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)

%