Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income taxes  
Schedule of Components of Income Tax Expense (Benefit)

The components of the income tax provision are as follows:

For the years ended December 31, 

($ in thousands)

    

2021

    

2020

Current

  

  

Federal

$

$

State

 

473

 

136

Deferred

 

  

 

  

Federal

 

 

State

 

 

Total

$

473

$

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)

2021

2020

Deferred tax assets:

    

  

    

  

Net operating loss carryforwards

$

180,994

$

152,295

Amortization of license fees

 

31,556

 

20,628

Amortization of in-process R&D

 

384

 

415

Stock compensation

 

13,560

 

14,732

Lease liability

 

6,965

 

7,306

Accruals and reserves

 

2,265

 

1,570

Tax credits

 

23,239

 

16,326

Startup costs

 

49

 

54

Unrealized gain/loss on investments

 

420

 

1,075

State taxes

215

41

Business interest limitation

7

Reserve on Sales Return, Discount and Bad Debt

 

1,883

 

1,455

Total deferred tax assets

 

261,537

 

215,897

Less: valuation allowance

 

(251,052)

 

(203,930)

Net deferred tax assets

$

10,485

$

11,967

Deferred tax liabilities:

 

  

 

  

Right of use asset

$

(5,732)

$

(6,050)

Basis in subsidiary

 

(4,753)

 

(1,113)

Fair Value adjustment on investment in Caelum

 

 

(4,804)

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, 

 

    

2021

    

2020

 

Percentage of pre-tax income:

  

  

U.S. federal statutory income tax rate

 

21

%  

21

%

State taxes, net of federal benefit

 

10

%  

11

%

Credits

 

4

%  

4

%

Non-deductible items

 

(3)

%  

(1)

%

Provision to return

 

%  

1

%

Stock based compensation shortfall

 

(1)

%  

(1)

%

Change in state rate

 

1

%  

%

Change in valuation allowance

 

(29)

%  

(35)

%

Change in subsidiary basis

 

(2)

%  

1

%

Other

 

(1)

%  

(1)

%

Effective income tax rate

 

%  

%