Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Components of Loss Before Income Taxes |
Significant components of loss before income taxes for the periods presented were as follows:
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31, |
|
(in thousands) |
|
2022 |
|
|
2021 |
|
United States |
|
$ |
(164,786 |
) |
|
$ |
(140,563 |
) |
Foreign |
|
|
966 |
|
|
|
1,619 |
|
Loss before income taxes |
|
$ |
(163,820 |
) |
|
$ |
(138,944 |
) |
|
| Components of Provision for Income Taxes |
Significant components of provision for income taxes for the periods presented were as follows:
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31, |
|
(in thousands) |
|
2022 |
|
|
2021 |
|
Current: |
|
|
|
|
|
|
Federal |
|
$ |
— |
|
|
$ |
(5 |
) |
State |
|
|
13 |
|
|
|
2 |
|
Foreign |
|
|
147 |
|
|
|
41 |
|
Current provision for income taxes |
|
|
160 |
|
|
|
38 |
|
|
|
|
|
|
|
|
Deferred: |
|
|
|
|
|
|
Federal |
|
|
— |
|
|
|
— |
|
State |
|
|
— |
|
|
|
— |
|
Foreign |
|
|
— |
|
|
|
— |
|
Deferred provision for income taxes |
|
|
— |
|
|
|
— |
|
Provision for income taxes |
|
$ |
160 |
|
|
$ |
38 |
|
|
| Reconciliation Between the Provision for Income Taxes and the Amount Computed at the Statutory U.S. Federal income Tax Rate |
The reconciliation between the provision for income taxes and the amount computed at the statutory U.S. federal income tax rate for the periods presented was as follows:
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31, |
|
(in thousands) |
|
2022 |
|
|
2021 |
|
Income taxes computed at the U.S. federal statutory rate |
|
$ |
(34,402 |
) |
|
$ |
(29,178 |
) |
State and local income taxes, net of federal benefit |
|
|
(14,472 |
) |
|
|
(2,960 |
) |
Permanent differences |
|
|
(957 |
) |
|
|
18,417 |
|
Change in valuation allowance |
|
|
44,256 |
|
|
|
14,548 |
|
Federal refunds |
|
|
— |
|
|
|
(5 |
) |
Other, net |
|
|
5,735 |
|
|
|
(784 |
) |
Provision for income taxes |
|
$ |
160 |
|
|
$ |
38 |
|
|
| Components of Company's Net Deferred Tax Assets |
The components of the Company's net deferred tax assets for the periods presented were as follows:
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
(in thousands) |
|
2022 |
|
|
2021 |
|
Deferred tax assets: |
|
|
|
|
|
|
Tax loss and credit carryforwards |
|
$ |
47,783 |
|
|
$ |
25,109 |
|
Disallowed interest |
|
|
7,946 |
|
|
|
2,194 |
|
Share-based compensation |
|
|
6,667 |
|
|
|
670 |
|
Impairment loss |
|
|
6,678 |
|
|
|
— |
|
Research and development |
|
|
2,331 |
|
|
|
— |
|
Operating leases |
|
|
2,275 |
|
|
|
— |
|
Other |
|
|
2,365 |
|
|
|
2,554 |
|
Total deferred tax assets |
|
|
76,045 |
|
|
|
30,527 |
|
Valuation allowance |
|
|
(74,302 |
) |
|
|
(30,046 |
) |
Deferred tax assets, net of valuation allowance |
|
$ |
1,743 |
|
|
$ |
481 |
|
|
|
|
|
|
|
|
Deferred tax liabilities: |
|
|
|
|
|
|
Property, plant, and equipment |
|
$ |
(1,743 |
) |
|
$ |
- |
|
Other |
|
|
— |
|
|
|
(481 |
) |
Total deferred tax liabilities |
|
|
(1,743 |
) |
|
|
(481 |
) |
Net deferred tax assets |
|
$ |
— |
|
|
$ |
— |
|
|
| Change in Valuation Allowance for Deferred Tax Assets |
The change in the valuation allowance for deferred tax assets for the periods presented was as follows:
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31, |
|
(in thousands) |
|
2022 |
|
|
2021 |
|
Beginning balance |
|
$ |
(30,046 |
) |
|
$ |
(15,498 |
) |
Change in valuation allowance |
|
|
(44,256 |
) |
|
|
(14,548 |
) |
Ending balance |
|
$ |
(74,302 |
) |
|
$ |
(30,046 |
) |
|
| Summary of Open Tax Years by Jurisdiction |
The Company files income tax returns for U.S. federal and various state jurisdictions and in Italy for its foreign subsidiary. The income tax returns are subject to audit by the taxing authorities. These audits may culminate in proposed assessments which may ultimately result in a change to the estimated income taxes. The following is a summary of open tax years by jurisdiction:
|
|
|
Jurisdiction |
|
Years Open to Audit |
Federal |
|
2019 - 2021 |
State |
|
2018 - 2021 |
Italy |
|
2017 - 2021 |
|