Income Taxes

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Note 16. Income Taxes

The table below presents the Company's provision for income taxes and effective tax rates for all periods presented:

	Three Months Ended March 31,
	2023			2022
Income before provision for income taxes	$	(8,638	)	$	—
Provision for income taxes	$	2,580		$	—
Effective tax rate		(29.9	)%		—	%

The Company is subject to income taxes in the United States and foreign jurisdictions in which the Company does business. These foreign jurisdictions have statutory tax rates different from those in the United States. Accordingly, the Company's effective tax rates will vary depending on the relative proportion of foreign to United States income, the utilization of net operating loss and tax credit carry forwards, changes in geographic mix of income and expense, and changes in management’s assessment of matters such as the ability to realize deferred tax assets, and changes in tax laws. The Company regularly assesses the likelihood of adverse outcomes resulting from the examination of the Company's tax returns by the Internal Revenue Service, or IRS, and other tax authorities to determine the adequacy of our income tax reserves and expense. Should actual events or results differ from the Company's current expectations, charges or credits to our income tax expense may become necessary.

The increase in the effective tax rate from the three months ended March 31, 2023 as compared to comparable prior period was primarily due to the tax expense associated with income earned from the Company's foreign operations related to the Pharmanovia License Agreement.

The Company did not have any unrecognized tax benefits as of March 31, 2023 related to uncertain tax positions that would impact the effective income tax rate if recognized.