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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Summary of Loss Before Provision for Income Taxes

Loss before the provision for income taxes consisted of the following:

		Year Ended December 31,
		2021				2020				2019
		(in thousands)
Canada		$	(110,433	)		$	(55,446	)		$	(27,355	)
Foreign		$	1,847			$	704			$	334
Loss before provision for income taxes		$	(108,586	)		$	(54,742	)		$	(27,021	)

Summary of provision for income taxes

The components of the provision for income taxes are as follows:

		Year Ended December 31,
		2021				2020				2019
		(in thousands)
Current income tax provision - foreign		$	530			$	(45	)		$	327
Deferred income tax benefit - foreign			(2,208	)			(1,280	)			(132	)
Total provision for income taxes		$	(1,678	)		$	(1,325	)		$	195

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 is as follows:

		Year Ended December 31,
		2021				2020				2019
		(in thousands)
Loss before income taxes		$	(108,586	)		$	(54,742	)		$	(27,021	)
Income tax at statutory rate			26.5	%			26.5	%			26.5	%
Computed income tax recovery			(28,775	)			(14,507	)			(7,160	)
Effect on income tax resulting from:
Federal investment tax credit			(4,093	)			(2,347	)			(985	)
Accounting charges not deductible for tax purposes			1,078				1,088				143
Equity compensation			2,220				(742	)			134
Other			644				(306	)			(16	)
Change in valuation allowance			27,248				15,489				8,079
Tax (benefit) expense		$	(1,678	)		$	(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)
2041		$	94,231
2040			—
2039			11,394
2038			7,052
2037			883
Total		$	113,560

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

		(in thousands)
2041		$	2,217
2040			1,702
2039			1,362
2038			776
2037			455
2036			24
Total		$	6,536

Summary of Deferred Tax Assets

The Company’s deferred tax assets as of December 31, 2021 and 2020 consisted of the following:

		2021				2020
		(in thousands)
Net operating loss carryforwards		$	30,093			$	5,087
Net research and development expenditures			10,656				7,478
Share issuance costs			3,538				4,506
Net federal investment tax credits			4,805				3,181
U.S. research and development tax credits			1,775				961
Tax basis of property and equipment in excess of carrying values			—				(86	)
Operating lease right-of-use assets			(1,995	)			(1,240	)
Operating lease liability			1,950				1,063
Accrued expense and other liabilities			760				345
Deferred revenue			13,656				15,372
Share-based compensation			988				103
Total deferred tax assets			66,226				36,770
Valuation allowance			(62,606	)			(35,358	)
Net deferred tax assets		$	3,620			$	1,412

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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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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 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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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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-Name Accounting Standards Codification
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