Income taxes (Tables)
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12 Months Ended |
Sep. 30, 2022 |
Income Tax Disclosure [Abstract] |
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Schedule of Domestic and Foreign Components of Pre-Tax Loss |
The domestic and foreign components of pre-tax loss for the years ended September 30, 2022, 2021, and 2020 are as follows: | | | | | | | | | | | | | | | | | | | | | | | Year ended September 30, | (in thousands) | | 2022 | | 2021 | | 2020 | US | | (231,659) | | (149,533) | | (138,016) | Foreign | | 3,385 | | (4,495) | | (1,533) | Total | | (228,274) | | (154,028) | | (139,549) |
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Schedule of Components of the Provision for Income Taxes |
The components of the provision for income taxes for the years ended September 30, 2022, 2021, and 2020 are as follows: | | | | | | | | | | | | | | | | | | | | | | | Year ended September 30, | (in thousands) | | 2022 | | 2021 | | 2020 | Current | | | | | | | Federal | | — | | — | | — | State | | (1) | | (29) | | 0 | Foreign | | 767 | | 108 | | 382 | Total current | | 766 | | 79 | | 382 | | | | | | | | Deferred | | | | | | | Federal | | (9,765) | | (2,268) | | — | State | | (1,412) | | 259 | | — | Foreign | | — | | — | | — | Total deferred | | (11,177) | | (2,009) | | — | | | | | | | | Total (benefit)/provision | | (10,411) | | (1,930) | | 382 |
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Schedule of Effective Income Tax Rate Reconciliation |
The following is a reconciliation of the statutory federal income tax rate to the Company’s effective tax rate for the years ended September 30, 2022, 2021, and 2020: | | | | | | | | | | | | | | | | | | | | | | | Year ended September 30, | | | 2022 | | 2021 | | 2020 | Tax expense computed at the federal statutory rate | | 21 | % | | 21 | % | | 21 | % | Change in valuation allowance | | (13) | % | | (33) | % | | (25) | % | Research and development credit benefit | | 4 | % | | 3 | % | | 1 | % | Business combination | | (4) | % | | (2) | % | | — | Stock-based compensation | | (1) | % | | 12 | % | | 3 | % | Change in fair value of contingent consideration and holdbacks | | (1) | % | | — | % | | — | % | Gain on deconsolidation of variable interest entity | | (1) | % | | — | % | | — | % | Total income tax expense | | 5 | % | | 1 | % | | — | % |
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Schedule of Deferred Tax Assets and Liabilities |
The significant components of the Company’s deferred tax assets and liabilities are as follows for the years ended September 30, 2022, and 2021: | | | | | | | | | | | | | | | | | September 30, | (in thousands) | | 2022 | | 2021 | Net operating loss carryforwards | | $ | 191,337 | | | $ | 163,782 | | Research and development credit carryforwards | | 35,109 | | | 20,163 | | Operating lease liability | | 23,118 | | | 14,890 | | Stock-based compensation | | 13,138 | | | 6,737 | | Other | | 11,541 | | | 4,894 | | Gross deferred tax assets | | 274,243 | | | 210,466 | | Less: Valuation allowance | | (240,660) | | | (190,428) | | Net deferred tax assets | | 33,583 | | | 20,038 | | Fixed assets | | (1,169) | | | (785) | | Operating lease right-of-use asset | | (17,986) | | | (14,893) | | Intangible assets | | (14,428) | | | (4,360) | | Gross deferred tax liabilities | | (33,583) | | | (20,038) | | Total net deferred tax asset | | $ | — | | | $ | — | |
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Schedule of Unrecognized Tax Benefits Roll Forward |
The aggregate changes in the balance of gross unrecognized tax benefits are as follows:
| | | | | | | | | (in thousands) | | Federal and state | Balance as of September 30, 2019 | | $ | 3,291 | | Increases related to tax positions taken during 2020 | | 1,409 | | Balance as of September 30, 2020 | | $ | 4,700 | | Increases related to tax positions taken during 2021 | | 2,737 | | Balance as of September 30, 2021 | | $ | 7,437 | | Increases related to tax positions taken during 2022 | | 5,082 | | Increases related to tax positions taken in the prior year | | $ | 864 | | Balance as of September 30, 2022 | | $ | 13,383 | |
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