Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Summary of Loss Before Provision for Income Taxes

Loss before the provision for income taxes consisted of the following:

	Year Ended December 31,
	2022			2021
	(in thousands)
Canada	$	(17,550	)	$	(110,433	)
Foreign	$	3,650		$	1,847
Loss before provision for income taxes	$	(13,900	)	$	(108,586	)

Summary of provision for income taxes

The components of the provision for income taxes are as follows:

	Year Ended December 31,
	2022		2021
	(in thousands)
Current income tax provision - foreign	$	11,527	$	530
Deferred income tax benefit - foreign		3,620		(2,208	)
Total provision for income taxes	$	15,147	$	(1,678	)

Summary of Reconciliation of Provision for Income Taxes

A reconciliation between tax expense and the product of accounting income multiplied by the statutory income tax rate is as follows:

	Year Ended December 31,
	2022			2021
	(in thousands)
Loss before income taxes	$	(13,900	)	$	(108,586	)
Income tax at statutory rate		26.5	%		26.5	%
Computed income tax recovery		(3,684	)		(28,775	)
Effect on income tax resulting from:
Federal investment tax credit		(4,899	)		(4,093	)
Accounting charges not deductible for tax purposes		679			1,078
Capital gain income		(13,956	)		—
Equity compensation		3,492			2,220
State taxes		(777	)		(37	)
Other		(142	)		644
Change in valuation allowance		34,434			27,285
Tax (benefit) expense	$	15,147		$	(1,678	)

Summary of Losses Expire

The Company has not recognized the tax benefit of these losses. These losses expire as follows:

	(in thousands)
2042	$	45,279
2041		93,834
2040		—
2039		11,394
2038		7,111
2037		883
Total	$	158,501

Summary of Investment Tax Credits Expire

The Company has not recognized the tax benefits related to the non-refundable investment tax credits. The investment tax credits

	(in thousands)
2042	$	2,392
2041		2,253
2040		1,702
2039		1,362
2038		776
2037		455
2036		24
Total	$	8,964

Summary of Deferred Tax Assets

The Company’s deferred tax assets as of December 31, 2022 and 2021 consisted of the following:

	2022			2021
	(in thousands)
Net operating loss carryforwards	$	42,003		$	30,093
Net research and development expenditures		14,468			10,656
Share issuance costs		2,369			3,538
Net federal investment tax credits		6,589			4,805
U.S. research and development tax credits		—			1,775
Tax basis of property and equipment in excess of carrying values		(376	)		—
Operating lease right-of-use assets		(1,429	)		(1,995	)
Operating lease liability		1,445			1,950
Accrued expense and other liabilities		785			760
Deferred revenue		14,783			13,656
Share-based compensation		2,492			988
R&D costs capitalized		13,911			—
Total deferred tax assets		97,040			66,226
Valuation allowance		(97,040	)		(62,606	)
Net deferred tax assets	$	—		$	3,620