Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) Before Income Tax Expense (Benefit)

For financial reporting purposes, income (loss) before income tax expense (benefit) for the years ended December 31, 2021 and 2020 consisted of the following:

(in thousands)	2021			2020
Domestic	$	(47,242	)	$	(31,184	)
Foreign		303,706			(6,906	)
Income (loss) before income tax expense (benefit)	$	256,464		$	(38,090	)

Schedule of Reconciliation of Income Tax Expense (Benefit) Computed at the Statutory Federal Income Tax Rate

The reconciliation of the statutory U.S. federal income tax rate (21%) to the effective income tax rate is as follows:

		2021					2020
U.S. statutory federal income tax rate		21.0	%				21.0	%
State income taxes	(0.5)			4.8
Foreign tax differential	4.7			0.8
Non-deductible/non-taxable permanent differences	0.1			3.4
Innovation income deduction tax exemption	(28.2)					—
Net GILTI Inclusion Income	15.2					—
Change in local tax rate		—			(8.6)
Unrecognized tax benefits	6.6					—
Other	(1.1)			0.9
Change in valuation allowance	(1.4)			(22.1)
Effective income tax rate		16.4	%		0.2%

Schedule of Components of Income Tax Expense

The components of income tax expense (benefit) for the years ended December 31, 2021 and 2020 consisted of the following:

(in thousands)	2021		2020
Current
Domestic	$	41,535	$	(60	)
Foreign		408		3
Deferred		—		—
Total income tax expense (benefit)	$	41,943	$	(57	)

Schedule of Significant Components of the Company Deferred Tax Assets and Lliabilities

The significant components of the Company’s deferred tax assets and liabilities are comprised of the following:

	December 31,
(in thousands)	2021			2020
Deferred tax assets :
Net operating loss carryforward	$	17,097		$	25,206
Foreign research and development expenses		7,884			6,219
Stock-based compensation		1,784			758
Operating lease liabilities		1,374			—
Accrued bonus		390			—
Other		17			313
Total deferred tax assets		28,546			32,496
Valuation allowance		(26,647	)		(32,029	)
Deferred tax assets, net of valuation allowance		1,899			467
Deferred tax liabilities:
Operating lease right of use assets		(1,371	)		—
Prepaid expenses		(497	)		(445	)
Depreciation and amortization		(31	)		(22	)
Total deferred tax liabilities		(1,899	)		(467	)
Deferred tax assets and liabilities, net of valuation    allowance	$	—		$	—

Schedule of Changes to the Unrecognized Tax Benefits

The changes to the unrecognized tax benefits during the year ended December 31, 2021 were as follows:

(in thousands)
Balance at December 31, 2020	$	—
Increase related to current year tax positions		17,000
Balance at December 31, 2021	$	17,000