Income Taxes (Tables)
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12 Months Ended |
Dec. 31, 2021 |
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| Income Tax Disclosure [Abstract] |
|
| Schedule of Income before Income Tax, Domestic and Foreign |
Loss from operations before income taxes is categorized geographically as follows:
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2021 |
|
2020 |
|
2019 |
United States |
$ |
(759,954) |
|
|
$ |
(214,447) |
|
|
$ |
(101,848) |
|
Total loss from operations before income taxes |
$ |
(759,954) |
|
|
$ |
(214,447) |
|
|
$ |
(101,848) |
|
|
| Schedule of Components of Income Tax Expense (Benefit) |
The federal and state income tax provision is summarized as follows:
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2021 |
|
2020 |
|
2019 |
Current income tax expense: |
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Federal |
$ |
— |
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|
$ |
— |
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|
$ |
— |
|
State |
2 |
|
|
2 |
|
|
7 |
|
Total current income tax expense |
2 |
|
|
2 |
|
|
7 |
|
Deferred income tax benefit: |
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|
|
|
|
Federal |
(3,805) |
|
|
— |
|
|
(5,012) |
|
State |
(698) |
|
|
— |
|
|
(2,766) |
|
Total deferred income tax benefit |
(4,503) |
|
|
— |
|
|
(7,778) |
|
Total tax benefit (expense) |
$ |
(4,501) |
|
|
$ |
2 |
|
|
$ |
(7,771) |
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| 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:
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2021 |
|
2020 |
|
2019 |
Tax at federal statutory rate |
21.0 |
% |
|
21.0 |
% |
|
21.0 |
% |
State income tax, net of federal tax benefit |
0.1 |
|
|
— |
|
|
2.7 |
|
Stock-based compensation |
(0.4) |
|
|
(1.5) |
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|
(5.6) |
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Research and development credits |
2.5 |
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|
3.5 |
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|
3.5 |
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| Liability classified financial instruments |
(0.7) |
|
|
— |
|
|
— |
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Other |
(0.1) |
|
|
0.2 |
|
|
(0.2) |
|
Change in valuation allowance |
(21.8) |
|
|
(23.2) |
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|
(13.8) |
|
Total provision for income taxes |
0.6 |
% |
|
— |
% |
|
7.6 |
% |
|
| Schedule of Deferred Tax Assets and Liabilities |
The tax effects of significant items comprising the Company’s deferred taxes are as follows:
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2021 |
|
2020 |
Deferred tax assets: |
|
|
|
Net operating losses |
$ |
244,401 |
|
|
$ |
70,125 |
|
Tax credits |
44,610 |
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|
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) |
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Right of use asset |
(32,172) |
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|
(23,253) |
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Other |
(7,720) |
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|
(478) |
|
Total deferred tax liabilities |
(46,421) |
|
|
(34,771) |
|
Total net deferred tax liabilities |
$ |
(3,905) |
|
|
$ |
(3,052) |
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| Schedule of Unrecognized Tax Benefits Roll Forward |
Changes in balances during 2021, 2020, and 2019 and ending balances as of December 31, 2021, 2020, and 2019 in gross unrecognized tax benefits were as follows:
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2021 |
|
2020 |
|
2019 |
Beginning balance |
$ |
5,256 |
|
|
$ |
2,360 |
|
|
$ |
982 |
|
Increases related to tax positions taken during a prior year |
750 |
|
|
202 |
|
|
24 |
|
Increases related to tax positions taken during the current year |
11,962 |
|
|
2,772 |
|
|
1,553 |
|
Decreases related to tax positions taken during a prior year |
(134) |
|
|
(78) |
|
|
(199) |
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Decreases related to tax settlements with taxing authorities |
— |
|
|
— |
|
|
— |
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Ending balance |
$ |
17,834 |
|
|
$ |
5,256 |
|
|
$ |
2,360 |
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