Income Tax (Tables)

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Components of the Net Loss Before the Provision for Income Taxes

The components of the net loss before the provision for income taxes were as follows (in thousands):

	Year Ended December 31,
	2022	2021	2020
Domestic	(237,950)	(249,990)	(126,985)

Provision for Income Taxes

The provision for income taxes consisted of the following (in thousands):

	Year Ended December 31,
	2022		2021		2020
Current:
Federal	$	—	$	—	$	—
State	—		16		13
Foreign	—		—		9
Total current provision	—		16		22
Deferred:
Federal	—		—		—
State	—		—		—
Foreign	—		—		—
Total deferred provision	—		—		—
Total provision for income taxes	$	—	$	16	$	22

Reconciliation of U.S. Federal Statutory Income Tax Rates to Effective Tax Rate

A reconciliation of the U.S. federal statutory income tax rates to the Company’s effective tax rate is as follows (in percentages):

	Year Ended December 31,
	2022		2021		2020
U.S. federal statutory rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	2.6		3.9		1.7
Change in valuation allowance	(23.2)		(17.9)		(17.5)
Research and development credit	1.2		0.5		0.2
Fair market value adjustment (1)	—		(5.9)		(2.1)
Non-deductible Convertible Notes interest expense	(1.4)		(1.5)		(2.2)
Other	(0.2)		(0.1)		(1.1)
Effective income tax rate	—	%	—	%	—	%

__________________

(1)The adjustments related to the loss on valuation of derivative and warrant liabilities.

Deferred Tax Assets and Liabilities

The Company’s deferred tax assets (liabilities) are as follows (in thousands):

	December 31,
	2022		2021
Deferred tax assets:
Net operating loss carryforwards	$	182,302	$	150,857
Deferred revenue	16,593		9,419
Stock-based compensation	5,276		4,679
Accruals and reserves, not currently deductible for tax purposes	11,355		10,665
Research and development credit	7,941		4,562
Goodwill and capitalized R&D expenses	12,936		888
Interest expense	1,405		1,808
Lease liability	6,172		6,511
Other	45		381
Gross deferred tax assets	244,025		189,770
Less valuation allowance	(237,399)		(182,113)
Net deferred tax assets	$	6,626	$	7,657
Deferred tax liabilities:
Property, plant and equipment	(1,612)		(1,344)
ROU assets	(5,014)		(6,313)
Other	—		—
Gross deferred tax liabilities	(6,626)		(7,657)
Net deferred tax asset (liabilities)	$	—	$	—

Net Operating Loss Carryforwards

The Company had net operating loss carryforwards as follows (in thousands):

	December 31,
	2022		2021
Federal (Prior to 2018)	$	237,850	$	237,850
Federal (Post December 31, 2017)	491,620		361,815
State	531,138		437,868
Total	$	1,260,608	$	1,037,533

Summary of Tax Credit Carryforwards

The Company had research and development credit carryforwards as follows (in thousands):

	December 31,
	2022		2021
Federal	$	7,167	$	3,454
State	4,257		2,471
Total	$	11,424	$	5,925

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits for 2022, 2021 and 2020 was as follows (in thousands):

	Year Ended December 31,
	2022		2021		2020
Beginning balance	$	1,481	$	813	$	707
Increase – tax positions in current period	1,375		668		106
Ending balance	$	2,856	$	1,481	$	813