Kodiak Sciences Inc. Notes to Consolidated Financial Statements (in thousands, except share and per share data) 98 9. Income Taxes The components of loss before income taxes were as follows (in thousands): Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 United States............................................................................................. $ (163,240) $ (46,590) $ (17,273) Foreign...................................................................................................... (170,550) (220,326) (115,809) Total loss before income taxes.................................................................. $ (333,790) $ (266,916) $ (133,082) The provision (benefit) for income taxes consists of the following (in thousands): Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Current: Federal........................................................................................... $ — $ — $ — State............................................................................................... — — — Foreign........................................................................................... 33 74 14 Total current .................................................................................. 33 74 14 Deferred: Federal........................................................................................... — — — State............................................................................................... — — — Foreign........................................................................................... — — — Total deferred ................................................................................ — — — Provision (Benefit) for income taxes............................................. $ 33 $ 74 $ 14 The tax effects of temporary differences that give rise to significant components of the net deferred tax assets are as follows (in thousands): December 31, 2022 December 31, 2021 December 31, 2020 Deferred tax assets: Net operating loss carryforwards.......................................................... $ 117,232 $ 75,259 $ 28,451 Intangible assets.................................................................................... 166,259 166,269 12,088 Research and development tax credits.................................................. 25,110 18,330 10,527 Stock-based compensation.................................................................... 23,576 10,823 8,405 Accruals................................................................................................ 1,562 1,532 1,367 Operating lease liability........................................................................ 25,548 23,142 22,276 Property and equipment........................................................................ — — 127 Sec. 174 Capitalized R&D.................................................................... 7,914 — — Total deferred tax assets ................................................................... 367,201 295,355 83,241 Valuation allowance ......................................................................... (347,789) (275,788) (62,005) Net deferred tax assets...................................................................... 19,412 19,567 21,236 Deferred tax liabilities: Operating lease right-of-use asset......................................................... (17,073) (19,217) (21,234) Capitalized legal fees............................................................................ — — (2) Property and equipment........................................................................ (2,339) (350) — Total deferred tax liabilities.............................................................. (19,412) (19,567) (21,236) Total net deferred tax assets ............................................................. $ — $ — $ — The Company has recorded a full valuation allowance against its net deferred tax assets due to the uncertainty as to whether such assets will be realized. The net change in the total valuation allowance for the years ended December 31, 2022, 2021 and 2020 was an increase of approximately $72.0 million, $213.8 million and $24.8 million, respectively.