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

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):

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