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

INCOME TAXES (Tables)

v3.25.0.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2024
INCOME TAXES  
Schedule of components of deferred tax assets

​

​

​

​

​

​

​

​

​

​

​

As of December 31,

 

​

    

2024

    

2023

 

Deferred tax assets

​

​

​

​

​

​

​

Net operating loss carryforwards

​

$

222,744

​

$

229,967

​

Orphan drug and research and development credits

​

 

62,314

​

 

62,457

​

Capitalized research and development credits

​

​

19,604

​

​

21,017

​

Deferred revenue

​

 

10,181

​

 

11,223

​

Deferred compensation

​

 

11,701

​

 

10,365

​

Other, net

​

 

2,751

​

 

3,898

​

Deferred tax liabilities

​

​

​

​

​

​

​

Others

​

​

(61)

​

​

(296)

​

Total net deferred tax assets

​

​

329,234

​

​

338,631

​

Less: valuation allowance

​

 

(329,234)

​

 

(338,631)

​

Deferred tax assets, net of allowance

​

$

—

​

$

—

​

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

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​

​

​

​

​

​

​

​

​

Year Ended December 31,

 

​

    

2024

    

2023

    

2022

 

Federal statutory tax rate

 

21.0

%  

(21.0)

%  

(21.0)

%

State, net of federal benefit

​

1.5

%  

0.1

%  

0.0

%

Valuation allowance

 

(30.3)

%  

13.9

%  

20.2

%

Stock compensation

​

6.4

%  

5.3

%  

2.5

%

Orphan drug and research and development credits

​

3.1

%  

0.2

%  

(2.6)

%

Foreign tax

​

3.2

%  

—

%

—

%

Other, net

 

(0.1)

%  

1.5

%  

1.0

%

Effective tax rate

 

4.8

%  

0.0

%  

0.1

%

Schedule of activity related to gross unrecognized tax benefits

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

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​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

 

​

    

2024

    

2023

    

2022

 

Balance at the beginning of the year

​

$

8,672

​

$

9,426

​

$

9,186

​

Decrease related to prior year tax positions

​

 

—

​

 

(843)

​

 

—

​

Increase related to current year tax positions

​

 

108

​

 

89

​

 

240

​

Balance at the end of the year

​

$

8,780

​

$

8,672

​

$

9,426

​