Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.24.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2023
Income Taxes  
Schedule of Components of Income Tax Expense (Benefit)

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 

($ in thousands)

    

2023

    

2022

Current

​

​

  

​

​

  

Federal

​

$

33

​

$

—

State

​

 

254

​

 

449

Deferred

​

 

​

​

 

  

Federal

​

 

194

​

 

—

State

​

 

39

​

 

—

Total

​

$

521

​

$

449

Schedule of Deferred Tax Assets and Liabilities

​

​

​

​

​

​

​

​

​

​

As of December 31, 

($ in thousands)

​

2023

​

2022

Deferred tax assets:

    

​

  

    

​

  

Net operating loss carryforwards

​

$

211,329

​

$

198,250

Amortization of license fees

​

 

33,996

​

 

30,151

Amortization of in-process R&D

​

 

315

​

 

334

Stock compensation

​

 

13,184

​

 

13,754

Lease liability

​

 

6,477

​

 

7,011

Accruals and reserves

​

 

3,897

​

 

3,402

Tax credits

​

 

37,894

​

 

33,501

Startup costs

​

 

40

​

 

42

Unrealized gain/loss on investments

​

 

55

​

 

406

Section 174 R&D expenditure capitalization

​

​

59,238

​

​

34,170

State taxes

​

​

33

​

​

192

Business interest limitation

​

​

2,880

​

​

2,359

Reserve on Sales Return, Discount and Bad Debt

​

 

4,556

​

 

2,286

Total deferred tax assets

​

 

373,895

​

 

325,858

Less: valuation allowance

​

 

(366,375)

​

 

(317,959)

Net deferred tax assets

​

$

7,520

​

$

7,899

​

​

​

​

​

​

​

Deferred tax liabilities:

​

 

  

​

 

  

Section 483 imputed interest

​

$

(25)

​

$

(92)

Debt issuance costs

​

​

(297)

​

​

(347)

Right of use asset

​

​

(5,289)

​

​

(5,835)

Basis in subsidiary

​

 

(2,142)

​

 

(1,625)

Total deferred tax liabilities, net

​

$

(233)

​

$

—

Schedule of Effective Income Tax Rate Reconciliation

​

​

​

​

​

​

​

​

​

For the Year Ended December 31, 

 

​

    

2023

    

2022

 

Percentage of pre-tax income:

​

  

​

  

​

U.S. federal statutory income tax rate

 

21.0

%  

21.0

%  

State taxes, net of federal benefit

 

10.6

%  

6.7

%  

Credits

 

3.1

%  

4.6

​

Non-deductible items

 

(0.9)

%  

(0.5)

%

Provision to return

 

(0.7)

%  

1.8

%

Stock based compensation shortfall

 

(2.0)

%  

(1.4)

%

Change in state rate

 

4.1

%  

(1.6)

%

Change in valuation allowance

 

(31.5)

%  

(31.3)

%

Change in subsidiary basis

 

(1.0)

%  

—

%

Deconsolidation/dissolution of subsidiaries

​

(2.4)

%  

—

%

Adjustment for warrants

​

0.9

%  

0.1

%

Section 162(m) compensation disallowance

​

(1.2)

%  

(0.8)

%

Other

 

(0.3)

%  

1.2

%

Effective income tax rate

 

(0.3)

%  

(0.2)

%