INCOME TAXES

3 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

For the three months ended March 31, 2022, we recorded an income tax provision of $0 on a loss before taxes of $9.2 million, resulting in an effective tax rate of 0%. For the three months ended March 31, 2021, we recorded an income tax provision of $0 on a loss before taxes of $6.6 million, resulting in an effective tax rate of 0%. The effective tax rate and the federal statutory rate were 0% for the three months ended March 31, 2022 and the three months ended March 31, 2021 and was primarily related to the full valuation allowance on net deferred tax assets.

As of March 31, 2022, we maintained a full valuation allowance against our net deferred tax assets. We continually review the adequacy of the valuation allowance and intend to continue maintaining a full valuation allowance on our net deferred tax assets until there is sufficient evidence to support reversal of all or a portion of the allowance. Should our assessment change in a future period, we may release all or a portion of the valuation allowance at such time, which would result in a deferred tax benefit in the period of adjustment.