Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Summary of Income (loss) Before Income Taxes

Income (loss) before income taxes consisted of the following:

 

 

 

Year Ended December 31,

 

 

 

2021

 

 

2020

 

Domestic income (loss)

 

$

802

 

 

$

(28,300

)

Foreign loss

 

 

(19,617

)

 

 

(3,804

)

Income (loss) before income taxes

 

$

(18,815

)

 

$

(32,104

)

Summary of Income Tax Provision

The income tax provision consists of the following:

 

 

 

Year Ended December 31,

 

 

 

2021

 

 

2020

 

Current income tax provisions:

 

 

 

 

 

 

Federal

 

$

 

 

$

 

State

 

 

 

 

 

 

Foreign

 

 

 

 

 

321

 

Current income tax provision

 

 

 

 

 

321

 

Deferred income tax expense:

 

 

 

 

 

 

Federal

 

 

 

 

 

 

State

 

 

 

 

 

 

Foreign

 

 

497

 

 

 

79

 

Deferred income tax expense

 

 

497

 

 

 

79

 

Total income tax provision

 

$

497

 

 

$

400

 

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,

 

 

 

2021

 

 

2020

 

U.S. federal tax benefit at statutory rate

 

 

21.0

%

 

 

21.0

%

State income taxes, net of federal benefit

 

 

10.4

%

 

 

3.5

%

exactEarth acquisition costs

 

 

(5.5

)%

 

 

0.0

%

Merger costs

 

 

(7.4

)%

 

 

0.0

%

Merger contingent fees

 

 

8.6

%

 

 

0.0

%

Contingent earnout liability

 

 

68.2

%

 

 

0.0

%

Non-deductible expenses and other

 

 

0.6

%

 

 

(0.9

)%

Research and development credits

 

 

4.7

%

 

 

5.4

%

Foreign rate differential

 

 

7.8

%

 

 

(0.6

)%

Change in valuation allowance, net

 

 

(111.0

)%

 

 

(29.6

)%

Effective tax rate

 

 

(2.6

)%

 

 

(1.2

)%

Summary of Significant Components of Deferred Tax Assets (Liabilities)

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

 

 

 

Year Ended December 31,

 

 

 

2021

 

 

2020

 

Deferred tax assets

 

 

 

 

 

 

Net operating loss carryforward

 

$

75,129

 

 

$

38,529

 

Research and development credit carryforward

 

 

6,002

 

 

 

2,454

 

Stock-based compensation

 

 

599

 

 

 

52

 

Property and equipment

 

 

4,177

 

 

 

367

 

Intangibles

 

 

440

 

 

 

855

 

Other accruals

 

 

2,284

 

 

 

1,073

 

Gross deferred tax assets

 

 

88,631

 

 

 

43,330

 

Less: Valuation allowance

 

 

(74,558

)

 

 

(43,330

)

Net deferred tax assets

 

 

14,072

 

 

 

 

Deferred tax liabilities

 

 

 

 

 

 

Intangibles

 

 

(14,072

)

 

 

 

Foreign property and equipment and intangibles

 

 

(835

)

 

 

(338

)

Gross deferred tax liabilities

 

 

(14,907

)

 

 

(338

)

Net deferred tax liabilities

 

$

(835

)

 

$

(338

)