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

 

—

%  

—

%