Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

Pre-tax loss has been recorded in the following jurisdictions for the years ended December 31, 2021, 2020 and 2019 (in thousands of dollars):

	Year Ended December, 31,
	2021		2020		2019
United States	$	(68,707)	$	(34,909)	$	(12,599)
Foreign	(12,942)		—		—
Total	$	(81,649)	$	(34,909)	$	(12,599)

Schedule of Components of Income Tax Expense (Benefit)

The components of the benefit for income taxes are as follows for the years ended December 31, 2021, 2020 and 2019 (in thousands of dollars):

	Year Ended December, 31,
	2021		2020		2019
Current:
Federal	$	—	$	—	$	—
State	63		—		—
Foreign	54		—		—
Total current	117		—		—
Deferred:
Federal	(3,526)		—		—
State	(508)		—		—
Foreign	(2,169)		—		—
Total deferred	(6,203)		—		—
Total income tax benefit	$	(6,086)	$	—	$	—

Schedule of Reconciliation of Tax Expense Computed at the Statutory Federal Rate

The following table presents a reconciliation of the income tax expense computed at the statutory federal rate and the Company's income tax expense for the periods presented (in thousands of dollars):

	Year Ended December, 31,
	2021		2020		2019
U.S. federal taxes at statutory rate	$	(17,146)	$	(7,302)	$	(2,632)
State tax (net of federal benefit)	(1,609)		(1,794)		(828)
Foreign rate differential	674		1		—
Non deductible officers' compensation	3,055		1,443		439
Transaction costs	2,255		—		—
Permanent differences	59		131		221
Stock based compensation - excess benefit	(5,687)		(4,881)		(4,366)
Tax credits	(714)		(588)		(996)
Change in valuation allowance	13,027		12,990		8,162
Total	$	(6,086)	$	—	$	—

Schedule of Significant Components of the Company's Deferred Tax Assets and Liabilities

Significant components of the Company's deferred tax assets and liabilities are as follows (in thousands of dollars):

	Year Ended December 31,
	2021		2020		2019
Deferred tax assets:
Net operating loss carryforwards	$	133,492	$	68,113	$	56,506
Research and development credits	7,926		6,167		5,579
Stock-based compensation	3,760		2,696		2,246
NanoString intangibles and goodwill	1,244		908		380
Operating lease liability	4,327		2,826		3,068
Accruals and other	7,099		2,623		2,610
Gross deferred tax assets	157,848		83,333		70,389
Valuation allowance	(120,586)		(78,650)		(65,228)
Net deferred tax assets	37,262		4,683		5,161
Deferred tax liabilities:
Property and equipment	(219)		(334)		(471)
Other acquired intangibles	(34,823)		—		—
In-process research and development	(3,892)		(2,423)		(2,597)
ROU assets	(3,920)		(1,926)		(2,093)
Gross deferred tax liabilities	(42,854)		(4,683)		(5,161)
Net deferred tax liabilities	(42,854)		(4,683)		(5,161)
Net deferred taxes	$	(5,592)	$	—	$	—

Schedule of Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands of dollars):

	Year Ended December 31,
	2021		2020		2019
Unrecognized tax benefits, beginning of period	$	3,563	$	3,278	$	2,799
Gross increases—tax position in prior period	515		—		—
Gross decreases—tax position in prior period	—		—		—
Gross increases—current period tax position	374		285		479
Lapse of statute of limitations	—		—		—
Unrecognized tax benefits, end of period	$	4,452	$	3,563	$	3,278