Annual report [Section 13 and 15(d), not S-K Item 405]

Income Taxes (Tables)

v3.25.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2024
Income Taxes  
Schedule of Components of Income Tax Expense (Benefit)

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 

($ in thousands)

    

2024

    

2023

Current

​

​

  

​

​

  

Federal

​

$

3

​

$

33

State

​

 

140

​

 

254

Deferred

​

 

​

​

 

​

Federal

​

 

136

​

 

194

State

​

 

33

​

 

39

Total

​

$

312

​

$

521

Schedule of Deferred Tax Assets and Liabilities

​

​

​

​

​

​

​

​

​

​

As of December 31, 

($ in thousands)

​

2024

​

2023

Deferred tax assets:

    

​

  

    

​

  

Net operating loss carryforwards

​

$

232,740

​

$

211,329

Amortization of license fees

​

 

29,421

​

 

33,996

Amortization of in-process R&D

​

 

242

​

 

315

Stock compensation

​

 

12,773

​

 

13,184

Lease liability

​

 

4,763

​

 

6,477

Accruals and reserves

​

 

3,676

​

 

3,897

Tax credits

​

 

40,623

​

 

37,894

Startup costs

​

 

30

​

 

40

Unrealized gain/loss on investments

​

 

48

​

 

55

Section 174 R&D expenditure capitalization

​

​

53,510

​

​

59,238

State taxes

​

​

(70)

​

​

33

Business interest limitation

​

​

4,154

​

​

2,880

Reserve on Sales Return, Discount and Bad Debt

​

 

2,714

​

 

4,556

Total deferred tax assets

​

 

384,624

​

 

373,895

Less: valuation allowance

​

 

(377,965)

​

 

(366,375)

Net deferred tax assets

​

$

6,659

​

$

7,520

​

​

​

​

​

​

​

Deferred tax liabilities:

​

 

  

​

 

  

Section 483 imputed interest

​

$

—

​

$

(25)

Debt issuance costs

​

​

(42)

​

​

(297)

Right of use asset

​

​

(3,800)

​

​

(5,289)

Basis in subsidiary

​

 

(3,219)

​

 

(2,142)

Total deferred tax liabilities, net

​

$

(402)

​

$

(233)

Schedule of Effective Income Tax Rate Reconciliation

​

​

​

​

​

​

​

​

​

For the Year Ended December 31, 

 

​

    

2024

    

2023

 

Percentage of pre-tax income:

​

  

​

  

​

U.S. federal statutory income tax rate

 

21.0

%  

21.0

%  

State taxes, net of federal benefit

 

4.2

%  

10.6

%  

Credits

 

1.8

%  

3.1

​

Non-deductible items

 

(0.5)

%  

(0.9)

%

Provision to return

 

(3.7)

%  

(0.7)

%

Stock based compensation shortfall

 

(0.4)

%  

(2.0)

%

Change in state rate

 

(8.2)

%  

4.1

%

Change in valuation allowance

 

(9.6)

%  

(31.5)

%

Change in subsidiary basis

 

(1.0)

%  

(1.0)

%

Deconsolidation/dissolution of subsidiaries

​

—

%  

(2.4)

%

Adjustment for warrants

​

(0.1)

%  

0.9

%

Section 162(m) compensation disallowance

​

(3.5)

%  

(1.2)

%

Other

 

(0.2)

%  

(0.3)

%

Effective income tax rate

 

(0.2)

%  

(0.3)

%