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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Loss Before Income Taxes

The components of the Company's loss before income taxes were as follows (in thousands):

 

 

 

Year ended December 31,

 

 

 

2021

 

 

2020

 

 

2019

 

United States

 

$

(87,907

)

 

$

(76,849

)

 

$

(36,980

)

International

 

 

(2,038

)

 

 

 

 

 

 

Total

 

$

(89,945

)

 

$

(76,849

)

 

$

(36,980

)

Schedule of Provision for Income Taxes Differs From the Amount Expected by Applying the Federal Statutory Rate to Loss Before Taxes

The provision for income taxes differs from the amount expected by applying the federal statutory rate to the loss before taxes as follows:

 

 

 

Year ended December 31,

 

 

 

 

2021

 

 

 

2020

 

 

 

2019

 

 

Federal statutory income tax rate

 

 

21.00

 

%

 

 

21.00

 

%

 

 

21.00

 

%

State income taxes

 

 

0.96

 

 

 

 

0.55

 

 

 

-1.12

 

 

Income tax credits

 

 

2.17

 

 

 

 

2.14

 

 

 

 

3.67

 

 

Stock based compensation

 

 

1.68

 

 

 

 

0.44

 

 

 

 

(0.13

)

 

Non-deductible expenses and others

 

 

0.26

 

 

 

 

 

 

 

 

(0.25

)

 

Change in valuation allowance

 

 

(26.07

)

 

 

 

(24.13

)

 

 

 

(23.17

)

 

 

 

 

 

%

 

 

 

%

 

 

 

%

Schedule of Components of Deferred Tax Assets

As of December 31, 2021 and 2020, the components of the Company’s deferred tax assets are as follows (in thousands):

 

 

 

Year ended December 31,

 

 

 

2021

 

 

2020

 

Deferred tax asset:

 

 

 

 

 

 

 

 

Federal and State net operating loss carryforwards

 

$

 

44,933

 

 

$

 

28,072

 

Stock based compensation

 

 

 

6,853

 

 

 

 

2,633

 

Other accruals

 

 

 

396

 

 

 

 

566

 

Tax credits

 

 

 

6,737

 

 

 

 

3,928

 

Gross deferred tax asset

 

 

 

58,919

 

 

 

 

35,199

 

Valuation allowance

 

 

 

(58,611

)

 

 

 

(35,034

)

Total deferred tax assets

 

 

 

308

 

 

 

 

165

 

Deferred tax liabilities:

 

 

 

 

 

 

 

 

Property and equipment

 

 

 

(5

)

 

 

 

(14

)

Capitalized leases

 

 

 

(303

)

 

 

 

(151

)

Gross deferred tax liabilities

 

 

 

(308

)

 

 

 

(165

)

Net deferred tax assets

 

$

 

 

 

$

 

 

Schedule of Reconciliation of Unrecognized Tax Benefits

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

 

 

 

Year ended December 31,

 

 

 

2021

 

 

2020

 

 

2019

 

Beginning balance

 

$

1,976

 

 

$

1,059

 

 

$

356

 

Additions for tax positions taken in a prior year

 

 

 

 

 

 

 

 

168

 

Additions for tax positions taken in a current year

 

 

1,273

 

 

 

917

 

 

 

535

 

Ending balance

 

$

3,249

 

 

$

1,976

 

 

$

1,059