Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of net losses before income taxes and loss on equity method investment by domestic and foreign operations

The amount of net loss before income taxes and loss on equity method investment for the years ended December 31, 2021, 2020 and 2019 is as follows (in thousands):

	Year ended December 31,
	2021		2020		2019
U.S. net loss before income taxes	$	(171,053)	$	(112,827)	$	(46,363)
Foreign net income (loss) before income taxes	4,663		(5,277)		—
Net loss before income taxes and loss on equity method investment	$	(166,390)	$	(118,104)	$	(46,363)

Schedule of components of income tax provision (benefit) for federal and state income taxes

The following table presents the current and deferred income tax provision (benefit) for federal, state and foreign income taxes (in thousands):

	Year ended December 31,
	2021		2020		2019
Current tax provision:
Federal	$	—	$	—	$	—
State	11		16		$	15
Foreign	550		410		$	—
Total current tax provision	561		426		$	15
Deferred tax provision:
Federal	(120)		—		—
State	(736)		—		—
Foreign	(2)		18		—
Total deferred tax provision	(858)		18		—
Total provision for income taxes:	$	(297)	$	444	$	15

Schedule of effective income tax rate reconciliation

The following table is a reconciliation of the expected tax computed at the U.S. statutory federal income tax rate to the total provision for income taxes (in thousands):

	Year ended December 31,
	2021				2020				2019
Expected tax at 21%	$	(34,941)	21.0	%	$	(24,802)	21.0	%	$	(9,730)	21.0	%
State income tax, net of federal tax	(931)		0.6	%	273		(0.3)	%	(3,167)		6.8	%
Limited liability company loss	—		—	%	—		—	%	4		—	%
Non-deductible expenses	—		—	%	—		—	%	164		(0.3)	%
Research credits	(6,938)		4.2	%	(4,025)		3.4	%	(1,424)		3.1	%
Share-based compensation	(3,307)		2.0	%	(1,718)		1.5	%	—		—	%
Other	939		(0.6)	%	146		(0.1)	%	(2)		—	%
Section 162(m) limitations	3,982		(2.4)	%	2,956		(2.5)	%	—		—	%
Change in valuation allowance	40,899		(24.6)	%	27,614		(23.4)	%	14,170		(30.6)	%
Provision for income taxes	$	(297)	0.2	%	$	444	(0.4)	%	$	15	0.0	%

Schedule of deferred tax assets and liabilities

Significant components of our net deferred tax asset or liability are as follows (in thousands):

	December 31,
	2021		2020
Deferred tax assets
Net operating loss	$	82,117	$	45,730
Compensation	1,553		892
Share-based compensation	4,123		1,691
ASC 842 lease liability	9,740		425
Intangibles	2,004		—
Accrued liabilities	675		632
Research credits	14,466		7,528
Total gross deferred tax assets	114,678		56,898
Valuation allowance	(97,160)		(56,261)
Net deferred tax assets	17,518		637
Deferred tax liabilities
Depreciable assets	(1,699)		(145)
ASC 842 right of use asset	(9,481)		(502)
In-process research and development	—		(2,463)
Equity method investment	(7,954)		—
Other	(6)		(7)
Deferred tax liabilities	(19,140)		(3,117)
Net deferred tax liabilities	$	(1,622)	$	(2,480)

Schedule of unrecognized tax benefits roll forward

The following table summarized the activity related to our unrecognized tax benefits (in thousands):

	December 31,
	2021		2020		2019
Gross unrecognized tax benefits at the beginning of the year	$	1,932	$	1,124	$	741
Increase related to current year tax positions	969		661		383
Increase related to prior year tax positions	—		197		—
Decrease related to prior year tax positions	(66)		(50)		—
Gross unrecognized tax benefits at end of the year	$	2,835	$	1,932	$	1,124