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]  
Schedule of Components of Income Tax Expense Benefits

The provision for income taxes consists of the following components:

 

 

Year Ended December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

Current

 

 

 

 

 

 

 

 

 

U.S.

 

$

301

 

 

$

705

 

 

$

743

 

Ireland

 

 

 

 

 

 

 

 

 

Total Current

 

$

301

 

 

$

705

 

 

$

743

 

 

 

 

 

 

 

 

 

 

 

Deferred

 

 

 

 

 

 

 

 

 

U.S.

 

$

 

 

$

 

 

$

 

Ireland

 

 

 

 

 

 

 

 

 

Total Deferred

 

$

 

 

$

 

 

$

 

Income Tax Provision

 

$

301

 

 

$

705

 

 

$

743

 

Summary of Components of Income (Loss) Before Provision for Income Taxes

Income taxes have been based on the following components of income (loss) before provision for income taxes:

 

 

 

 

Year Ended December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

U.S.

 

$

(13,701

)

 

$

(34

)

 

$

696

 

Ireland

 

 

(30,432

)

 

 

(90,825

)

 

 

(51,959

)

Total

 

$

(44,133

)

 

$

(90,859

)

 

$

(51,263

)

Summary of Effective Income Tax Rate

The Irish federal statutory rate is reconciled to the effective tax rate as follows:

 

 

 

Year Ended
December 31, 2022

 

Year Ended
December 31, 2021

 

Year Ended
December 31, 2020

Statutory rate

 

12.50%

 

$(5,517)

 

12.50%

 

$(11,357)

 

12.50%

 

$(6,408)

Impact of U.S. tax rate

 

4.71%

 

(2,080)

 

0.01%

 

(5)

 

(0.20)%

 

105

Impact of valuation allowance

 

(5.30)%

 

2,341

 

(3.64)%

 

3,304

 

(6.47)%

 

3,319

Research and development tax credit

 

0.00%

 

 

0.00%

 

 

0.14%

 

(71)

Adjustments for current tax of prior periods

 

(4.19)%

 

1,851

 

0.14%

 

(131)

 

(1.94)%

 

995

Cancellation of share options

 

(9.02)%

 

3,983

 

0.00%

 

 

0.00%

 

Fair value movements on derivative financial instruments

 

1.55%

 

(682)

 

(8.37)%

 

7,603

 

(4.34)%

 

2,227

Other, net

 

(0.92)%

 

405

 

(1.42)%

 

1,292

 

(1.13)%

 

577

Effective tax rate

 

(0.68)%

 

$301

 

(0.78)%

 

$705

 

(1.44)%

 

$743

 

Summary of Significant Components of Deferred Tax Assets and Liabilities

The significant components of the Company’s deferred tax assets and liabilities are as follows:

 

 

 

Year Ended December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

Deferred tax assets

 

 

 

 

 

 

 

 

 

Share-based compensation

 

$

438

 

 

$

822

 

 

$

650

 

Depreciation

 

 

42

 

 

 

127

 

 

 

31

 

Net operating loss carryforwards

 

 

36,059

 

 

 

33,218

 

 

 

30,261

 

Other

 

 

(11

)

 

 

120

 

 

 

41

 

Valuation allowance

 

 

(36,528

)

 

 

(34,287

)

 

 

(30,983

)

Total deferred tax assets

 

$

 

 

$

 

 

$

 

 

 

 

 

 

 

 

 

 

 

Deferred tax liabilities

 

 

 

 

 

 

 

 

 

Net deferred tax asset

 

$

 

 

$

 

 

$

 

Summary of Gross Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows:

 

 

2022

 

 

2021

 

Balance at January 1

 

$

3,300

 

 

$

3,024

 

(Decrease) / Increase in tax positions

 

 

(456

)

 

 

276

 

Balance at December 31

 

$

2,844

 

 

$

3,300