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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule of income tax expense | For the year ended December 31, 2022, income tax expense totaled $20.9 million, and consisted of the following:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020 |  |  |  |
Current: |  |  |  |  |  |  |  |  |
U.S.: |  |  |  |  |  |  |  |  |
Federal | $ | 8.2 |  |  | $ | — |  |  | $ | — |  |  |  |  |
State and local | 12.7 |  |  | — |  |  | — |  |  |  |  |
Total current | 20.9 |  |  | — |  |  | — |  |  |  |  |
Deferred: |  |  |  |  |  |  |  |  |
U.S.: |  |  |  |  |  |  |  |  |
Federal | — |  |  | — |  |  | — |  |  |  |  |
State and local | — |  |  | — |  |  | — |  |  |  |  |
Total deferred | — |  |  | — |  |  | — |  |  |  |  |
Income tax expense | $ | 20.9 |  |  | $ | — |  |  | $ | — |  |  |  |  |
Reconciliation of the U.S. federal statutory income tax rate to effective income tax rate | A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate for the years ended December 31, 2022, 2021 and 2020 were as follows:
| Year ended December 31,
| 2022 |  | 2021 |  | 2020
Federal statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Return to provision | 3.6 | % |  | 1.1 | % |  | — | %
Federal research tax credit | 3.4 | % |  | 2.7 | % |  | 4.1 | %
Other | (0.1 | %) |  | — | % |  | — | %
Uncertain tax positions | (1.2 | %) |  | — | % |  | — | %
Stock compensation | (1.4) | % |  | (2.7) | % |  | (1.7) | %
State taxes | (1.6) | % |  | 16.3 | % |  | (0.1) | %
Change in valuation allowance | (31.7) | % |  | (38.4) | % |  | (23.3) | %
| (8.0 | %) |  | 0.0 | % |  | 0.0 | %
Summary of deferred income tax benefits and liabilities | Temporary differences and carryforwards that give rise to a significant portion of the deferred income tax benefits and liabilities were as follows as of December 31, 2022 and 2021:
| December 31,
(dollars in millions) | 2022 |  | 2021
Deferred income tax assets: |  |  |
Deferred revenue | $ | 143.0 |  |  | $ | 10.0 |
Capitalized research and development | 56.3 |  |  | — |
Stock compensation | 25.9 |  |  | 15.4 |
Tax credits | 10.4 |  |  | 18.8 |
Loss carryforwards | 3.8 |  |  | 97.0 |
Other | 7.7 |  |  | 3.3 |
Total deferred income tax assets | 247.1 |  |  | 144.5 |
Deferred income tax liabilities: |  |  |
Property, equipment and leasehold improvements | (2.6) |  |  | (3.6) |
Other | (1.0) |  |  | (1.4) |
Total deferred income tax liabilities | (3.6) |  |  | (5.0) |
Less valuation allowance | (243.5) |  |  | (139.5) |
Net deferred income tax liability | $ | — |  |  | $ | — |
Summary of unrecognized tax benefits | Changes in the Company's gross unrecognized tax benefits were as follows:
| Year ended December 31,
(dollars in millions) | 2022 |  | 2021 |  | 2020
Beginning of period balance - gross | $ | — |  |  | $ | — |  |  | $ | — |
Increases for tax positions taken during the current period | 4.1 |  |  | — |  |  | — |
Decreases for tax positions taken during a prior period | — |  |  | — |  |  | — |
End of period balance - gross | $ | 4.1 |  |  | $ | — |  |  | $ | — |

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