Income Taxes

3 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

13. Income Taxes

The benefit (provision) for income taxes reflects current taxes, deferred taxes, and withholding taxes. The effective tax rate for the three months ended March 31, 2022 and 2021 was 1% and 0%, respectively. The tax benefit for the three months ended March 31, 2022 reflects an estimated refundable tax credit to be filed for in the United Kingdom for the 2022 tax year.

The valuation allowance against net deferred tax assets as of March 31, 2022, was $67,452, an increase of $3,179 from $64,273 as of December 31, 2021. The Company continues to provide for a full valuation allowance to offset its net deferred tax assets until such time it is more likely than not the tax assets or portions thereof will be realized.

Excess tax benefit of $5 and $796 were recognized in the provision for income taxes for the three months ended March 31, 2022 and 2021, respectively, which were offset by $5 and $796 of valuation allowance, respectively.