Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.22.0.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2021
INCOME TAXES  
Schedule of components of the entity's deferred tax assets

December 31,

 

    

2021

    

2020

 

Deferred tax assets

Net operating loss carryforwards

$

229,364

$

240,767

Orphan drug and research and development credits

 

66,616

 

64,252

Deferred compensation

 

8,819

 

7,760

Lease liabilities

2,564

4,399

Capitalized inventory

47

34

Deferred revenue

 

16,297

 

1,405

Other, net

 

1,626

 

1,765

Deferred tax liabilities

Operating lease right-of-use asset

(2,335)

(4,084)

Others

(607)

(537)

Total net deferred tax assets

322,391

315,761

Less: valuation allowance

 

(322,391)

 

(315,761)

Deferred tax assets, net of allowance

$

$

Schedule of reconciliation of the statutory federal income tax rate to the effective tax rate

Year Ended December 31,

 

    

2021

    

2020

    

2019

 

Federal statutory tax rate

 

(21.0)

%  

(21.0)

%  

(21.0)

%

State, Net of Federal Benefit

2.8

%  

0.1

%  

0.1

%

Valuation allowance

 

27.5

%  

24.4

%  

21.7

%

Stock compensation

5.6

%  

4.7

%  

2.8

%

Orphan drug and research and development credits

(14.0)

%  

(12.7)

%  

(5.1)

%

Other, net

 

2.7

%  

4.6

%  

1.5

%  

Effective tax rate

 

3.6

%  

0.1

%  

0.0

%  

Schedule of activity related to the entity's gross unrecognized tax benefits

The following table summarizes the activity related to our gross unrecognized tax benefits (in thousands):

Year Ended December 31,

 

    

2021

    

2020

    

2019

 

Balance at the beginning of the year

$

8,901

$

8,358

$

8,358

Increase related to current year tax positions

 

285

 

543

 

543

Balance at the end of the year

$

9,186

$

8,901

$

8,358