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Taxation (Tables) | 12 Months Ended
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Dec. 31, 2022
Taxation [Abstract] |
Disclosure of income taxes recognized in comprehensive income | Amounts recognized in Consolidated Statements of Comprehensive Income/(Loss):
| 2022 $000s | 2021 $000s | 2020 $000s
As of December 31
Income/(loss) for the year | (37,065) |  | (62,709) |  | 4,568 |
Income tax expense/(benefit) | (55,719) |  | 3,756 |  | 14,401 |
Income/(loss) before taxes | (92,783) |  | (58,953) |  | 18,969 |
Disclosure of recognized income tax expense | Recognized income tax expense/(benefit):
| 2022 $000s | 2021 $000s | 2020 $000s
As of December 31
Federal | 13,065 |  | 22,138 |  | 21,796 |
Foreign | — |  | — |  | — |
State | 1,336 |  | 109 |  | — |
Total current income tax expense/(benefit) | 14,401 |  | 22,247 |  | 21,796 |
Federal | (48,240) |  | (15,416) |  | (7,349) |
Foreign | — |  | — |  | — |
State | (21,880) |  | (3,075) |  | (46) |
Total deferred income tax expense/(benefit) | (70,120) |  | (18,491) |  | (7,395) |
Total income tax expense/(benefit), recognized | (55,719) |  | 3,756 |  | 14,401 |
The tax expense/(benefit) was $(55.7) million, $3.8 million and $14.4 million in 2022, 2021 and 2020 respectively. The increase in tax benefit for the year ended December 31, 2022 is primarily the result of the loss before taxes in entities in the U.S. Federal and Massachusetts consolidated return groups of the Company.
Disclosure of reconciliation of effective tax rate | The Group is primarily subject to taxation in the U.S. A reconciliation of the U.S. federal statutory tax rate to the effective tax rate is as follows:
| 2022 |  | 2021 |  | 2020
As of December 31 | $000s | % |  | $000s | % |  | $000s | %
US federal statutory rate | (19,486) |  | 21.00 |  |  | (12,380) |  | 21.00 |  |  | 3,984 |  | 21.00 |
Effects of state tax rate in U.S. | (8,043) |  | 8.67 |  |  | (4,484) |  | 7.61 |  |  | 1,844 |  | 9.72 |
R&D and orphan drug tax credits | (6,876) |  | 7.41 |  |  | (5,056) |  | 8.58 |  |  | (5,642) |  | (29.74) |
Non deductible share based payment expenses | 788 |  | (0.85) |  |  | 555 |  | (0.94) |  |  | 327 |  | 1.73 |
Finance income/(costs) – fair value accounting | (28,783) |  | 31.02 |  |  | (2,017) |  | 3.42 |  |  | 919 |  | 4.84 |
Loss with respect to associate for which no deferred tax asset is recognized | 1,413 |  | (1.52) |  |  | 11,542 |  | (19.58) |  |  | — |  | — |
Change in blended state rate impact due to state apportionment change | (8,856) |  | 9.54 |  |  | — |  | — |  |  | — |  | — |
Transaction Costs | — |  | — |  |  | 309 |  | (0.52) |  |  | 361 |  | 1.91 |
Interest Expense | 69 |  | (0.07) |  |  | 217 |  | (0.37) |  |  | (2,258) |  | (11.91) |
Executive Compensation | 300 |  | (0.32) |  |  | 746 |  | (1.27) |  |  | 827 |  | 4.36 |
Recognition of deferred tax assets and tax benefits not previously recognized | (184) |  | 0.20 |  |  | (414) |  | 0.70 |  |  | — |  | — |
Current year losses for which no deferred tax asset is recognized | 17,287 |  | (18.63) |  |  | 14,375 |  | (24.38) |  |  | 13,948 |  | 73.53 |
Sonde Deconsolidation | (3,572) |  | 3.85 |  |  | — |  | — |  |  | — |  | — |
Other | 224 |  | (0.25) |  |  | 363 |  | (0.62) |  |  | 91 |  | 0.48 |
| (55,719) |  | 60.05 |  |  | 3,756 | (6.37) |  |  | 14,401 | 75.92 |
The Company is also subject to taxation in the UK but to date no taxable income has been generated in the UK. Changes in corporate tax rates can change both the current tax expense (benefit) as well as the deferred tax expense (benefit).
Disclosure of deferred taxes | Deferred tax assets have been recognized in the U.S. jurisdiction in respect of the following items:
| 2022 $000s | 2021 $000s |
As of December 31 |
Operating tax losses | 48,317 |  | 46,982 |  |
Tax credits | 11,101 |  | 10,673 |  |
Share-based payments | 8,423 |  | 7,265 |  |
Capitalized Research & Experimental Expenditures | 36,084 |  | — |  |
Investment in Associates | 13,036 |  | 11,542 |  |
Lease Liability | 7,143 |  | 8,969 |  |
Other temporary differences | 2,957 |  | 2,665 |  |
Deferred tax assets | 127,061 |  | 88,096 |  |
Investments held at fair value | (47,877) |  | (96,804) |  |
ROU asset | (3,519) |  | (4,667) |  |
Fixed assets | (2,348) |  | (3,547) |  |
Deferred tax liabilities | (53,744) |  | (105,018) |  |
Deferred tax assets (liabilities), net | 73,317 |  | (16,922) |  |
Deferred tax liabilities, net, recognized | (19,645) |  | (89,765) |  |
Deferred tax assets (liabilities), net, not recognized | 92,962 |  | 72,843 |  |
Disclosure of unrecognized deferred tax assets | Deferred tax assets have not been recognized in respect of the following carryforward losses, credits and temporary differences, because it is not probable that future taxable profit will be available against which the Group can use the benefits therefrom.
| 2022 $000s |  | 2021 $000s
As of December 31 |
Gross Amount | Tax Effected |  | Gross Amount | Tax Effected
Deductible Temporary Difference | 132,145 |  | 33,544 |  |  | 59,925 |  | 16,224 |
Tax Losses | 219,466 |  | 48,317 |  |  | 215,425 |  | 46,982 |
Tax Credits | 11,101 |  | 11,101 |  |  | 9,636 |  | 9,636 |
Total | 362,712 |  | 92,962 |  |  | 284,986 |  | 72,843 |
Disclosure of unrecognized tax losses and tax credits carryforwards | Tax losses and tax credits for which no deferred tax asset was recognized
As of December 31 | 2022 $000s |  | 2021 $000s
Gross Amount | Tax Effected |  | Gross Amount | Tax Effected
Tax losses expiring: |  |  |  |  |
Within 10 years | 23,930 |  | 5,387 |  |  | 19,735 |  | 4,343 |
More than 10 years | 42,822 |  | 10,509 |  |  | 47,937 |  | 11,611 |
Available Indefinitely | 152,714 |  | 32,421 |  |  | 147,753 |  | 31,028 |
Total | 219,466 |  | 48,317 |  |  | 215,425 |  | 46,982 |
Tax credits expiring: |  |  |  |  |
Within 10 years | 43 |  | 43 |  |  | 4 |  | 4 |
More than 10 years | 11,058 |  | 11,058 |  |  | 9,632 |  | 9,632 |
Available indefinitely | — |  | — |  |  | — |  | — |
Total | 11,101 |  | 11,101 |  |  | 9,636 |  | 9,636 |
Disclosure of tax balances as presented in statement of financial position | Tax Balances The current tax related balances are presented in the Statement of Financial Position as follows:
As of December 31 | 2022 $000s | 2021 $000s
Income tax receivable – current | 10,040 |  | 4,514 |
Trade and Other Payables | (57) |  | (57) |

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