Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.23.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of Loss before Income Taxes
For the years ended December 31, 2022, 2021 and 2020, loss from continuing operations before taxes consists of the following:
Years Ended December 31,
  2022 2021 2020
(In thousands)
U.S. operations
 $ 191,153  $ 157,274  $ 121,621 
Foreign operations
 (6) 11  26 
Loss before income taxes
 $ 191,147  $ 157,285  $ 121,647 
Schedule of Federal and State Income Tax Provision
The federal and state income tax provision is summarized as follows for the years ended December 31, 2022, 2021 and 2020:
Years Ended December 31,
  2022 2021 2020
  (In thousands)
Current
Federal
 $ —  $ —  $ — 
State
 5  6  5 
Foreign
 6  —  — 
Total current tax expense
 11  6  5 
Deferred
Federal
 —  —  — 
State
 —  —  — 
Foreign
 —  —  — 
Total deferred tax expense
 —  —  — 
Total tax expense
 $ 11  $ 6  $ 5 
Schedule of Deferred Tax Assets and Liabilities
The tax effects of significant items comprising the Company’s deferred taxes as of December 31, 2022 and December 31, 2021 are as follows:
As of
  December 31, 2022 December 31, 2021
  (In thousands)
Deferred tax assets:
Accrued employee compensation
 $ 2,752  $ 2,736 
NOLs and capital loss carryforwards
 145,979  108,205 
Credit carryforwards
 113,007  110,513 
Equity compensation
 5,554  4,095 
R&D capitalized costs
 47,686  50,224 
Start-up costs
 37,836  40,408 
Other
 28,682  17,232 
Total gross deferred tax assets
 $ 381,496  $ 333,413 
Less valuation allowance
 $ (374,854) $ (324,505)
Total deferred tax assets 6,642  8,908 
 
Deferred tax liabilities:
Fixed asset basis
 $ (597) $ (668)
Other
 (6,045) (8,240)
Total deferred tax liabilities
 $ (6,642) $ (8,908)
Total deferred taxes, net
 $ —  $ — 
Summary of Tax Credit Carryforwards
Net operating losses and tax credit carryforwards as of December 31, 2022 are as follows:
  Amount   Expiration
Years
  (In thousands)    
Net operating losses, federal – Expiring
 $ 150,251  2036-2037
Net operating losses, federal – Indefinite
 390,573  Indefinite
Net operating losses, state – Expiring
 $ 550,714  2029-2042
Net operating losses, state – Indefinite 142  Indefinite
Net operating losses, foreign
 $ 14  Indefinite
Tax credits, federal
 66,557  2025 - 2042
Tax credits, state
 $ 58,797  Indefinite
Summary of Net Operating Losses
Net operating losses and tax credit carryforwards as of December 31, 2022 are as follows:
  Amount   Expiration
Years
  (In thousands)    
Net operating losses, federal – Expiring
 $ 150,251  2036-2037
Net operating losses, federal – Indefinite
 390,573  Indefinite
Net operating losses, state – Expiring
 $ 550,714  2029-2042
Net operating losses, state – Indefinite 142  Indefinite
Net operating losses, foreign
 $ 14  Indefinite
Tax credits, federal
 66,557  2025 - 2042
Tax credits, state
 $ 58,797  Indefinite
Schedule of Effective Income Tax Rate Reconciliation The effective tax rate of the Company’s provision for income taxes differs from the federal statutory rate as follows:
  2022 2021 2020
  (In thousands)
Statutory rate
 $ (40,141) $ (33,030) $ (25,518)
State taxes, net of federal benefit
 (7,215) (4,995) (6,637)
Permanent adjustments
 $ (2,623) $ (560) $ 411 
Return to provision
 (306) 10  — 
Other deferred adjustment
 $ 1,987  $ 5,147  $ (4)
General business credits
 (2,040) 3,599  (8,803)
Change in valuation allowance
 50,349  29,835  40,556 
Income tax expense
 $ 11  $ 6  $ 5 
Schedule of Uncertain Tax Benefits
  2022 2021
  (In thousands)
Balance at the beginning of the year
 $ 49,627  $ 31,886 
 
Increases:
For current year’s tax positions
 641  630 
For prior years’ tax position
 50  20,581 
 
Decreases:
For reductions of prior year’s tax positions
 (3,143) (3,470)
Gross balance at the end of the year
 $ 47,175  $ 49,627