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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule of Income (Loss) before Income Tax, Domestic and Foreign | The components of loss before provision for income taxes were as follows:
| Years Ended December 31,
(in thousands) | 2022 |  | 2021 |  | 2020
United States | $ | (116,272) |  |  | $ | (46,241) |  |  | $ | (35,542) |
Foreign | 3,296 |  |  | 8,528 |  |  | 4,141 |
Loss before provision for income taxes | $ | (112,976) |  |  | $ | (37,713) |  |  | $ | (31,401) |
Schedule of Components of Provision for Income Taxes | The components of the provision for income taxes were as follows:
| Years Ended December 31,
(in thousands) | 2022 |  | 2021 |  | 2020
Current tax benefit (expense) |  |  |  |  |
Federal | $ | — |  |  | $ | — |  |  | $ | 2 |
State | (9) |  |  | (257) |  |  | (132) |
Foreign | (2,449) |  |  | (1,650) |  |  | (1,019) |
Total current tax expense | (2,458) |  |  | (1,907) |  |  | (1,149) |
Deferred tax benefit (expense) |  |  |  |  |
Federal | — |  |  | — |  |  | — |
State | — |  |  | — |  |  | — |
Foreign | 1,415 |  |  | 864 |  |  | (14) |
Total deferred tax benefit (expense) | 1,415 |  |  | 864 |  |  | (14) |
Provision for income taxes | $ | (1,043) |  |  | $ | (1,043) |  |  | $ | (1,163) |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation at the applicable federal statutory rate to the Company’s effective income tax rate were as follows:
| Years Ended December 31,
| 2022 |  | 2021 |  | 2020
Federal income taxes at statutory rate | 21.00 % |  | 21.00 % |  | 21.00 %
State income tax, net of federal benefit | 4.06 |  |  | 11.37 |  |  | 2.93 |
Increase in valuation allowance | (24.08) |  |  | (66.51) |  |  | (26.26) |
Stock-based compensation | 0.92 |  |  | 31.08 |  |  | — |
U.S. tax on foreign earnings | (2.03) |  |  | — |  |  | — |
Other | (0.79) |  |  | 0.29 |  |  | (1.37) |
Effective income tax rate | (0.92) % |  | (2.77) % |  | (3.70) %
Schedule of Deferred Tax Assets and Liabilities | The tax effects of the temporary differences and carryforwards that give rise to deferred tax assets were as follows:
| As of December 31,
(in thousands) | 2022 |  | 2021
Deferred tax assets |  |  |
Net operating loss carryforwards | $ | 58,798 |  |  | $ | 67,253 |
Accrued expenses | 2,270 |  |  | 2,561 |
Stock-based compensation | 13,508 |  |  | 4,272 |
Operating lease liabilities | 1,156 |  |  | 642 |
Capitalized research costs | 28,605 |  |  | — |
Other | 2,442 |  |  | 1,865 |
Gross deferred tax assets | 106,779 |  |  | 76,593 |
Deferred tax liabilities |  |  |
Fixed assets and intangible assets | (311) |  |  | (112) |
Operating lease right-of-use assets | (1,076) |  |  | (485) |
Other | (1,720) |  |  | (848) |
Gross deferred tax liabilities | (3,107) |  |  | (1,445) |
Valuation allowance | (101,446) |  |  | (74,244) |
Net deferred tax assets | $ | 2,226 |  |  | $ | 904 |
Summary of Valuation Allowance | The following represents the changes in the Company’s valuation allowance for the years ended December 31, 2022, 2021, and 2020, respectively:
| Years Ended December 31,
(in thousands) | 2022 |  | 2021 |  | 2020
Balance at the beginning of the period | $ | 74,244 |  |  | $ | 49,159 |  |  | $ | 40,913 |
Charged to net income | 27,202 |  |  | 25,085 |  |  | 8,246 |
Balance at the end of the period | $ | 101,446 |  |  | $ | 74,244 |  |  | $ | 49,159 |

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