XML 40 R30.htm IDEA: XBRL DOCUMENT v3.23.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of Domestic and Foreign Components of Loss Before Provision for Income Tax

The domestic and foreign components of loss before provision for income tax are as follows (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

Domestic

 

$

(39,650

)

 

$

(115,088

)

 

$

(90,137

)

Foreign

 

 

 

 

 

 

 

 

 

Total

 

$

(39,650

)

 

$

(115,088

)

 

$

(90,137

)

Schedule of Effective Tax Rate For Provision of Income Tax Differs to Federal Statutory Rate

The effective tax rate of the provision for income taxes differs from the federal statutory rate as follows:

 

 

Year Ended December, 31

 

 

2022

 

 

2021

 

 

2020

 

Federal statutory income tax rate

 

21.0

%

 

 

21.0

%

 

 

21.0

%

State income taxes, net of federal benefit

 

 

 

 

 

 

 

 

Federal and state tax credits, net of reserves

 

3.3

 

 

 

1.8

 

 

 

2.7

 

Stock-based compensation

 

(1.1

)

 

 

(0.6

)

 

 

(0.7

)

Change in fair value of warrants

 

1.3

 

 

 

 

 

 

 

Other permanent differences

 

(1.3

)

 

 

(0.3

)

 

 

(0.1

)

Change in valuation allowance

 

(23.2

)

 

 

(21.9

)

 

 

(22.9

)

 

 

0

%

 

 

0

%

 

 

0

%

Schedule of Components of Deferred Tax Assets and Liability

The components of the deferred tax assets and liability are as follows (in thousands):

 

 

Year Ended December 31,

 

 

2022

 

 

2021

 

Deferred tax assets:

 

 

 

 

 

Net operating loss carryforwards

$

89,381

 

 

$

85,417

 

Tax credits, net of reserves

 

15,266

 

 

 

13,965

 

Accrued liabilities

 

304

 

 

 

678

 

Stock-based compensation

 

4,562

 

 

 

4,904

 

Operating lease liability

 

350

 

 

 

638

 

Fixed and intangible assets

 

10,217

 

 

 

10,765

 

Capitalized research & development expenses

 

5,135

 

 

 

 

     Gross deferred tax assets

 

125,215

 

 

 

116,367

 

Valuation allowance

 

(124,932

)

 

 

(115,847

)

Total deferred tax assets

 

283

 

 

 

520

 

Deferred tax liability:

 

 

 

 

 

Operating lease right-of-use asset

 

(283

)

 

 

(520

)

Total deferred tax liability

 

(283

)

 

 

(520

)

Net deferred tax assets (liability)

$

 

 

$

 

 

 

 

 

 

 

Schedule of Companies Unrecognized Tax Benefits

As of December 31, 2022, the Company’s total unrecognized tax benefit was $9.1 million, of which none of the tax benefit, if recognized, would affect the effective income tax rate due to the valuation allowance that currently offsets deferred tax assets. A reconciliation of the Company’s unrecognized tax benefits for the years ended December 31, 2022, 2021, and 2020 is as follows (in thousands):

 

 

Year Ended December 31,

 

 

2022

 

 

2021

 

 

2020

 

Balance at beginning of year

$

8,401

 

 

$

7,272

 

 

$

5,993

 

Decreases related to prior year tax positions

 

(5

)

 

 

 

 

 

(24

)

Additions based on tax positions related to current year

 

707

 

 

 

1,129

 

 

 

1,303

 

Balance at end of year

$

9,103

 

 

$

8,401

 

 

$

7,272