Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Taxes

Schedule of loss before benefit (provision) for income taxes

	Years Ended
	December 31,
	2020		2019		2018
Bermuda	$	(161,983)	$	(168,053)	$	(105,562)
Foreign (U.S., U.K., Germany, France, Switzerland)		5,754		4,139		2,121
	$	(156,229)	$	(163,914)	$	(103,441)

Schedule of components of income tax benefit

	Years Ended
	December 31,
	2020		2019		2018
Current income tax provision:
Bermuda	$	—	$	—	$	—
U.S. federal		(392)		(567)		(547)
U.S. state		(366)		(530)		(217)
Foreign (U.K., Germany, France, Switzerland)		(33)		(12)		—
Total current income tax provision		(791)		(1,109)		(764)
Deferred income tax (provision) benefit:
Bermuda		—		—		—
U.S. federal		(3,056)		2,397		542
U.S. state		(1,315)		759		436
Foreign (U.K., Germany, France, Switzerland)		10		—		—
Total deferred income tax (provision) benefit		(4,361)		3,156		978
Total (provision) benefit for income taxes	$	(5,152)	$	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,
	2020		2019		2018
Bermuda statutory income tax rate	—	%	—	%	—	%
Foreign (U.S.) tax rate differential	(0.8)		(0.5)		(1.0)
Research and development tax credits	2.4		2.2		1.5
Share-based compensation	1.3		(0.5)		0.1
Permanent differences	(0.1)		(0.1)		—
Change in valuation allowance	(5.7)		(0.1)		—
U.S. state taxes, net of federal	0.1		(0.3)		(0.4)
FDII	0.6		0.9		—
Uncertain tax positions	(0.2)		(0.3)		—
Other	(0.9)		—		—
Effective income tax rate	(3.3)	%	1.3	%	0.2	%

Summary of net deferred tax assets

	December 31,
	2020		2019
Deferred tax assets:
Research and development tax credit carryforwards	$	1,674	$	238
Share-based compensation		6,271		3,746
Operating lease liability		1,764		712
Accrued bonus		1,208		855
Accrued expenses and other liabilities		634		223
Net operating losses		198		190
Total deferred tax assets		11,749		5,964
Valuation allowance		(9,307)		(330)
Deferred tax liabilities:
Depreciation and amortization		(786)		(745)
Right of use asset		(1,646)		(517)
Net deferred tax assets	$	10	$	4,372

Schedule of changes in the valuation allowance for deferred tax assets

	Years Ended
	December 31,
	2020		2019		2018
Valuation allowance at beginning of year	$	(330)	$	(49)	$	(27)
Increases recorded through the balance sheet		—		(200)		—
Increases recorded to income tax provision		(8,977)		(81)		(22)
Valuation allowance at end of year	$	(9,307)	$	(330)	$	(49)

Schedule of uncertainties in income tax provision liability

	Years Ended
	December 31,
	2020		2019		2018
Gross balance at the beginning of year	$	528	$	—	$	—
Gross increases based on current period tax positions		411		528		—
Gross decreases based on tax positions of the prior periods		(102)		—		—
Unrecognized tax benefits at the end of the year	$	837	$	528	$	—