Post-effective amendment to a registration statement that is not immediately effective upon filing

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