XML 63 R40.htm IDEA: XBRL DOCUMENT v3.21.2
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of Loss Before Income Taxes
The following table presents components of loss before income taxes for the periods presented (in thousands):
Year Ended December 31,
20202019
Domestic$(362,338)$(94,718)
Foreign40 — 
Loss before income taxes$(362,298)$(94,718)
Schedule of Effective Tax Rate The reconciliation between the U.S. federal statutory income tax rate of 21% to the Company’s effective tax for the periods presented is as follows:
Year Ended December 31,
20202019
U.S. federal provision at statutory rate21.0 %21.0 %
State income taxes, net of federal benefit0.7 2.9 
Tax credits0.6 1.9 
Fair value of financial instruments(15.6)(6.8)
Stock-based compensation expense(0.4)(0.6)
Uncertain tax benefits(0.3)(0.9)
Change in valuation allowance(6.0)(17.5)
Effective tax rate0.0 %0.0 %
Schedule of Deferred Tax Assets and Liabilities
The Company’s deferred income tax assets and liabilities as of December 31, 2020 and 2019 were as follows (in thousands):
Year Ended December 31,
20202019
Deferred tax assets:
Net operating loss carry forward$62,346 $43,971 
Tax credits3,975 2,397 
Accruals and reserves3,323 1,671 
Stock-based compensation expense267 23 
Other2 2 
Total deferred tax assets69,913 48,064 
Valuation allowance(69,222)(46,998)
Total deferred tax asset691 1,066 
Deferred tax liabilities:
Depreciation and amortization691 1,066 
Total deferred tax liabilities691 1,066 
Net deferred tax assets (liabilities)$— $— 
Schedule of Reconciliation of the Total Amounts of Unrecognized Tax Benefits
The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (in thousands):
Year Ended December 31,
20202019
Unrecognized tax benefits as of the beginning of the year$2,397 $1,473 
Increases related to prior year tax positions327 — 
Increase related to current year tax positions1,251 924 
Unrecognized tax benefits as of the end of the year$3,975 $2,397