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Income taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of components of income before income taxes

The components of income before income taxes were as follows:

		Year ended December 31,
(in thousands)		2021				2020				2019
United States		$	(106,467	)		$	(16,269	)		$	(13,534	)
Foreign			47				262				—
Total loss before income taxes		$	(106,420	)		$	(16,007	)		$	(13,534	)

Schedule of provisions (benefits) for income taxes

The provisions (benefits) for income taxes and the reasons for the differences between the provisions (benefits) for income taxes and income tax provisions (benefits) using the U.S. federal income tax rate were as follows:

		Year ended December 31,
(in thousands)		2021				2020				2019
Current -
Federal		$	—			$	(159	)		$	—
State			196				1				(36	)
Foreign			(27	)			78				—
			169				(80	)			(36	)
Deferred -
Federal			—				(3	)			(3	)
State			—				—				—
			—				(3	)			(3	)
Provision (benefit) for income taxes		$	169			$	(83	)		$	(39	)
Federal income tax provision (benefit) at statutory rate		$	(22,348	)		$	(3,362	)		$	(2,842	)
State taxes, net of federal			(1,744	)			(215	)			(551	)
Research and experimentation tax credit			(342	)			(179	)			(118	)
Change in valuation allowance			28,361				3,523				3,184
Stock compensation			(6,863	)			406				225
Dividends received deduction			—				(308	)			—
Section 162m limitation on executive compensation			2,467				—				—
Permanent differences and other			638				52				63
Provision (benefit) for income taxes		$	169			$	(83	)		$	(39	)

Schedule of components of deferred tax assets and liabilities

The components of deferred tax assets and liabilities were as follows:

(in thousands)		December 31, 2021				December 31, 2020
Deferred tax assets:
Fixed assets and intangibles		$	17			$	135
Leases			378				106
Accrued expenses			2,741				2,066
Net operating loss carryforward			31,868				6,679
Stock options			5,508				—
Investment difference			—				148
R&D credit carryforward			616				325
Other			402				—
Subtotal			41,530				9,459
Less: valuation allowance			(40,760	)			(9,297	)
Total deferred tax assets			770				162
Deferred tax liabilities:
Leases			(370	)			(101	)
Prepaid expenses			(400	)			(61	)
Total deferred tax liability			(770	)			(162	)
Net deferred tax asset (liability)		$	—			$	—

Schedule of changes in our accruals for unrecognized tax benefits

We account for uncertainty in taxes in accordance with authoritative guidance. Changes in our accruals for unrecognized tax benefits were as follows:

		Year ended December 31,
(in thousands)		2021				2020
Balance at beginning of period		$	81			$	45
Increase for tax positions related to the current year			636				36
Decrease for tax positions related to prior years			—				—
Balance at end of period		$	717			$	81

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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 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.

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

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Tabular disclosure of the change in unrecognized tax benefits.

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