Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Taxes

Components of Net Loss Before Income Tax Benefit

The components of net loss before income tax benefit are as follows:

	Year Ended December 31,
	2021		2020
U.S. operations	$	(78,583,331)	$	(50,735,735)
Non-U.S. operations		(18,507,493)		(3,725,766)
Net loss before income tax benefit	$	(97,090,824)	$	(54,461,501)

Components of Income Tax Benefits

The components of the income tax benefit are as follows:

	Year Ended December 31,
	2021		2020
U.S. federal
Current	$	—	$	4,706,092
Deferred		—		—
U.S. state and local
Current		—		710,932
Deferred		—		—
Income tax benefit	$	—	$	5,417,024

Reconciliation Between Effect of Applying Federal Statutory Rate and Effective Income Tax Rate Used to Calculate Income Tax Benefit

Reconciliation between the effect of applying the federal statutory rate and the effective income tax rate used to calculate the Company’s income tax benefit is as follows:

	Year Ended December 31,
	2021		2020
Federal statutory rate	21.00	%	21.00	%
State income taxes, net of federal benefit	4.71		4.10
Research and development tax credit	(2.30)		(0.84)
Acquired in process research and development	(0.15)		(6.27)
CARES Act U.S. federal and state carryback claim	—		1.81
Other	(0.47)		0.29
Change in valuation allowance	(22.79)		(10.14)
Effective tax rate	—	%	9.95	%

Components of Deferred Tax Assets and Liabilities

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income and for tax carryforwards. Significant components of the Company’s deferred tax assets and liabilities are as follows:

	December 31,
	2021		2020
Deferred tax assets:
Net operating losses	$	37,229,317	$	18,978,410
Accrued expenses		352,040		495,301
Amortization		745,676		785,523
Stock compensation		1,275,987		584,507
Lease liability		422,424		502,151
Asset impairment		3,128,740		—
Other		109,015		106,197
Total deferred tax assets		43,263,199		21,452,089
Valuation allowance		(40,584,149)		(18,671,086)
Deferred tax assets, net		2,679,050		2,781,003
Deferred tax liabilities:
IPR&D assets		(2,359,604)		(2,386,667)
Right of use asset		(219,639)		(248,710)
Depreciation		(99,807)		(145,626)
Total deferred tax liabilities		(2,679,050)		(2,781,003)
Total deferred tax assets (liabilities), net	$	—	$	—

Reconciliation of Unrecognized Tax Benefits

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits excluding related interest and penalties:

	Year Ended December 31,
	2021		2020
Beginning balance	$	710,783	$	—
Increases for current year tax positions		—		710,783
Decreases for prior year tax positions		(474,458)		—
Ending balance	$	236,325	$	710,783