Income Taxes (Tables)
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12 Months Ended |
Dec. 31, 2022 |
Income Tax Disclosure [Abstract] |
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Income (Loss) Before Provision for Income Taxes by Country |
Income (loss) before provision for income taxes by country for each of the fiscal periods presented is summarized as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | | 2022 | | 2021 | | 2020 | | Ireland | | $ | (119,571) | | | $ | 65,456 | | | $ | (116,981) | | | Switzerland | | — | | | — | | | 8 | | | U.S. | | (6,034) | | | 6,465 | | | 5,546 | | | Income (loss) before provision for income taxes | | $ | (125,605) | | | $ | 71,921 | | | $ | (111,427) | | | | | | | | | | |
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Components of the Provision for Income Taxes |
Components of the provision for income taxes for each of the fiscal periods presented consisted of the following (in thousands): | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | | 2022 | | 2021 | | 2020 | Current: | | | | | | | U.S. Federal | | $ | 2,422 | | | $ | 356 | | | $ | 1,402 | | U.S. State | | 55 | | | 16 | | | 2 | | Switzerland | | — | | | — | | | 1 | | Ireland | | — | | | — | | | — | | Total current provision | | $ | 2,477 | | | $ | 372 | | | $ | 1,405 | | Deferred: | | | | | | | U.S. Federal | | $ | (11,039) | | | $ | 4,581 | | | $ | (1,688) | | U.S. State | | (94) | | | (7) | | | — | | Switzerland | | — | | | — | | | — | | Ireland | | — | | | — | | | — | | Total deferred benefit | | $ | (11,133) | | | $ | 4,574 | | | $ | (1,688) | | Provision for (benefit from) income taxes | | $ | (8,656) | | | $ | 4,946 | | | $ | (283) | |
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Reconciliation Between Income Taxes Computed at the Standard Irish Statutory Tax Rate and the Provision for income Taxes |
Following is a reconciliation between income taxes computed at the Irish statutory tax rate and the provision for income taxes for each of the fiscal periods presented (in thousands): | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | | 2022 | | 2021 | | 2020 | Taxes at the Irish statutory tax rate of 12.5% | | $ | (15,700) | | | $ | 8,990 | | | $ | (13,928) | | Income tax at rates other than applicable statutory rate | | (2,338) | | | (398) | | | (3,402) | | Change in valuation allowance | | 22,681 | | | 4,108 | | | 16,266 | | Share-based payments | | 518 | | | 5,173 | | | 3,409 | | Tax credits | | (8,949) | | | (5,355) | | | (2,786) | | Income not subject to tax | | (5,000) | | | (7,587) | | | — | | Other | | 132 | | | 15 | | | 158 | | Provision for (benefit from) income taxes | | $ | (8,656) | | | $ | 4,946 | | | $ | (283) | |
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Significant Components of Net Deferred Tax Assets |
Significant components of the Company’s net deferred tax assets as of December 31, 2022, and 2021 are as follows (in thousands): | | | | | | | | | | | | | | | | | December 31, | | | 2022 | | 2021 | Deferred tax assets: | | | | | Net operating loss carryforwards | | $ | 136,487 | | | $ | 115,424 | | Tax credits | | 23,193 | | | 17,552 | | Lease liability | | 1,398 | | | 2,670 | | Accruals and other | | 1,587 | | | 1,017 | | Capitalized R&D | | 10,544 | | | — | | Share-based compensation | | 7,628 | | | 7,114 | | Gross deferred tax assets | | 180,837 | | | 143,777 | | Valuation allowance | | (161,098) | | | (133,845) | | Net deferred tax assets | | 19,739 | | | 9,932 | | Deferred tax liability: | | | | | Operating lease right-of-use assets | | (1,355) | | | (2,626) | | Fixed Assets | | (180) | | | (235) | | Net deferred tax assets | | $ | 18,204 | | | $ | 7,071 | |
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Summary of Income Tax Contingencies |
A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows (in thousands): | | | | | | | | | | | | | 2022 | | 2021 | Gross Unrecognized Tax Benefits at January 1 | $ | 8,329 | | | $ | 7,252 | | Additions for tax positions taken in the current year | 2,243 | | | 1,342 | | Additions for tax positions taken in the prior year | 992 | | | — | | Reductions for tax positions taken in the prior year | — | | | (265) | | Gross Unrecognized Tax Benefits at December 31 | $ | 11,564 | | | $ | 8,329 | |
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