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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Component of Consolidated (Loss) Income Before Provision for Income Taxes

Consolidated income (loss) before provision for income taxes consisted of the following (in thousands):

		Year Ended December 31,
		2022				2021				2020
U.S.		$	292,460			$	75,954			$	(76,324	)
Non U.S.			1,839				1,567				1,084
Total		$	294,299			$	77,521			$	(75,240	)

Components of Income Tax Provision

The components of the consolidated income tax provision for the years ended December 31, 2022 and December 31, 2021 were as follows (in thousands):

		Year Ended December 31, 2022				Year Ended December 31, 2021
Current
Federal		$	(165	)		$	345
State			897				260
Non-US			411				203
Total current tax expense			1,143				808
Deferred
Federal			-				-
State			-				-
Non-US			-				-
Total deferred tax expense			-				-
Total income tax expense		$	1,143			$	808

Difference Between Consolidated Income Tax Benefit and Amount Computed by Federal Statutory Income Tax Rate

The difference between the consolidated income tax provision and the amount computed by applying the federal statutory income tax rate to the consolidated income before income taxes in the years ended December 31, 2022, December 31, 2021 and December 31, 2020 were as follows (in thousands):

		Year Ended December 31,
		2022				2021				2020
Income tax provision (benefit) at federal statutory rate		$	61,775			$	16,397			$	(15,756	)
State tax			(2,942	)			3,576				(3,194	)
Business credits			(3,246	)			(982	)			(773	)
Uncertain tax positions			586				424				193
Deferred compensation charges			(473	)			131				809
Change in valuation allowance			(324	)			(86,847	)			19,009
Section 162(m) limitation			1,779				1,241				473
Mark-to-market of warrants			(378	)			10,364				(866	)
Net operating loss and tax credit limitation			(56,908	)			56,459				-
Other			1,274				45				105
Total income tax expense		$	1,143			$	808			$	-

Component of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities consisted of the following (in thousands):

		December 31,
		2022				2021
Deferred tax assets:
Net operating loss carryforwards		$	113,228			$	155,503
Research credit carryforwards			33,444				12,870
Section 174 capitalization			15,308				-
Lease liability			9,530				8,515
Stock compensation			7,780				5,798
Accruals and reserves			9,089				5,792
Other			337				212
Total deferred tax assets			188,716				188,690
Less valuation allowance			(178,920	)			(179,253	)
Net deferred tax assets			9,796				9,437
Deferred tax liabilities:
Fixed assets			(2,916	)			(3,283	)
Operating lease right-of-use assets			(6,785	)			(6,124	)
Other			(95	)			(30	)
Total deferred tax liabilities			(9,796	)			(9,437	)
Net deferred tax assets		$	-			$	-

Schedule of Unrecognized Tax Benefits

The following table summarizes the activity related to our unrecognized tax benefits:

		Year Ended December 31,
		2022				2021
Balance at beginning of year		$	(5,615	)		$	(10,565	)
Tax positions related to the current year
Additions			(670	)			(308	)
Reductions			-				-
Tax positions related to the prior year
Additions			(5,054	)			-
Reductions			-				5,258
Settlements			-				-
Lapses in statute			-				-
Balance at end of year		$	(11,339	)		$	(5,615	)

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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.

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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.

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