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

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
The Company only has operations in the United States. 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