Provision for Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2021 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Loss Before Provision for Income Taxes |
The components of the Company’s loss before the provision for income taxes consisted of the following:
|
|
|
Year Ended
|
|
|
|
|
December 31,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
United States of America
|
|
$
|
(88,092
|
)
|
|
$
|
(47,831
|
)
|
|
Foreign
|
|
|
20,243
|
|
|
|
31
|
|
|
Total
|
|
$
|
(67,849
|
)
|
|
$
|
(47,800
|
)
|
|
| Schedule of Provision for Income Taxes |
The provision for income taxes consisted of the following for the years ended December 31, 2021 and 2020:
|
|
|
Year Ended
|
|
|
|
|
December 31,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
Current
|
|
|
|
|
|
|
|
|
|
Federal
|
|
$
|
249
|
|
|
$
|
—
|
|
|
State
|
|
|
99
|
|
|
|
70
|
|
|
Foreign
|
|
|
2,988
|
|
|
|
6
|
|
|
Total current provision
|
|
|
3,336
|
|
|
|
76
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred
|
|
|
|
|
|
|
|
|
|
Federal
|
|
|
(10,549
|
)
|
|
|
(11,573
|
)
|
|
State
|
|
|
(6,197
|
)
|
|
|
(4,532
|
)
|
|
Foreign
|
|
|
(520
|
)
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in valuation allowance
|
|
|
16,674
|
|
|
|
16,105
|
|
|
Total deferred benefit
|
|
|
(592
|
)
|
|
|
—
|
|
|
Total provision for income taxes
|
|
$
|
2,744
|
|
|
$
|
76
|
|
|
| Reconciliation of Statutory U.S. Federal Income Tax Rate to Company's Effective Tax Rate |
A reconciliation of the statutory U.S. federal income tax rate to the Company's effective tax rate for the years ended December 31, 2021 and 2020 is as follows:
|
|
|
Year Ended
|
|
|
|
|
December 31,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
Tax, computed at the federal statutory rate
|
|
|
21.00
|
%
|
|
|
21.00
|
%
|
|
State taxes, net of federal tax benefit
|
|
|
9.37
|
|
|
|
9.36
|
|
|
Foreign rate differential
|
|
|
3.54
|
|
|
|
—
|
|
|
Global intangible low-taxed income
|
|
|
(6.84
|
)
|
|
|
—
|
|
|
Stock-based compensation
|
|
|
6.47
|
|
|
|
1.49
|
|
|
Earn-out revaluation
|
|
|
(7.08
|
)
|
|
|
—
|
|
|
Meals, entertainment and other
|
|
|
(5.92
|
)
|
|
|
1.68
|
|
|
Change in valuation allowance
|
|
|
(24.58
|
)
|
|
|
(33.69
|
)
|
|
(Provision for) benefit from income taxes
|
|
|
(4.04
|
)%
|
|
|
(0.16
|
)%
|
|
| Components of Deferred Income Tax Assets and Liabilities |
The significant components of the Company’s deferred income tax assets and liabilities as of December 31, 2021 and 2020 were as follows:
|
|
|
Year Ended
|
|
|
|
|
December 31,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
Net operating loss carryforwards
|
|
$
|
55,385
|
|
|
$
|
44,711
|
|
|
Stock-based compensation
|
|
|
21,003
|
|
|
|
15,866
|
|
|
Accrued expenses
|
|
|
1,146
|
|
|
|
2,352
|
|
|
Research credits
|
|
|
4,632
|
|
|
|
3,193
|
|
|
Other
|
|
|
669
|
|
|
|
518
|
|
|
Total gross deferred tax assets
|
|
|
82,835
|
|
|
|
66,640
|
|
|
Valuation allowance
|
|
|
(81,784
|
)
|
|
|
(65,110
|
)
|
|
Total deferred tax assets
|
|
|
1,051
|
|
|
|
1,530
|
|
|
|
|
|
|
|
|
|
|
|
|
Other - fixed assets and intangibles
|
|
|
(589
|
)
|
|
|
(1,530
|
)
|
|
Acquired intangibles
|
|
|
(11,367
|
)
|
|
|
—
|
|
|
Total deferred tax liabilities
|
|
|
(11,956
|
)
|
|
|
(1,530
|
)
|
|
Net deferred tax liabilities
|
|
$
|
(10,905
|
)
|
|
$
|
—
|
|
|
| Summary of Valuation Allowance |
The change in the valuation allowance for the years ended December 31, 2021 and 2020 is as follows:
|
|
|
Year Ended
|
|
|
|
|
December 31,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
Valuation allowance, at beginning of year
|
|
$
|
65,110
|
|
|
$
|
49,005
|
|
|
Increase in valuation allowance
|
|
|
16,674
|
|
|
|
16,105
|
|
|
Valuation allowance, at end of year
|
|
$
|
81,784
|
|
|
$
|
65,110
|
|
|
| Schedule of Reconciliation of Unrecognized Tax Benefits |
A reconciliation of the unrecognized tax benefits from January 1, 2020 to December 31, 2021 is as follows:
|
|
|
Year Ended
|
|
|
|
|
December 31,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
Unrecognized tax benefits as of January 1
|
|
$
|
720
|
|
|
$
|
—
|
|
|
Gross increase for tax positions of prior years
|
|
|
—
|
|
|
|
470
|
|
|
Gross increase for tax positions of current year
|
|
|
391
|
|
|
|
250
|
|
|
Unrecognized tax benefits balance at December 31
|
|
$
|
1,111
|
|
|
$
|
720
|
|
|