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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Reconciliation of the Federal Statutory Income Tax Rate and the Company's Effective Income Tax Rate

A reconciliation of the federal statutory income tax rate and the Company’s effective income tax rate is as follows:

 

 

 

Year Ended December 31,

 

 

 

2021

 

 

2020

 

 

2019

 

Federal statutory income tax rate

 

 

(21.0

)%

 

 

(21.0

)%

 

 

(21.0

)%

State income taxes

 

 

(16.6

)

 

 

(7.4

)

 

 

(8.9

)

Research and development tax credits

 

 

(8.7

)

 

 

(1.8

)

 

 

(5.1

)

Stock-based compensation

 

 

(16.8

)

 

 

(1.3

)

 

 

1.2

 

162m

 

 

0.2

 

 

 

-

 

 

 

-

 

Change in valuation allowance

 

 

62.9

 

 

 

31.5

 

 

 

33.8

 

Effective income tax rate

 

 

%

 

 

%

 

 

%

 

Summary of Company's Net Deferred Tax Assets (Liabilities)

The Company’s net deferred tax assets (liabilities) consisted of the following:

 

 

 

December 31,

 

 

 

2021

 

 

2020

 

 

 

(in thousands)

 

Deferred tax assets:

 

 

 

 

 

 

Intangibles, including acquired in-process
   research and development

 

$

1,010

 

 

$

981

 

Capitalized start-up costs

 

 

334

 

 

 

378

 

Net operating loss carryforwards

 

 

216,629

 

 

 

101,807

 

Research and development credit carryforwards

 

 

61,698

 

 

 

23,166

 

Operating lease liability

 

 

20,055

 

 

 

10,713

 

Deferred revenue

 

 

13,922

 

 

 

4,680

 

Equity-based compensation

 

 

7,774

 

 

 

8,574

 

Accruals and allowances

 

 

3,718

 

 

 

2,200

 

Prepaid rent

 

 

1,393

 

 

 

-

 

Equity investment adjustments

 

 

359

 

 

 

-

 

Gross deferred tax assets

 

 

326,892

 

 

 

152,499

 

Deferred tax asset valuation allowance

 

 

(304,781

)

 

 

(140,868

)

Total deferred tax assets

 

 

22,111

 

 

 

11,631

 

Deferred tax liabilities:

 

 

 

 

 

 

Fixed assets

 

 

(669

)

 

 

(970

)

Operating lease right-of-use assets

 

 

(21,442

)

 

 

(10,661

)

Total deferred tax liabilities

 

 

(22,111

)

 

 

(11,631

)

Net deferred tax asset (liability)

 

$

-

 

 

$

-