Provision for Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Loss Before Provision for Income Taxes

The Company's loss before provision for income taxes includes the following components (in thousands):

	Year Ended December 31,
	2021		2020			2019
Domestic	$	53,898	$	(123,318	)	$	(85,141	)
Foreign		747		460			431
Income (loss) before income tax	$	54,645	$	(122,858	)	$	(84,710	)

Schedule of Components of Provision for Income Taxes

The components of the provision for income taxes are as follows (in thousands):

	Year Ended December 31,
	2021		2020		2019
Current
Federal	$	1,252	$	-	$	-
State		563		-		-
Total income tax expense	$	1,815	$	-	$	-

Schedule of Effective Tax Rate of Provision for Income Taxes Differs from Federal Statutory Rate

The effective tax rate of the Company's provision for income taxes differs from the federal statutory rate as follows:

	Year Ended December 31,
	2021			2020			2019
Federal statutory income tax rate		21.00	%		21.00	%		21.00	%
State taxes, net of federal benefit		0.81	%		0.00	%		0.00	%
Equity investment		-4.07	%		4.15	%		0.00	%
Research and development credits		-11.91	%		3.10	%		0.00	%
Change in valuation allowance		-2.55	%		-27.35	%		-19.65	%
Stock based compensation		-0.75	%		-0.18	%		-1.28	%
Non-deductible expenses and other		0.79	%		-0.72	%		-0.07	%
Provision for income taxes		3.32	%		0.00	%		0.00	%

Schedule of Significant Components of Deferred Tax Assets for Federal and State Income Taxes

Significant components of the Company’s deferred tax assets for federal and state income taxes are as follows as of December 31 (in thousands):

	Year Ended December 31,
	2021			2020
Deferred tax assets:
Federal and state net operating loss carryforwards	$	24,183		$	54,526
Research and development credits carryforwards		13,288			11,209
Stock-based compensation		9,857			3,828
Depreciation		6,140			9,068
Deferred Revenue		23,557			2,407
Lease liability		25,389			3,831
Other		3,478			2,062
Total deferred tax assets		105,892			86,931
Deferred tax liabilities:
Right-of-use assets		(22,800	)		(2,704	)
Total deferred tax liabilities		(22,800	)		(2,704	)
Less valuation allowance		(83,092	)		(84,227	)
Net deferred tax assets	$	-		$	-

Summary of Activity Related to Unrecognized Tax Benefits

The following table summarizes the activity related to the Company's unrecognized tax benefits (in thousands):

	Year Ended December 31,
	2021			2020
Beginning balance	$	3,153		$	2,165
Additions (decreases) for tax positions taken in a prior year		(50	)		(258	)
Additions for tax positions taken in current year		2,325			1,246
Ending balance	$	5,428		$	3,153