Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.4
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Summary of Loss Before Income Taxes

Loss before income taxes consisted of the following:

 

 

 

Year Ended December 31,

 

 

 

2022

 

 

2021

 

Domestic loss

 

$

(69,072

)

 

$

(17,976

)

Foreign loss

 

 

(20,017

)

 

 

(19,617

)

Loss before income taxes

 

$

(89,089

)

 

$

(37,593

)

Summary of Income Tax Provision

The income tax provision consists of the following:

 

 

 

Year Ended December 31,

 

 

 

2022

 

 

2021

 

Current income tax provisions:

 

 

 

 

 

 

Federal

 

$

 

 

$

 

State

 

 

 

 

 

 

Foreign

 

 

386

 

 

 

 

Current income tax provision

 

 

386

 

 

 

 

Deferred income tax expense:

 

 

 

 

 

 

Federal

 

 

 

 

 

 

State

 

 

 

 

 

 

Foreign

 

 

(64

)

 

 

497

 

Deferred income tax expense

 

 

(64

)

 

 

497

 

Total income tax provision

 

$

322

 

 

$

497

 

Schedule of Reconciliation of Federal Statutory Income Tax Rate to Effective Income Tax Rate

The following table presents a reconciliation of the federal statutory rate of 21% to effective tax rate:

 

 

 

Year Ended December 31,

 

 

 

2022

 

 

2021

 

U.S. federal tax benefit at statutory rate

 

 

21.0

%

 

 

21.0

%

State income taxes, net of federal benefit

 

 

4.2

%

 

 

5.2

%

exactEarth acquisition costs

 

 

(0.2

)%

 

 

(2.7

)%

Merger costs

 

 

 

 

 

(3.7

)%

Merger contingent fees

 

 

 

 

 

4.3

%

Contingent earnout liability

 

 

2.3

%

 

 

23.6

%

Non-deductible expenses and other

 

 

2.0

%

 

 

0.3

%

Research and development credits

 

 

0.4

%

 

 

2.3

%

Foreign rate differential

 

 

1.3

%

 

 

3.9

%

Change in valuation allowance, net

 

 

(31.3

)%

 

 

(55.5

)%

Effective tax rate

 

 

(0.3

)%

 

 

(1.3

)%

Summary of Significant Components of Deferred Tax Assets (Liabilities)

The significant components of deferred tax assets (liabilities) are as follows:

 

 

 

Year Ended December 31,

 

 

 

2022

 

 

2021

 

Deferred tax assets

 

 

 

 

 

 

Net operating loss carryforward

 

$

97,737

 

 

$

75,129

 

Research and development credit carryforward

 

 

6,402

 

 

 

6,002

 

Stock-based compensation

 

 

1,836

 

 

 

599

 

Property and equipment

 

 

3,533

 

 

 

4,177

 

Operating lease liabilities

 

 

1,965

 

 

 

 

Sec 174 Capitalized R&D

 

 

3,424

 

 

 

 

Intangibles

 

 

56

 

 

 

440

 

Other accruals

 

 

3,422

 

 

 

2,284

 

Gross deferred tax assets

 

 

118,375

 

 

 

88,631

 

Less: Valuation allowance

 

 

(102,480

)

 

 

(74,558

)

Net deferred tax assets

 

 

15,895

 

 

 

14,073

 

Deferred tax liabilities

 

 

 

 

 

 

Intangibles

 

 

(13,945

)

 

 

(14,073

)

Operating lease right-of-use assets

 

 

(1,950

)

 

 

-

 

Foreign property and equipment and intangibles

 

 

(771

)

 

 

(835

)

Gross deferred tax liabilities

 

 

(16,666

)

 

 

(14,908

)

Net deferred tax liabilities

 

$

(771

)

 

$

(835

)