Income Taxes (Tables)
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12 Months Ended |
Dec. 31, 2022 |
Income Tax Disclosure [Abstract] |
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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, 2022, 2021 and 2020 is as follows (in thousands): | | | | | | | | | | | | | | | | | | | Year ended December 31, | | 2022 | | 2021 | | 2020 | U.S. net loss before income taxes | $ | (237,926) | | | $ | (171,053) | | | $ | (112,827) | | Foreign net income (loss) before income taxes | 344 | | | 4,663 | | | (5,277) | | Net loss before income taxes, including loss on equity method investment | $ | (237,582) | | | $ | (166,390) | | | $ | (118,104) | |
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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, | | 2022 | | 2021 | | 2020 | Current tax provision: | | | | | | Federal | $ | — | | | $ | — | | | $ | — | | State | 11 | | | 11 | | | 16 | | Foreign | 298 | | | 550 | | | 410 | | Total current tax provision | 309 | | | 561 | | | 426 | | Deferred tax provision: | | | | | | Federal | (683) | | | (120) | | | — | | State | (41) | | | (736) | | | — | | Foreign | (54) | | | (2) | | | 18 | | Total deferred tax provision | (778) | | | (858) | | | 18 | | Total provision for income taxes: | $ | (469) | | | $ | (297) | | | $ | 444 | |
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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, | | 2022 | | 2021 | | 2020 | Expected tax at 21% | $ | (49,892) | | | 21.0 | % | | $ | (34,941) | | | 21.0 | % | | $ | (24,802) | | | 21.0 | % | State income tax, net of federal tax | (4,222) | | | 1.8 | % | | (931) | | | 0.6 | % | | 273 | | | (0.3) | % | | | | | | | | | | | | | | | | | | | | | | | | | Research credits | (12,558) | | | 5.3 | % | | (6,938) | | | 4.2 | % | | (4,025) | | | 3.4 | % | Share-based compensation | 1,245 | | | (0.5) | % | | (3,307) | | | 2.0 | % | | (1,718) | | | 1.5 | % | Other | (2,799) | | | 1.2 | % | | 939 | | | (0.6) | % | | 146 | | | (0.1) | % | Section 162(m) limitations | 3,950 | | | (1.7) | % | | 3,982 | | | (2.4) | % | | 2,956 | | | (2.5) | % | | | | | | | | | | | | | Change in valuation allowance | 63,807 | | | (26.9) | % | | 40,899 | | | (24.6) | % | | 27,614 | | | (23.4) | % | Provision for income taxes | $ | (469) | | | 0.2 | % | | $ | (297) | | | 0.2 | % | | $ | 444 | | | (0.4) | % |
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Schedule of deferred tax assets and liabilities |
Significant components of our net deferred tax asset or liability are as follows (in thousands): | | | | | | | | | | | | | December 31, | | 2022 | | 2021 | Deferred tax assets | | | | Net operating loss | $ | 95,392 | | | $ | 82,117 | | Compensation | 1,937 | | | 1,553 | | Share-based compensation | 7,735 | | | 4,123 | | ASC 842 lease liability | 9,967 | | | 9,740 | | Intangibles | 1,745 | | | 2,004 | | Capitalized research and experimental expenditures | 30,776 | | | — | | Accrued liabilities | 476 | | | 675 | | Research credits | 27,024 | | | 14,466 | | Other | 62 | | | — | | Total gross deferred tax assets | 175,114 | | | 114,678 | | Valuation allowance | (160,967) | | | (97,160) | | Net deferred tax assets | 14,147 | | | 17,518 | | Deferred tax liabilities | | | | Depreciable assets | (1,609) | | | (1,699) | | ASC 842 right of use asset | (8,924) | | | (9,481) | | | | | | Equity method investment | (4,467) | | | (7,954) | | Other | — | | | (6) | | Deferred tax liabilities | (15,000) | | | (19,140) | | Net deferred tax liabilities | $ | (853) | | | $ | (1,622) | |
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Schedule of unrecognized tax benefits roll forward |
The following table summarized the activity related to our unrecognized tax benefits (in thousands): | | | | | | | | | | | | | | | | | | | December 31, | | 2022 | | 2021 | | 2020 | Gross unrecognized tax benefits at the beginning of the year | $ | 2,835 | | | $ | 1,932 | | | $ | 1,124 | | Increase related to current year tax positions | 1,112 | | | 969 | | | 661 | | Increase related to prior year tax positions | 350 | | | — | | | 197 | | Decrease related to prior year tax positions | — | | | (66) | | | (50) | | Gross unrecognized tax benefits at end of the year | $ | 4,297 | | | $ | 2,835 | | | $ | 1,932 | |
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