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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Components of Pre-tax Income (Loss) | The following table sets forth the components of the Company's loss before income taxes by country (in thousands):
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
Country |  |  |  |  |
United States | $ | (32,757) |  |  | $ | (35,529) |  |  | $ | (27,468) |
Canada | 24,148 |  |  | 14,577 |  |  | (80,032) |
Total Loss Before Income Taxes | $ | (8,609) |  |  | $ | (20,952) |  |  | $ | (107,500) |
Components of Income Tax Benefit (Provision) | The Company's tax benefit (provision) is comprised of the following components (in thousands):
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
Current Tax Provision |  |  |  |  |
Federal | $ | — |  |  | $ | — |  |  | $ | — |
State | — |  |  | — |  |  | — |
Foreign | (286) |  |  | (1,445) |  |  | — |
Total current (provision) | $ | (286) |  |  | $ | (1,445) |  |  | $ | — |
Deferred tax provision |  |  |  |  |
Federal | $ | — |  |  | $ | — |  |  | $ | — |
State | — |  |  | — |  |  | — |
Foreign | 8,559 |  |  | — |  |  | — |
Total deferred benefit (provision) | $ | 8,559 |  |  | $ | — |  |  | $ | — |
Total Tax Benefit (Provision) | $ | 8,273 |  |  | $ | (1,445) |  |  | $ | — |
Reconciliation of Expected Income Tax Expense | The following table sets forth a reconciliation of the statutory United States federal income tax rate to the Company’s effective income tax rate:
| Year ended December 31,
| 2021 |  | 2020 |  | 2019
United States federal statutory income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Impact of foreign rate differential | (15.9) |  |  | (4.2) |  |  | 4.4 |
State taxes, net of federal benefit | 2.3 |  |  | 2.0 |  |  | 0.6 |
Stock option cancellations | (1.1) |  |  | (0.2) |  |  | — |
Contingent consideration | 178.2 |  |  | 14.4 |  |  | (18.0) |
General business credits and other credits | 2.4 |  |  | 6.6 |  |  | 0.4 |
Permanent differences | (1.4) |  |  | 0.2 |  |  | — |
Other | (13.8) |  |  | (2.1) |  |  | (0.5) |
Foreign taxes | (3.3) |  |  | (6.9) |  |  | — |
Change in valuation allowance | (72.3) |  |  | (37.7) |  |  | (7.9) |
Effective Income Tax Rate | 96.1 | % |  | (6.9) | % |  | — | %
Components of Deferred Tax Assets and Liabilities | The following table sets forth the tax effects of temporary differences that gave rise to significant portions of the Company's deferred tax assets and liabilities (in thousands):
| December 31,
| 2021 |  | 2020 |  | 2019
Deferred tax assets: |  |  |  |  |
NOL carryforwards | $ | 63,381 |  |  | $ | 57,935 |  |  | $ | 50,727 |
R&D credit carryforwards | 4,316 |  |  | 3,787 |  |  | 4,385 |
Accruals and other | 4,058 |  |  | 3,811 |  |  | 2,464 |
Capitalized start-up costs | 53 |  |  | 70 |  |  | 91 |
Other | 41 |  |  | 28 |  |  | 57 |
Gross deferred tax assets | 71,849 |  |  | 65,631 |  |  | 57,724 |
Deferred tax liabilities: |  |  |  |  |
IPR&D | (3,969) |  |  | (12,528) |  |  | (12,528) |
Gross deferred tax liabilities | (3,969) |  |  | (12,528) |  |  | (12,528) |
Valuation allowance | (71,849) |  |  | (65,631) |  |  | (57,724) |
Net Deferred Tax Liability | $ | (3,969) |  |  | $ | (12,528) |  |  | $ | (12,528) |
Schedule of Credit Carryforwards | The following table summarizes the Company's NOL and R&D and other credit carryforwards in the United States and Canada as of December 31, 2021 (in millions):
| Amount |  | Expiration Beginning in |  | Through
United States: |  |  |  |  |
Federal NOL carryforwards - indefinite | $ | 101.1 |  |  | None |  | None
Federal NOL carryforwards | $ | 118.9 |  |  | 2030 |  | 2038
State NOL carryforwards | $ | 138.4 |  |  | 2030 |  | 2040
Federal R&D credit carryforwards | $ | 2.5 |  |  | 2027 |  | 2040
State R&D credit carryforwards | $ | 0.8 |  |  | 2027 |  | 2040
Canada: |  |  |  |  |
Federal non-capital loss carryforwards | $ | 31.2 |  |  | 2035 |  | 2040
Federal scientific research and experimental development expense carryforwards | $ | 5.1 |  |  | 2032 |  | 2040
Federal and provincial investment tax credit carryforwards | $ | 1.2 |  |  | 2032 |  | 2040

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