Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Summary of loss Before Income Taxes

For financial reporting purposes, loss before income taxes includes the following components:

	As of December 31,
in thousands	2021			2020			2019
Domestic	$	(258,167	)	$	(68,293	)	$	(53,179	)
Foreign		—			—			—
Loss before income taxes	$	(258,167	)	$	(68,293	)	$	(53,179	)

Reconciliation Between Statutory Tax Rate and Effective Tax Rate

Reconciliation between the effective tax rate on income from continuing operations and the statutory tax rate of 21% is as follows:

	December 31,
	2021			2020			2019
U.S. federal provision at statutory rate		21.0	%		21.0	%		21.0	%
Tax credits		1.1			1.0			2.2
Non-deductible executive compensation		(1.8	)		—			—
Stock-based compensation		0.1			—			(0.1	)
Convertible notes		(10.9	)		(1.6	)		—
Fair value adjustment		2.5			2.5			—
Change in valuation allowance		(11.6	)		(22.8	)		(22.3	)
Other		(0.3	)		(0.1	)		(0.8	)
Effective tax rate		0.1	%		0.0	%		0.0	%

Schedule of Companies deferred income tax assets and liabilities

The Company’s deferred income tax assets and liabilities are as follows:

	As of December 31,
in thousands	2021			2020
Deferred tax assets:
Net operating loss carry forward	$	75,750		$	45,768
Tax credits		10,005			4,403
Stock-based compensation		1,807			35
Operating lease liabilities		2,073			—
Intangibles		—			307
Accruals and reserves		4,350			362
Total deferred tax assets		93,985			50,875
Deferred tax liabilities:
Fixed assets		(709	)		(787	)
Right-of-use assets		(2,119	)		—
Intangible assets		(2,534	)		—
Total deferred tax liabilities		(5,362	)		(787	)
Net deferred tax assets before valuation allowance		88,623			50,088
Valuation allowance		(88,623	)		(50,088	)
Net deferred tax assets (liabilities)	$	—		$	—

Schedule of Unrecognized Tax Benefits

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits:

	Year Ended December 31
in thousands	2021			2020		2019
Unrecognized tax benefits as of the beginning of the year	$	4,842		$	3,543	$	1,569
Increases related to prior year tax provisions (acquisition)		487			—		—
Decrease related to prior year tax provisions		(1,112	)		—		—
Increase related to current year tax provisions		897			1,299		1,974
Statute lapse		—			—		—
Unrecognized tax benefits as of the end of the year	$	5,114		$	4,842	$	3,543