Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
Income Tax Disclosure [Abstract] |
|
Schedule of the Components of Loss Before Taxes |
The components of loss before taxes are as follows (in thousands):
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Year Ended December 31, |
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2022 |
|
2021 |
|
2020 |
United States |
$ |
(249,550) |
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|
$ |
(184,183) |
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|
$ |
(114,010) |
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International |
(8,401) |
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|
(6,678) |
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(123) |
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Loss before income taxes |
$ |
(257,951) |
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|
$ |
(190,861) |
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|
$ |
(114,133) |
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Schedule of Provision For Income Taxes |
The provision for income taxes is as follows (in thousands):
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Year Ended December 31, |
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2022 |
|
2021 |
|
2020 |
Current |
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Federal |
$ |
— |
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|
$ |
— |
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|
$ |
— |
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State |
7 |
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|
1 |
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|
24 |
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Foreign |
85 |
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|
6 |
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|
7 |
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Total current provision |
92 |
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|
7 |
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|
31 |
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Deferred |
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Federal |
— |
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(7,917) |
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— |
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State |
— |
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(2,627) |
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— |
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Total deferred benefit |
— |
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(10,544) |
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— |
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Total provision (benefit) |
$ |
92 |
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|
$ |
(10,537) |
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$ |
31 |
|
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Schedule of Effective Tax Rate Reconciliation |
A reconciliation of the statutory U.S. federal rate to the Company’s effective tax rate is as follows:
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Year Ended December 31, |
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2022 |
|
2021 |
|
2020 |
|
% |
|
% |
|
% |
Tax at federal statutory rate |
(21.0) |
% |
|
(21.0) |
% |
|
(21.0) |
% |
State taxes, net of federal benefit |
(9.1) |
% |
|
(7.3) |
% |
|
(6.7) |
% |
Permanent differences |
(6.3) |
% |
|
(0.1) |
% |
|
0.2 |
% |
Change in valuation allowance |
41.8 |
% |
|
27.9 |
% |
|
32.5 |
% |
Tax credits |
(5.4) |
% |
|
(5.0) |
% |
|
(5.0) |
% |
Effective income tax rate |
0.0 |
% |
|
(5.5) |
% |
|
0.0 |
% |
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Schedule of Deferred Income Tax Assets |
Significant components of the Company’s net deferred tax assets as of December 31, 2022, 2021 and 2020 (in thousands):
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December 31, |
|
2022 |
|
2021 |
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2020 |
Deferred tax assets: |
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Net operating loss carryforwards |
$ |
161,239 |
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|
$ |
124,591 |
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$ |
72,785 |
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Research and development credits |
36,886 |
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|
22,995 |
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|
13,499 |
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Accruals and reserves |
148 |
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|
518 |
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|
493 |
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Property and equipment |
4,260 |
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|
1,362 |
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|
811 |
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Stock-based compensation |
14,416 |
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|
4,651 |
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|
649 |
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Goodwill |
4,920 |
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|
3,819 |
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|
— |
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Intangibles |
900 |
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|
355 |
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— |
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Lease Liability |
600 |
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— |
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— |
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Capitalized R&D |
42,676 |
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— |
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— |
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Total deferred tax assets |
266,045 |
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|
158,291 |
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|
88,237 |
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Valuation allowance |
(249,382) |
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|
(141,618) |
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(88,237) |
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Net deferred tax assets |
16,663 |
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|
16,673 |
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— |
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Deferred tax liabilities |
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Contractual agreement |
(16,663) |
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|
(16,673) |
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|
— |
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Total deferred tax liabilities |
(16,663) |
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|
(16,673) |
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— |
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Net deferred tax assets |
$ |
— |
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$ |
— |
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$ |
— |
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Schedule of the Changes in the Gross Amount of Unrecognized Tax Benefits |
The following shows the changes in the gross amount of unrecognized tax benefits as follows (in thousands):
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Year Ended December 31, |
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2022 |
|
2021 |
|
2020 |
Unrecognized tax benefits, beginning of the year |
$ |
8,518 |
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|
$ |
4,995 |
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$ |
2,872 |
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Increases related to prior year tax positions |
219 |
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|
3,523 |
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— |
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Decreases related to prior year tax positions |
— |
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— |
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— |
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Increases related to current year tax positions |
5,834 |
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|
— |
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|
2,123 |
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Unrecognized tax benefits, end of year |
$ |
14,571 |
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$ |
8,518 |
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$ |
4,995 |
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