Income Taxes (Tables)
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12 Months Ended |
Dec. 31, 2022 |
Income Tax Disclosure [Abstract] |
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Schedule of Loss before Income Taxes |
Loss before income taxes were as follows (in thousands): | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2022 | | 2021 | | 2020 | Domestic | $ | (138,883) | | | $ | (94,693) | | | $ | (74,882) | | Foreign | 2,640 | | | (475) | | | (225) | | Loss before income taxes | $ | (136,243) | | | $ | (95,168) | | | $ | (75,107) | |
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Schedule of Provision for Income Taxes |
Provision for income taxes was as follows (in thousands): | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2022 | | 2021 | | 2020 | Current: | | | | | | Federal | $ | — | | | $ | — | | | $ | — | | State | 343 | | | 146 | | | 11 | | Foreign | 1,560 | | | 11 | | | 116 | | Total current provision for income taxes | 1,903 | | | 157 | | | 127 | | Deferred: | | | | | | Federal | — | | | — | | | — | | State | — | | | — | | | — | | Foreign | (230) | | | — | | | — | | Total deferred provision for income taxes | (230) | | | — | | | — | | Total provision for income taxes | $ | 1,673 | | | $ | 157 | | | $ | 127 | |
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Schedule of Effective Tax Rate |
Income tax expense (benefit) differed from the amount computed by applying the federal statutory income tax rate to pretax loss as a result of the following: | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2022 | | 2021 | | 2020 | Statutory rate | (21.0) | % | | (21.0) | % | | (21.0) | % | State tax | 0.2 | | | 0.2 | | | (2.5) | | Permanent items | 0.9 | | | 0.7 | | | 0.4 | | Transaction costs | — | | | (4.8) | | | — | | Stock-based compensation | 5.3 | | | 6.6 | | | 4.3 | | R&D credit | (3.2) | | | (4.2) | | | (4.2) | | Other | 0.5 | | | — | | | 0.1 | | Changes in valuation allowance | 18.5 | | | 22.8 | | | 22.9 | | Foreign rate differential | — | | | (0.1) | | | 0.2 | | Effective tax rate | 1.2 | % | | 0.2 | % | | 0.2 | % |
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Schedule of Deferred Taxes |
Tax effects of significant items comprising the Company’s deferred taxes were as follows (in thousands): | | | | | | | | | | | | | As of December 31, | | 2022 | | 2021 | Deferred tax assets: | | | | Net operating loss | $ | 95,567 | | | $ | 96,423 | | Credit carryforwards | 18,564 | | | 14,162 | | Stock-based compensation | 8,071 | | | 5,924 | | Lease liability | 14,945 | | | 16,691 | | Reserves, accruals and other | 1,948 | | | 1,774 | | Capitalized R&D | 22,944 | | | — | | Other | 1,252 | | | 331 | | Total deferred tax assets | 163,291 | | | 135,305 | | Valuation allowance | (150,294) | | | (120,873) | | Total deferred tax assets, net | 12,997 | | | 14,432 | | Deferred tax liabilities: | | | | ROU asset basis | (12,752) | | | (14,432) | | Total deferred tax liabilities | (12,752) | | | (14,432) | | Net deferred tax assets | $ | 245 | | | $ | — | |
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Schedule of Unrecognized Tax Benefits |
A reconciliation of the beginning and ending balances of unrecognized tax benefit were as follows (in thousands): | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2022 | | 2021 | | 2020 | Gross unrecognized tax benefits - beginning of year | $ | 13,902 | | | $ | 10,143 | | | $ | 6,971 | | Increases related to current year tax positions | 4,662 | | | 3,759 | | | 3,129 | | Increases related to prior year tax positions | — | | | — | | | 43 | | Gross unrecognized tax benefits - end of year | $ | 18,564 | | | $ | 13,902 | | | $ | 10,143 | |
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