XML 108 R37.htm IDEA: XBRL DOCUMENT
v3.22.2.2

INCOME TAXES (Tables) | 6 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2022 | 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):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Six Months Ended
​ | ​ | June 30,
​ |  | 2022 |  | 2021
Country: | ​ |  | ​ | ​ |  | ​
United States | ​ | $ | (55,939) | ​ | $ | (21,210)
Canada | ​ |  | 19,297 | ​ |  | (59,456)
Total Loss before Income Taxes | ​ | $ | (36,642) | ​ | $ | (80,666)
| 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):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Six Months Ended
​ | ​ | June 30,
​ |  | 2022 |  | 2021
Current tax benefit (provision) | ​ |  | ​ | ​ |  | ​
Foreign | ​ | $ | 3,875 | ​ | $ | (288)
Total current benefit (provision) | ​ | $ | 3,875 | ​ | $ | (288)
| 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 Company’s deferred tax liability is comprised of the following:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, 2022 |  | December 31, 2021
Deferred tax liabilities |  | ​ |  |  | ​ |
IPR&D | ​ | $ | — | ​ | $ | 3,969
Total deferred tax liabilities | ​ | $ | — | ​ | $ | 3,969
| 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):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | ​ | Expiration | ​ | ​
​ | ​ | Amount |  | 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

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pertinent information, such as tax authority, amounts, and expiration dates, of net operating loss carryforwards, including an assessment of the likelihood of utilization. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32559-109319 + Details
Name: | us-gaap_SummaryOfOperatingLossCarryforwardsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration