist of the following:

​

​

​

​

​

​

​

​

​

​

As of December 31, 

($ in thousands)

​

2020

​

2019

Deferred tax assets:

    

​

  

    

​

  

Net operating loss carryforwards

​

$

152,295

​

$

125,657

Amortization of license fees

​

 

20,628

​

 

17,077

Amortization of in-process R&D

​

 

415

​

 

449

Stock compensation

​

 

14,732

​

 

13,280

Lease liability

​

 

7,306

​

 

7,454

Accruals and reserves

​

 

1,570

​

 

1,810

Tax credits

​

 

16,326

​

 

12,716

Startup costs

​

 

54

​

 

58

Unrealized gain/loss on investments

​

 

1,075

​

 

716

State taxes

​

 

41

​

 

—

Reserve on Sales Return, Discount and Bad Debt

​

​

1,455

​

​

—

Total deferred tax assets

​

 

215,897

​

 

179,217

Less: valuation allowance

​

 

(203,930)

​

 

(168,223)

Net deferred tax assets

​

$

11,967

​

$

10,994

​

​

​

​

​

​

​

Deferred tax liabilities:

​

 

  

​

 

  

Right of use asset

​

$

(6,050)

​

$

(6,280)

Fair Value adjustment on investment in Caelum

​

 

(4,804)

​

​

(2,879)

Basis in subsidiary

​

 

(1,113)

​

 

(1,835)

Total deferred tax assets, net

​

$

—

​

$

—

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the statutory tax rates and the effective tax rates is as follows:

​

​

​

​

​

​

​

​

​

For the Year Ended December 31, 

 

​

    

2020

    

2019

 

Percentage of pre-tax income:

​

  

​

  

​

U.S. federal statutory income tax rate

 

21

%  

21

%

State taxes, net of federal benefit

 

11

%  

12

%

Credits

 

4

%  

3

%

Non-deductible items

 

(1)

%  

—

%

Provision to return

 

1

%  

1

%

Stock based compensation shortfall

 

(1)

%  

(1)

%

Change in state rate

 

—

%  

3

%

Deconsolidation of Caelum

 

—

%  

(3)

%

Change in valuation allowance

 

(35)

%  

(36)

%

Change in subsidiary basis

 

1

%  

(1)

%

Other

 

(1)

%  

1

%

Effective income tax rate

 

—

%  

—

%