Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.4
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):
Year Ended December 31,
2022 2021 2020
United States $ (249,550) $ (184,183) $ (114,010)
International (8,401) (6,678) (123)
Loss before income taxes $ (257,951) $ (190,861) $ (114,133)
Schedule of Provision For Income Taxes
The provision for income taxes is as follows (in thousands):
Year Ended December 31,
2022 2021 2020
Current
Federal $ —  $ —  $ — 
State 24 
Foreign 85 
Total current provision 92  31 
Deferred
Federal —  (7,917) — 
State —  (2,627) — 
Total deferred benefit —  (10,544) — 
Total provision (benefit) $ 92  $ (10,537) $ 31 
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:
Year Ended December 31,
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  %
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):
December 31,
2022 2021 2020
Deferred tax assets:
Net operating loss carryforwards $ 161,239  $ 124,591  $ 72,785 
Research and development credits 36,886  22,995  13,499 
Accruals and reserves 148  518  493 
Property and equipment 4,260  1,362  811 
Stock-based compensation 14,416  4,651  649 
Goodwill 4,920  3,819  — 
Intangibles 900  355  — 
Lease Liability 600  —  — 
Capitalized R&D 42,676  —  — 
Total deferred tax assets 266,045  158,291  88,237 
Valuation allowance (249,382) (141,618) (88,237)
Net deferred tax assets 16,663  16,673  — 
Deferred tax liabilities
Contractual agreement (16,663) (16,673) — 
Total deferred tax liabilities (16,663) (16,673) — 
Net deferred tax assets $ —  $ —  $ — 
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):
Year Ended December 31,
2022 2021 2020
Unrecognized tax benefits, beginning of the year $ 8,518  $ 4,995  $ 2,872 
Increases related to prior year tax positions 219  3,523  — 
Decreases related to prior year tax positions —  —  — 
Increases related to current year tax positions 5,834  —  2,123 
Unrecognized tax benefits, end of year $ 14,571  $ 8,518  $ 4,995