Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.22.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2022
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,  
    2022     2021  
Foreign   $ (88,478 )   $ (73,689 )
Domestic     (21,740 )     (18,598 )
Total   $ (110,218 )   $ (92,287 )
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,  
    2022     2021  
Statutory federal income tax     (21.0 )%     (21.0 )%
Change in valuation allowance     9.6 %     15.0 %
Foreign loss not subject to income tax     7.0 %     7.0 %
Attribute reduction from control change     4.0 %     (1.2 )%
Other     0.4 %     0.2 %
Income Tax Provision     0.0 %     0.0 %
Deferred tax assets (liabilities) and related valuation allowance as of December 31, 2022 and 2021 were as follows (in thousands):

Deferred tax assets (liabilities) and related valuation allowance as of December 31, 2022 and 2021 were as follows (in thousands):

                 
    December 31,  
    2022     2021  
Deferred tax assets/(liabilities):                
Net operating loss carryforward   $ 21,642     $ 13,297  
Stock-based compensation     7,353       5,832  
Other     1,997       2,285  
Total deferred assets     30,992       21,414  
                 
Valuation allowance     (30,992 )     (21,414 )
                 
Net deferred tax assets   $ —     $ —