Income taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income taxes

Schedule of components of net loss before tax provision from income taxes

The components of net loss before income tax provision are as follows (in thousands):

	Year Ended
	December 31,
	2023		2022		2021
United Kingdom	$	(182,980)	$	(116,275)	$	(69,546)
United States		3,773		2,034		1,064
Total	$	(179,207)	$	(114,241)	$	(68,482)

Schedule of components of the benefit for income taxes

The components of the provision for (benefit from) income taxes are as follows (in thousands):

	Year Ended
	December 31,
	2023		2022		2021
Current income tax (benefit) provision
Federal	$	(1,180)	$	2,048	$	(2)
State		(669)		1,404		7
Total current income tax (benefit) provision		(1,849)		3,452		5
Deferred income tax provision (benefit)
Federal		2,513		(4,111)		(1,236)
State		793		(865)		(432)
Total deferred income tax provision (benefit)		3,306		(4,976)		(1,668)
Total provision for (benefit from) income taxes	$	1,457	$	(1,524)	$	(1,663)

Schedule of reconciliation of the provision (benefit) for income taxes

	Year Ended
	December 31,
	2023		2022		2021
Provision for (benefit from) income taxes at statutory rate	23.5	%	19.0	%	19.0	%
(Decreases) increases resulting from:
Federal tax credits	0.3	%	0.3	%	0.6	%
Change in valuation allowance	(14.8)	%	(16.8)	%	(27.0)	%
Net losses surrendered for research credit	(11.1)	%	(6.5)	%	(5.9)	%
Impact of statutory rate change	2.7	%	11.3	%	12.1	%
Impact of foreign exchange rates	(0.1)	%	(9.9)	%	—	%
Other	(1.3)	%	3.9	%	3.6	%
Effective income tax rate	(0.8)	%	1.3	%	2.4	%

Schedule of significant components of the Company's current and deferred tax assets

Significant components of the Company’s current and deferred tax assets are as follows (in thousands):

	December 31,
	2023		2022
Deferred tax assets:
Operating loss carryforwards	$	66,555	$	45,452
Operating lease liability		3,680		3,566
Share-based compensation		15,577		9,842
Capitalized research and development expenses		—		5,168
Accrued expenses and other		2,742		2,318
Total deferred tax assets		88,554		66,346
Deferred tax liabilities:
Operating lease right-of-use asset		(3,389)		(3,474)
Depreciation & amortization		—		(933)
Total deferred tax liabilities		(3,389)		(4,407)
Valuation allowance		(80,274)		(53,743)
Net deferred tax assets	$	4,891	$	8,196