INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Components of Pre-tax Income (Loss)

The following table sets forth the components of the Company's loss before income taxes by country (in thousands):

	Year Ended December 31,
	2021		2020		2019
Country
United States	$	(32,757)	$	(35,529)	$	(27,468)
Canada	24,148		14,577		(80,032)
Total Loss Before Income Taxes	$	(8,609)	$	(20,952)	$	(107,500)

Components of Income Tax Benefit (Provision)

The Company's tax benefit (provision) is comprised of the following components (in thousands):

	Year Ended December 31,
	2021		2020		2019
Current Tax Provision
Federal	$	—	$	—	$	—
State	—		—		—
Foreign	(286)		(1,445)		—
Total current (provision)	$	(286)	$	(1,445)	$	—
Deferred tax provision
Federal	$	—	$	—	$	—
State	—		—		—
Foreign	8,559		—		—
Total deferred benefit (provision)	$	8,559	$	—	$	—
Total Tax Benefit (Provision)	$	8,273	$	(1,445)	$	—

Reconciliation of Expected Income Tax Expense

The following table sets forth a reconciliation of the statutory United States federal income tax rate to the Company’s effective income tax rate:

	Year ended December 31,
	2021		2020		2019
United States federal statutory income tax rate	21.0	%	21.0	%	21.0	%
Impact of foreign rate differential	(15.9)		(4.2)		4.4
State taxes, net of federal benefit	2.3		2.0		0.6
Stock option cancellations	(1.1)		(0.2)		—
Contingent consideration	178.2		14.4		(18.0)
General business credits and other credits	2.4		6.6		0.4
Permanent differences	(1.4)		0.2		—
Other	(13.8)		(2.1)		(0.5)
Foreign taxes	(3.3)		(6.9)		—
Change in valuation allowance	(72.3)		(37.7)		(7.9)
Effective Income Tax Rate	96.1	%	(6.9)	%	—	%

Components of Deferred Tax Assets and Liabilities

The following table sets forth the tax effects of temporary differences that gave rise to significant portions of the Company's deferred tax assets and liabilities (in thousands):

	December 31,
	2021		2020		2019
Deferred tax assets:
NOL carryforwards	$	63,381	$	57,935	$	50,727
R&D credit carryforwards	4,316		3,787		4,385
Accruals and other	4,058		3,811		2,464
Capitalized start-up costs	53		70		91
Other	41		28		57
Gross deferred tax assets	71,849		65,631		57,724
Deferred tax liabilities:
IPR&D	(3,969)		(12,528)		(12,528)
Gross deferred tax liabilities	(3,969)		(12,528)		(12,528)
Valuation allowance	(71,849)		(65,631)		(57,724)
Net Deferred Tax Liability	$	(3,969)	$	(12,528)	$	(12,528)

Schedule of Credit Carryforwards

The following table summarizes the Company's NOL and R&D and other credit carryforwards in the United States and Canada as of December 31, 2021 (in millions):

	Amount		Expiration Beginning in	Through
United States:
Federal NOL carryforwards - indefinite	$	101.1	None	None
Federal NOL carryforwards	$	118.9	2030	2038
State NOL carryforwards	$	138.4	2030	2040
Federal R&D credit carryforwards	$	2.5	2027	2040
State R&D credit carryforwards	$	0.8	2027	2040
Canada:
Federal non-capital loss carryforwards	$	31.2	2035	2040
Federal scientific research and experimental development           expense carryforwards	$	5.1	2032	2040
Federal and provincial investment tax credit carryforwards	$	1.2	2032	2040