Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

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)	2022			2021
Federal		(113,389	)		49,045
Foreign		(55,586	)		(220,000	)
Loss before provision for income taxes	$	(168,975	)	$	(170,955	)

Schedule of Provision for Income Taxes

The provision for income taxes for the years ended December 31, 2022 and 2021 consisted of the following:

	Years Ended December 31,
(in thousands)	2022			2021
Current income tax (benefit) expense:
Federal	$	(246	)		987
State		(19	)		20
Foreign		—			—
Total current income tax (benefit) expense		(265	)		1,007
Deferred income tax (benefit) expense:
Federal		—			—
State		—			—
Foreign		—			—
Total deferred income tax (benefit) expense		—			—
Total income tax (benefit) expense	$	(265	)	$	1,007

Schedule of Income Tax (Benefit) Expense Reconciliation

The Company’s income tax (benefit) expense for the years ended December 31, 2022 and 2021 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)	2022					2021
Benefit at the federal rate	$	(35,472	)	21.0	%	$	(35,901	)	21.0	%
Increase (decrease) resulting from:
Foreign tax rate differential		2,177		(1.3	)%		43,786		(25.6	)%
State taxes, net of federal benefit		(1,603	)	0.9	%		1,018		(0.6	)%
Change in valuation allowance		35,406		(21.0	)%		22,268		(13.0	)%
Intellectual property transfer		—		0.0	%		(25,538	)	14.9	%
Tax credits		(6,992	)	4.1	%		(5,540	)	3.3	%
Officer's compensation		695		(0.4	)%		2,648		(1.5	)%
Stock compensation		4,637		(2.7	)%		(2,464	)	1.4	%
Permanent differences		(182	)	0.1	%		—		—
Other		1,069		(0.6	)%		730		(0.5	)%
Total income tax (benefit) expense	$	(265	)	0.1	%	$	1,007		(0.6	)%

Summary of Components of Deferred Income Taxes

Components of deferred income taxes consist of the following:

	December 31,
(in thousands)	2022			2021
Deferred tax assets:
Net operating loss carryforwards	$	9,374		$	5,460
Tax credit carryforwards		12,374			4,683
Intangible assets		25,537			25,538
Operating lease liabilities		8,074			6,865
Non-qualified stock compensation		12,017			8,028
Restricted stock compensation		235			1,778
Capitalization of R&D expenses		20,375			—
Other		1,661			1,646
Total deferred tax assets		89,647			53,998
Valuation allowance		(82,228	)		(46,823	)
Net deferred tax asset (liability)	$	7,419		$	7,175
Deferred tax liabilities:
Operating lease right-of-use assets		(7,218	)		(6,791	)
Restricted stock compensation		—			—
Depreciation		(186	)		(350	)
Other		(15	)		(34	)
Total deferred tax liabilities		(7,419	)		(7,175	)
Net deferred tax asset (liability)	$	—		$	—