Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

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INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Components of the net loss consist of the following (in thousands):

Components of the net loss consist of the following (in thousands):

                 
    Year ended December 31,  
    2021     2020  
Foreign   $ (73,689 )   $ (41,155 )
Domestic     (18,598 )     (9,308 )
Total   $ (92,287 )   $ (50,463 )
A reconciliation of the effect of applying the federal statutory rate to the net loss and the effective income tax rate used to calculate the Company’s income tax provision is as follows:

A reconciliation of the effect of applying the federal statutory rate to the net loss and the effective income tax rate used to calculate the Company’s income tax provision is as follows:

                 
    Year Ended December 31,  
    2021     2020  
Statutory federal income tax     (21.0 )%     (21.0 )%
Change in valuation allowance     15.0 %     3.9 %
Foreign loss not subject to income tax     7.0 %     16.9 %
Attribute reduction from control change     (1.2 )%     0.3 %
Other     0.2 %     (0.1 )%
Income Tax Provision     0.0 %     0.0 %
Deferred tax assets (liabilities) and related valuation allowance as of December 31, 2021 and 2020 were as follows (in thousands):

Deferred tax assets (liabilities) and related valuation allowance as of December 31, 2021 and 2020 were as follows (in thousands):

                 
    December 31,  
    2021     2020  
Deferred tax assets/(liabilities):                
Net operating loss carryforward   $ 13,297     $ 2,193  
Stock-based compensation     5,832       3,662  
Other     2,285       220  
Total deferred assets     21,414       6,075  
                 
Valuation allowance     (21,414 )     (6,075 )
                 
Net deferred tax assets   $ —     $ —