INCOME TAXES

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

The consolidated effective tax rate was zero for the three and six months ended June 30, 2022 and 2021. The difference between these rates and the U.S. federal income tax rate of 21% was primarily due to a full valuation allowance on our U.S. deferred tax assets.

As of June 30, 2022 and December 31, 2021, we did not have any unrecognized tax benefits for uncertain tax positions and had no interest or penalties related to uncertain tax positions.

We performed an estimated ownership change analysis as of June 30, 2022 and determined that we have experienced an ownership change under Section 382 of the Internal Revenue Code. Accordingly, use of a portion of our net operating losses and tax credit carryforwards are subject to an annual limitation under Section 382. We do not expect to lose any deferred tax assets related to our net operating losses as a result of these limitations.