Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Current Provision for Income Taxes

Current provision for income taxes consists of the following:

	Year Ended December 31,
	2022		2021		2020
	(in thousands)
State	$	-	$	-	$	103
Foreign		2,500		-		-
Total current provision for income taxes	$	2,500	$	-	$	103

Schedule of Effective Tax Rate of Provision (Benefit) for Income Taxes

The effective tax rate of the Company’s provision (benefit) for income taxes differs from the federal statutory rate as follows:

	Year Ended December 31,
	2022			2021			2020
Federal statutory rate		21.0	%		21.0	%		21.0	%
State tax		-			-			(0.1	)
Change in valuation allowance		(26.2	)		(24.7	)		(34.7	)
Tax credits		5.1			3.7			9.3
Stock compensation		(3.2	)		(0.2	)		(1.9	)
Foreign withholding		(2.1	)		-			-
Other		3.3			0.2			6.1
Total		(2.1	)%		0	%		(0.3	)%

Schedule of Components of Deferred Tax Assets

The components of the Company’s deferred tax assets consist of the following:

	December 31
	2022			2021
	(in thousands)
Deferred tax assets:
Net operating loss carryforwards	$	60,952		$	67,719
Research and development credits		40,396			31,864
Capatalized research and development expenditure		24,481			-
Accruals and other		3,849			3,973
Operating lease liability		7,471			7,266
Stock based compensation		4,562			3,910
Fixed asset basis		663			1,008
Total deferred tax assets		142,374			115,740
Less: valuation allowance		(131,228	)		(100,646	)
Gross deferred tax assets		11,146			15,094
Deferred tax liabilities:
Operating lease right-of-use asset		(5,783	)		(6,716	)
Vaxcyte investment		(5,363	)		(8,378	)
Total deferred tax liabilities		(11,146	)		(15,094	)
Total net deferred tax assets	$	-		$	-

Schedule of Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:

	December 31
	2022			2021		2020
	(in thousands)
Gross unrecognized tax benefit at January 1	$	6,409		$	4,902	$	3,783
Additions for tax positions taken in the current year		2,255			1,492		1,090
Additions / (Reductions) for tax positions of prior years		(15	)		15		29
Gross unrecognized tax benefit at December 31	$	8,649		$	6,409	$	4,902