Income Tax (Tables)
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12 Months Ended |
Dec. 31, 2022 |
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| Income Tax Disclosure [Abstract] |
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| Schedule of Income before Income Tax, Domestic and Foreign |
Net loss from operations before income taxes for the years ended December 31, 2022, 2021 and 2020 including the following components:
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For the Year Ended December 31, |
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2022 |
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2021 |
|
2020 |
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$’000 |
|
$’000 |
|
$’000 |
| U.K. |
6,638 |
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|
113,826 |
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|
(162,325) |
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| U.S. |
(223,286) |
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|
(194,407) |
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(44,066) |
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| Rest of world |
(4,867) |
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(4,300) |
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(1,998) |
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| Total loss before income taxes |
(221,515) |
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|
(84,881) |
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|
(208,389) |
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| Schedule of Components of Income Tax Expense (Benefit) |
Tax benefit / (provision) for income taxes was comprised of the following components:
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For the Year Ended December 31, |
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2022 |
|
2021 |
|
2020 |
|
$’000 |
|
$’000 |
|
$’000 |
| Current |
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| U.K. |
(850) |
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|
(784) |
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(4,639) |
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| U.S. federal |
— |
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— |
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— |
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| U.S. state |
(141) |
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|
(77) |
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— |
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| Rest of world |
(13) |
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(2) |
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— |
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| Total |
(1,004) |
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(863) |
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(4,639) |
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| Deferred |
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| U.K. |
— |
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— |
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— |
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| U.S. federal |
939 |
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|
1,827 |
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— |
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| U.S. state |
131 |
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|
479 |
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— |
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| Rest of world |
— |
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— |
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— |
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| Total |
1,070 |
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|
2,306 |
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— |
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Tax benefit (provision) |
66
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1,443
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(4,639) |
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| Schedule of Deferred Tax Assets and Liabilities |
The Deferred tax liability consisted of the following:
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As of December 31, |
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2022 |
|
2021 |
|
$’000 |
|
$’000 |
| Deferred tax assets: |
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| Net operating loss carryforwards |
233,585 |
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|
167,123 |
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| Other intangibles assets |
3,688 |
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|
6,016 |
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| Capitalized start-up costs |
5,552 |
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|
5,291 |
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| Stock-based compensation |
25,445 |
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|
16,525 |
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| Tax credit carryforwards |
2,777 |
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|
1,872 |
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| Premium deficiency reserve |
5,865 |
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|
13,043 |
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| Research expenditures |
7,063 |
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— |
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| Other |
12,113 |
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|
7,185 |
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| Total deferred tax assets |
296,088 |
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|
217,055 |
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| Less: valuation allowance |
(287,343) |
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(208,525) |
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| Total deferred tax assets, net |
8,745
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8,530
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| Deferred tax liabilities: |
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| Property, plant and equipment |
38 |
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3,085 |
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Other intangible assets(1)
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4,423 |
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6,342 |
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| Other |
4,284 |
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|
168 |
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| Total deferred tax liabilities |
8,745
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|
9,595
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| Net of deferred tax assets and liabilities |
—
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|
1,065
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| (1) Other intangible assets includes goodwill |
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| Schedule of Effective Income Tax Rate Reconciliation |
The reconciliation of the U.K. statutory income tax rate, to the Company’s effective tax rate, done on the basis that the company is a UK domicile income tax payer, consisted of the following:
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For the Year Ended December 31, |
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2022 |
|
2021 |
|
2020 |
| Tax at statutory income tax rate |
(19.0) |
% |
|
(19.0) |
% |
|
(19.0) |
% |
| Benefit of foreign operations |
(2.2) |
% |
|
(0.3) |
% |
|
— |
% |
| Change in valuation allowance |
32.1 |
% |
|
57.8 |
% |
|
17.3 |
% |
| Expenses not deductible for tax purposes |
4.1 |
% |
|
6.9 |
% |
|
2.0 |
% |
| Non-taxable income |
— |
% |
|
(1.2) |
% |
|
— |
% |
| Change in fair value of Earnout liabilities |
(15.7) |
% |
|
(46.3) |
% |
|
— |
% |
| Impairments |
3.5 |
% |
|
— |
% |
|
— |
% |
| All other, net |
(2.8) |
% |
|
0.4 |
% |
|
1.9 |
% |
| Benefit / (provision) for income taxes |
—
|
% |
|
(1.7) |
% |
|
2.2
|
% |
|