INCOME TAXES

9 Months Ended

Sep. 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):

	Nine Months Ended September 30,
	2022		2021
Country:
United States	$	(32,083)	$	(38,864)
Canada	15,898		21,311
Total loss before income taxes	$	(16,185)	$	(17,553)

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

	Nine Months Ended September 30,
	2022		2021
Current tax benefit (provision)
Federal	$	—	$	8,559
State	—		—
Foreign	3,875		(286)
Total current benefit	$	3,875	$	8,273

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

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

For the nine months ended September 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 Qilu License Agreement.

During the nine months ended September 30, 2021, the Company recorded a benefit from income taxes of $8.3 million. In the third quarter of 2021, the Company determined that the fair value of the Vicineum US rights was zero, which resulted in an impairment charge of $31.7 million. In connection with this impairment charge, in the third quarter of 2021, the Company wrote-down the associated deferred tax liability by $8.6 million as a benefit.