Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Summary of Income (Loss) Before Provision for Income Taxes

Income (loss) before provision for income taxes consisted of the following:

	Years Ended December 31,
(in thousands)	2021			2020
Federal		49,045			(68,356	)
Foreign		(220,000	)		(1,428	)
Loss before provision for income taxes	$	(170,955	)	$	(69,784	)

Schedule of Provision for Income Taxes

The provision for income taxes for the years ended December 31, 2021 and 2020 consisted of the following:

	Years Ended December 31,
(in thousands)	2021		2020
Current income tax expense (benefit):
Federal	$	987		—
State		20		—
Foreign		—		—
Total current income tax expense (benefit)		1,007		—
Deferred income tax expense (benefit):
Federal		—		—
State		—		—
Foreign		—		—
Total deferred income tax expense (benefit)		—		—
Total income tax expense (benefit)	$	1,007	$	—

Schedule of Income Tax Expense (Benefit) Reconciliation

The Company’s income tax expense (benefit) for the years ended December 31, 2021 and 2020 relating to federal, state and foreign tax jurisdictions differs from the amounts determined by applying the statutory federal income tax rate based on the following:

	Years Ended December 31,
(in thousands)	2021					2020
Benefit at the federal rate	$	(35,901	)	21.0	%	$	(14,655	)	21.0	%
Increase (decrease) resulting from:
Foreign tax rate differential		43,786		(25.6	)%		—		—
State taxes, net of federal benefit		1,018		(0.6	)%		(1,943	)	2.8	%
Change in valuation allowance		22,268		(13.0	)%		17,756		(25.4	%)
Intellectual property transfer		(25,538	)	14.9	%		—		—
Tax credits		(5,540	)	3.3	%		(1,220	)	1.7	%
Officer's compensation		2,648		(1.5	)%		—		—
Stock compensation		(2,464	)	1.4	%		—		—
Other		730		(0.5	)%		62		(0.1	)%
Total Income Tax Expense (Benefit)	$	1,007		(0.6	)%	$	—		—

Summary of Components of Deferred Income Taxes

Components of deferred income taxes consist of the following:

	December 31,
(in thousands)	2021			2020
Deferred tax assets:
Net operating loss carryforwards	$	5,460		$	20,866
Tax credit carryforwards		4,683			2,215
Intangible Assets		25,538			—
Operating lease liabilities		6,865			2,244
Non-qualified stock compensation		8,028			1,326
Restricted stock compensation		1,778			—
Other		1,646			910
Total deferred tax assets		53,998			27,561
Valuation allowance		(46,823	)		(24,555	)
Net deferred tax asset (liability)	$	7,175		$	3,006
Deferred tax liabilities:
Operating lease right-of-use assets		(6,791	)		(2,244	)
Restricted stock compensation		—			(629	)
Depreciation		(350	)		(65	)
Other		(34	)		(68	)
Total deferred tax liabilities		(7,175	)		(3,006	)
Net deferred tax asset (liability)	$	—		$	—