Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign Loss from operations before income taxes is categorized geographically as follows:
2021 2020
United States
 $ (759,954) $ (214,447)
Total loss from operations before income taxes
 $ (759,954) $ (214,447)
Schedule of Components of Income Tax Expense (Benefit)
The federal and state income tax provision is summarized as follows:
2021 2020
Current income tax expense:
Federal
 $ —  $ — 
State
 2  2 
Total current income tax expense
 2  2 
Deferred income tax benefit:
Federal
 (3,805) — 
State
 (698) — 
Total deferred income tax benefit
 (4,503) — 
Total tax benefit (expense)
 $ (4,501) $ 2 
Schedule of Effective Income Tax Rate Reconciliation
The effective tax rate of the Company’s provision for income taxes differs from the federal statutory rate as follows:
2021 2020
Tax at federal statutory rate
 21.0  % 21.0  %
State income tax, net of federal tax benefit
 0.1  — 
Stock-based compensation
 (0.4) (1.5)
Research and development credits
 2.5  3.5 
Liability classified financial instruments (0.7) — 
Other
 (0.1) 0.2 
Change in valuation allowance
 (21.8) (23.2)
Total provision for income taxes
 0.6  % —  %
Schedule of Deferred Tax Assets and Liabilities
The tax effects of significant items comprising the Company’s deferred taxes are as follows:
2021 2020
Deferred tax assets:
Net operating losses
 $ 244,401  $ 70,125 
Tax credits
 44,610  21,461 
Stock-based compensation
 41,462  324 
Accrued compensation and related expenses
 9,272  2,293 
Lease liability
 31,466  24,521 
Other
 1,928  236 
Total deferred tax assets
 373,139  118,960 
Valuation allowance
 (330,623) (87,241)
Total deferred tax assets, net of valuation allowance
 42,516  31,719 
Deferred tax liabilities:
Depreciation and amortization
 (6,529) (11,040)
Right of use asset
 (32,172) (23,253)
Other
 (7,720) (478)
Total deferred tax liabilities
 (46,421) (34,771)
Total net deferred tax liabilities
 $ (3,905) $ (3,052)
Schedule of Unrecognized Tax Benefits Roll Forward
Changes in balances during 2021 and 2020 and ending balances as of December 31, 2021 and 2020 in gross unrecognized tax benefits were as follows:
2021 2020
Beginning balance
 $ 5,256  $ 2,360 
Increases related to tax positions taken during a prior year
 750  202 
Increases related to tax positions taken during the current year
 11,962  2,772 
Decreases related to tax positions taken during a prior year
 (134) (78)
Decreases related to tax settlements with taxing authorities
 —  — 
Ending balance
 $ 17,834  $ 5,256