Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income (Loss) Before Provision for Income Taxes by Country

Income (loss) before provision for income taxes by country for each of the fiscal periods presented is summarized as follows (in thousands):

	Year Ended  December 31,
	2023		2022		2021
Ireland	$	(153,920)	$	(119,571)	$	65,456
U.S.	(6,560)		(6,034)		6,465
Income (loss) before provision for income taxes	$	(160,480)	$	(125,605)	$	71,921

Components of the Provision for Income Taxes

Components of the provision for income taxes for each of the fiscal periods presented consisted of the following (in thousands):

	Year Ended  December 31,
	2023		2022		2021
Current:
U.S. Federal	$	2,200	$	2,422	$	356
U.S. State	37		55		16
Ireland	—		—		—
Total current provision	$	2,237	$	2,477	$	372
Deferred:
U.S. Federal	$	(15,647)	$	(11,039)	$	4,581
U.S. State	(42)		(94)		(7)
Ireland	—		—		—
Total deferred benefit	$	(15,689)	$	(11,133)	$	4,574
Provision for (benefit from) income taxes	$	(13,452)	$	(8,656)	$	4,946

Reconciliation Between Income Taxes Computed at the Standard Irish Statutory Tax Rate and the Provision for income Taxes

Following is a reconciliation between income taxes computed at the Irish statutory tax rate and the provision for income taxes for each of the fiscal periods presented (in thousands):

	Year Ended  December 31,
	2023		2022		2021
Taxes at the Irish statutory tax rate of 12.5%	$	(20,060)	$	(15,700)	$	8,990
Income tax at rates other than applicable statutory rate	(7,072)		(2,338)		(398)
Change in valuation allowance	22,406		22,681		4,108
Share-based payments	615		518		5,173
Tax credits	(9,382)		(8,949)		(5,355)
Income not subject to tax	—		(5,000)		(7,587)
Other	41		132		15
Provision for (benefit from) income taxes	$	(13,452)	$	(8,656)	$	4,946

Significant Components of Net Deferred Tax Assets

Significant components of the Company’s net deferred tax assets as of December 31, 2023, and 2022 are as follows (in thousands):

	December 31,
	2023		2022
Deferred tax assets:
Net operating loss carryforwards	$	156,046	$	136,487
Tax credits	23,728		23,193
Lease liability	2,686		1,398
Accruals and other	1,887		1,587
Capitalized R&D	25,067		10,544
Share-based compensation	9,364		7,628
Gross deferred tax assets	218,778		180,837
Valuation allowance	(181,713)		(161,098)
Net deferred tax assets	37,065		19,739
Deferred tax liability:
Operating lease right-of-use assets	(2,706)		(1,355)
Fixed Assets	(466)		(180)
Net deferred tax assets	$	33,893	$	18,204

Summary of Income Tax Contingencies

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

	2023		2022
Gross Unrecognized Tax Benefits at January 1	$	11,564	$	8,329
Additions for tax positions taken in the current year	2,355		2,243
Additions for tax positions taken in the prior year	—		992
Reductions for tax positions taken in the prior year	(565)		—
Gross Unrecognized Tax Benefits at December 31	$	13,354	$	11,564