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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule reconciles the federal statutory tax rate to the effective income tax rate from continuing operations | The following table reconciles the federal statutory tax rate to the effective income tax rate from continuing operations:
|  | 2023 |  |  |  | 2022 |  | 2021
Tax at statutory rate |  | 21.0 |  | % |  |  | 21.0 |  | % |  |  | 21.0 |  | %
State income tax, net of federal benefit |  | 6.6 |  |  |  |  | 6.8 |  |  |  |  | 9.0 |  |
Federal and state tax credits |  | 4.1 |  |  |  |  | 4.9 |  |  |  |  | 5.7 |  |
Stock-based compensation |  | (0.7 | ) |  |  |  | (0.8 | ) |  |  |  | (1.2 | ) |
Net operating loss not benefitted |  | (5.7 | ) |  |  |  | (4.3 | ) |  |  |  | (5.4 | ) |
Other |  | (0.5 | ) |  |  |  | (0.1 | ) |  |  |  | (0.2 | ) |
Change in valuation allowance |  | (24.8 | ) |  |  |  | (27.5 | ) |  |  |  | (28.9 | ) |
Effective tax rate |  | 0.0 |  | % |  |  | 0.0 |  | % |  |  | 0.0 |  | %
Schedule of significant components of the entity's deferred tax assets | Significant components of our deferred tax assets are as follows:
|  | December 31, |
|  | 2023 |  |  | 2022 |
|  | (In thousands) |
Net operating loss carryforwards |  | $ | 272,300 |  |  | $ | 254,500 |
Federal and state tax credits |  |  | 64,700 |  |  |  | 56,700 |
Capitalized research and development |  |  | 43,300 |  |  |  | 21,800 |
Stock-based compensation |  |  | 11,200 |  |  |  | 10,800 |
Operating lease liabilities |  |  | 1,100 |  |  |  | 1,300 |
Other |  |  | 3,600 |  |  |  | 5,600 |
Total deferred tax assets |  |  | 396,200 |  |  |  | 350,700 |
Less: valuation allowance |  |  | (395,200 | ) |  |  | (349,600 | )
Net deferred tax assets |  |  | 1,000 |  |  |  | 1,100 |
Operating leases, right-of-use assets |  |  | (1,000 | ) |  |  | (1,100 | )
Total deferred tax liabilities |  |  | (1,000 | ) |  |  | (1,100 | )
Total net deferred tax assets |  | $ | — |  |  | $ | — |
Schedule of reconciliation of the beginning and ending amounts of unrecognized tax benefits | A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows (in thousands):
Balance as of December 31, 2022 |  | $ | 23,700 |
Increase related to prior year tax positions |  |  | — |
Increase related to current year tax positions |  |  | 2,600 |
Balance as of December 31, 2023 |  | $ | 26,300 |

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