Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes

Schedule of income (loss) before benefit for income taxes

	Years Ended
	December 31,
	2019		2018
Bermuda	$	(168,053)	$	(105,562)
Foreign (U.S., U.K., Germany, France)		4,139		2,121
	$	(163,914)	$	(103,441)

Schedule of components of income tax benefit

	Years Ended
	December 31,
	2019		2018
Current income tax (provision):
Bermuda	$	—	$	—
U.S. federal		(567)		(547)
U.S. state		(530)		(217)
Foreign		(12)		—
Total current income tax (provision)		(1,109)		(764)
Deferred income tax benefit:
Bermuda		—		—
U.S. federal		2,397		542
U.S. state		759		436
Foreign		—		—
Total deferred income tax benefit		3,156		978
Total benefit (provision) for income taxes	$	2,047	$	214

Schedule of reconciliation of the Bermuda statutory income tax rate of 0% to the Company’s effective income tax rate

	Years Ended
	December 31,
	2019		2018
Bermuda statutory income tax rate	—	%	—	%
Foreign (U.S.) tax rate differential	(0.5)		(1.0)
Research and development tax credits	2.2		1.5
Share-based compensation	(0.5)		0.1
Permanent differences	(0.1)		—
Change in valuation allowance	(0.1)		—
U.S. state taxes, net of federal	(0.3)		(0.4)
FDII	0.9		—
Uncertain tax positions	(0.3)		—
Effective income tax rate	1.3	%	0.2	%

Summary of net deferred tax assets

	December 31,
	2019		2018
Research and development tax credit carryforwards	$	238	$	75
Depreciation and amortization		(745)		(639)
Share-based compensation		3,746		1,000
Accrued expenses and other		1,273		829
Net operating losses		190		—
Total deferred tax assets		4,702		1,265
Valuation allowance		(330)		(49)
Net deferred tax assets	$	4,372	$	1,216

Schedule of changes in the valuation allowance for deferred tax assets

	Years Ended
	December 31,
	2019		2018
Valuation allowance at beginning of year	$	(49)	$	(27)
Increases recorded to through the balance sheet		(200)		—
Increases recorded to income tax provision		(81)		(22)
Valuation allowance at end of year	$	(330)	$	(49)

Schedule of uncertainties in income tax provision liability

	Years Ended
	December 31,
	2019		2018
Gross balance at the beginning of year	$	—	$	—
Gross increases based on current period tax positions		528		—
Unrecognized tax benefits at the end of the year	$	528	$	—