Income Taxes (Tables)

11 Months Ended

12 Months Ended

Dec. 31, 2020

A reconciliation of the federal income tax rate to the Company’s effective tax rate at December 31, 2020 is as follows:


	December 31,
	2020
	(As Restated)
Statutory federal income tax rate	21.0	%
State taxes, net of federal tax benefit	0.0	%
Permanent difference-warrant liability	-20.46	%
Change in valuation allowance	-0.57	%
Income tax provision	-0.03	%

The Company’s net deferred tax assets are as follows:


	December 31,
	2020
Deferred tax asset
Net operating loss carryforward	$	—
Organizational costs/Startup expenses		754,457
Total deferred tax asset		754,457
Valuation allowance		(754,457)
Deferred tax asset, net of allowance	$	—

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


	Year Ended December 31,
	2020		2019
Federal	$	(162,876)	$	(98,833)
Foreign		170		(864)
Loss before provision for income taxes	$	(162,706)	$	(99,697)

A reconciliation of the Company’s statutory income tax rate to the Company’s effective income tax rate is as follows:


	Year Ended December 31,
(In Thousands)	2020		2019
Income at US Statutory Rate	21.00	%	21.00	%
State Taxes, net of Federal benefit	3.18	%	3.30	%
Permanent Differences	(0.70)	%	(0.44)	%
Tax Credits	0.86	%	1.32	%
Foreign Rate Differential	0.00	%	(0.01)	%
Valuation Allowance	(24.35)	%	(25.04)	%
Other	(0.01)	%	(0.13)	%
	(0.02)	%	0.00	%

Net deferred tax assets as of December 31, 2020 and 2019 consisted of the following (in thousands):


	Year Ended December 31,
(In Thousands)	2020		2019
Deferred tax assets
Net operating loss carryforwards	$	83,058	$	52,717
Tax Credits		6,582		5,271
Stock Compensation		4,088		2,346
Accruals & Reserves		7,293		1,785
Other		853		154
Total Deferred tax assets	$	101,874	$	62,273
Valuation Allowance		(101,773)		(62,157)
Total Deferred tax assets	$	101	$	116
Deferred tax liabilities
Depreciation		(101)		(116)
Net deferred tax assets	$	—	$	—