Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.24.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2023
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,

 

 

 

2023

 

 

2022

 

 

2021

 

Current

 

 

 

 

 

 

 

 

 

U.S.

 

$

613

 

 

$

301

 

 

$

705

 

Ireland

 

 

 

 

 

 

 

 

 

Total Current

 

$

613

 

 

$

301

 

 

$

705

 

 

 

 

 

 

 

 

 

 

Deferred

 

 

 

 

 

 

 

 

 

U.S.

 

$

 

 

$

 

 

$

 

Ireland

 

 

 

 

 

 

 

 

 

Total Deferred

 

$

 

 

$

 

 

$

 

Income Tax Provision

 

$

613

 

 

$

301

 

 

$

705

 

 

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,

 

 

 

2023

 

 

2022

 

 

2021

 

U.S.

 

$

1,743

 

 

$

(13,701

)

 

$

(34

)

Ireland

 

 

(39,501

)

 

 

(30,432

)

 

 

(90,825

)

Total

 

$

(37,758

)

 

$

(44,133

)

 

$

(90,859

)

Summary of Effective Income Tax Rate

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

 

 

 

Year Ended
December 31, 2023

 

 

Year Ended
December 31, 2022

 

 

Year Ended
December 31, 2021

 

Statutory rate

 

 

12.50

%

 

$

(4,720

)

 

 

12.50

%

 

$

(5,517

)

 

 

12.50

%

 

$

(11,357

)

Impact of U.S. tax rate

 

 

0.72

%

 

 

(272

)

 

 

4.71

%

 

 

(2,080

)

 

 

0.01

%

 

 

(5

)

Impact of valuation allowance

 

 

(14.48

)%

 

 

5,466

 

 

 

(5.30

)%

 

 

2,341

 

 

 

(3.64

)%

 

 

3,304

 

Research and development tax credit

 

 

0.00

%

 

 

 

 

 

0.00

%

 

 

 

 

 

0.00

%

 

 

 

Adjustments for current tax of prior periods

 

 

0.14

%

 

 

(52

)

 

 

(4.19

)%

 

 

1,851

 

 

 

0.14

%

 

 

(131

)

Cancellation of share options

 

 

0.00

%

 

 

 

 

 

(9.02

)%

 

 

3,983

 

 

 

0.00

%

 

 

 

Fair value movements on derivative financial instruments

 

 

3.66

%

 

 

(1,382

)

 

 

1.55

%

 

 

(682

)

 

 

(8.37

)%

 

 

7,603

 

Other, net

 

 

(4.17

)%

 

 

1,573

 

 

 

(0.92

)%

 

 

405

 

 

 

(1.42

)%

 

 

1,292

 

Effective tax rate

 

 

(1.62

)%

 

$

613

 

 

 

(0.68

)%

 

$

301

 

 

 

(0.78

)%

 

$

705

 

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,

 

 

 

2023

 

 

2022

 

 

2021

 

Deferred tax assets

 

 

 

 

 

 

 

 

 

Share-based compensation

 

$

154

 

 

$

438

 

 

$

822

 

Depreciation

 

 

45

 

 

 

42

 

 

 

127

 

Net operating loss carryforwards

 

 

41,525

 

 

 

36,059

 

 

 

33,218

 

Other

 

 

4

 

 

 

(11

)

 

 

120

 

Valuation allowance

 

 

(41,728

)

 

 

(36,528

)

 

 

(34,287

)

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:

 

 

2023

 

 

2022

 

Balance at January 1

 

$

2,844

 

 

$

3,300

 

Decrease in tax positions

 

 

(824

)

 

 

(456

)

Balance at December 31

 

$

2,020

 

 

$

2,844