XML 46 R32.htm IDEA: XBRL DOCUMENT v3.22.4

Income Taxes (Tables)

12 Months Ended

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

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

+ Details

Name:	us-gaap_SummaryOfValuationAllowanceTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration