INCOME TAXES

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

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

	Six Months Ended June 30,
	2022		2021
Country:
United States	$	(55,939)	$	(21,210)
Canada	19,297		(59,456)
Total Loss before Income Taxes	$	(36,642)	$	(80,666)

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

	Six Months Ended June 30,
	2022		2021
Current tax benefit (provision)
Foreign	$	3,875	$	(288)
Total current benefit (provision)	$	3,875	$	(288)

The Company's deferred tax liability is comprised of the following:

	June 30, 2022		December 31, 2021
Deferred tax liabilities
IPR&D	$	—	$	3,969
Total deferred tax liabilities	$	—	$	3,969

For the six months ended June 30, 2022, the Company recorded a benefit from income taxes of $3.9 million. In the second quarter of 2022, the Company determined that the fair value of the Vicineum EU rights was zero, which resulted in an impairment charge of $14.7 million. In connection with this impairment charge, the Company reversed the associated deferred tax liability by $4.0 million as an income tax benefit, partially offset by $0.1 million income tax paid to foreign jurisdictions pursuant to the exclusive license agreement with Qilu Pharmaceutical Co., Ltd. (“Qilu”) (the “Qilu License Agreement”). Please refer to Note 8, "Intangible Assets and Goodwill," for further information regarding the impairment charge. For the six months ended June 30, 2021, the Company recorded a provision for income taxes of $0.3 million. This provision consisted of income taxes paid to foreign jurisdictions pursuant to the Qilu License Agreement.