Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income tax (benefit) expense included in the statements of operations and comprehensive income (loss) consisted of the following:


	Year Ended December 31,
	2020		2021		2022
Current:
Federal	$	—	$	—	$	—
State	371		229		174
Total current tax expense	371		229		174
Deferred:
Federal	—		(1,435)		41
State	—		(506)		(624)
Total deferred tax expense	—		(1,941)		(583)
Total (benefit) provision for income taxes	$	371	$	(1,712)	$	(409)

Schedule of effective tax rates

Income tax expense differed from the amount computed by applying the Federal statutory income tax rate of 21% to net income (loss) before income taxes for the year ended December 31, 2022 as a result of the following:


	Year Ended December 31,
	2020		2021		2022
Federal tax at statutory rate	$	1,271	$	28,084	$	(22,906)
State income taxes, net of federal tax benefit	369		(248)		(448)
Fair value adjustment on warrants	2,371		—		—
Stock-based compensation	(1,476)		(236,726)		(4,490)
Research and development credit	(1,231)		(19,103)		(6,333)
PPP loan forgiveness (CARES Act)	(1,110)		1,110		—
Change in valuation allowance	273		222,230		26,263
Tax return to tax provision adjustment	(216)		(34)		309
Section 162(m) limitation	—		2,653		6,494
Noncontrolling interests	85		—		—
Other	35		322		702
(Benefit) provision for income taxes	$	371	$	(1,712)	$	(409)

Deferred tax assets and liabilities

The tax effects of temporary differences that gave rise to significant portions of the Company’s deferred tax assets and liabilities related to the following:


	December 31,
	2021		2022
Deferred tax assets:
Net operating loss carryforwards	$	297,851	$	304,879
Operating lease liabilities	29,870		29,052
Research and development credits	29,046		38,796
Capitalized research and experimental expenditures	—		28,732
Convertible debt transactions	15,184		10,734
Stock-based compensation	9,895		13,714
Accruals and reserves	6,908		2,948
Investment in partnerships	1,020		801
Amortization	111		90

Other	573		631
Total deferred tax assets	390,458		430,377
Less: valuation allowance	(351,542)		(387,976)
Deferred tax assets – net of valuation allowance	38,916		42,401
Deferred tax liabilities:
Right of use asset	28,606		24,887
Servicing rights	2,859		9,368
Intangible assets	5,911		4,502
Depreciation	2,123		3,644

Total deferred tax liabilities	39,499		42,401
Net deferred tax liabilities	$	(583)	$	—

Unrecognized tax benefits roll forward

A reconciliation of the beginning and ending balances of gross unrecognized tax benefits is as follows:


	Year Ended December 31,
	2020		2021		2022
Balance at beginning of year	$	1,031	$	1,820	$	13,904
Additions for tax positions of prior years	—		461		885
Tax positions related to the current year	789		11,623		3,685
Balance at end of year	$	1,820	$	13,904	$	18,474