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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Summary of Loss Before Provision for Income Taxes

Loss before the provision for income taxes for the years ended December 31, 2020 and 2019 consisted of the following:

		Year Ended December 31,
		2020				2019
		(in thousands)
Canada		$	(55,446	)		$	(27,355	)
Foreign		$	704			$	334
		$	(54,742	)		$	(27,021	)

Summary of Reconciliation of Provision for Income Taxes

A reconciliation between tax expense and the product of accounting income multiplied by the statutory income tax rate for years ended December 31, 2020 and 2019 is as follows:

		Year Ended December 31,
		2020				2019
		(in thousands)
Loss before income taxes		$	(54,742	)		$	(27,021	)
Income tax at statutory rate			26.5	%			26.5	%
Computed income tax recovery			(14,507	)			(7,160	)
Effect on income tax resulting from:
Federal investment tax credit			(2,347	)			(985	)
Accounting charges not deductible for tax purposes			346				277
Other			(306)				(16	)
Change in valuation allowance			15,489				8,079
Tax (benefit) expense		$	(1,325	)		$	195

Summary of Losses Expire

The Company has not recognized the tax benefit of these losses. These losses expire as follows:

		(in thousands)
2040		$	—
2039			11,395
2038			7,053
2037			750
2036			—
Total		$	19,198

Summary of Investment Tax Credits Expire

The Company has not recognized the tax benefits related to the non-refundable investment tax credits. The investment tax credits expire as follows:

		(in thousands)
2040		$	1,687
2039			1,362
2038			776
2037			455
2036			24
Total		$	4,304

Summary of Deferred Tax Assets

The Company’s deferred tax assets for the years ended December 31, 2020 and 2019 consisted of the following:

		2020				2019
		(in thousands)
Net operating loss carryforwards		$	5,087			$	8,442
Net research and development expenditures			7,478				4,195
Share issuance costs			4,506				78
Net federal investment tax credits			3,181				1,877
U.S. research and development tax credits			961				—
Tax basis of property and equipment in excess of carrying values			(86	)			(204	)
Operating lease right-of-use assets			(1,240	)			(279	)
Operating lease liability			1,063				287
Accrued expense and other liabilities			345				161
Deferred revenue			15,372				—
Share-based compensation			103				—
Total deferred tax assets			36,770				14,557
Valuation allowance			(35,358	)			(14,425	)
Net deferred tax assets		$	1,412			$	132

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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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
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