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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of components of Income/(loss) before income taxes | The components of Income/(Loss) before income taxes are as follows:
| 2024 |  |  | 2023 |  |  | 2022 |
Domestic |  | (174,737 | ) |  |  | (181,884 | ) |  |  | (141,930 | )
Foreign |  | 215 |  |  |  | 150 |  |  |  | 28 |
Total |  | (174,521 | ) |  |  | (181,734 | ) |  |  | (141,902 | )
Schedule of provision for(benefit from) income taxes | Provision for (benefit from) income taxes:
| 2024 |  |  | 2023 |  |  | 2022 |
State |  | 398 |  |  |  | — |  |  |  | — |
Foreign |  | 51 |  |  |  | 22 |  |  |  | — |
Total |  | 449 |  |  |  | 22 |  |  |  | — |
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:
| 2024 |  | 2023 |  | 2022
Tax at statutory rate |  | 21.0 |  | % |  |  | 21.0 |  | % |  |  | 21.0 |  | %
State income tax, net of federal benefit |  | (1.7 | ) |  |  |  | 6.6 |  |  |  |  | 6.8 |  |
Federal and state tax credits |  | 2.7 |  |  |  |  | 4.1 |  |  |  |  | 4.9 |  |
Stock-based compensation |  | (0.1 | ) |  |  |  | (0.7 | ) |  |  |  | (0.8 | ) |
Net operating loss not benefitted |  | (0.5 | ) |  |  |  | (5.7 | ) |  |  |  | (4.3 | ) |
Other |  | (1.6 | ) |  |  |  | (0.5 | ) |  |  |  | (0.1 | ) |
Change in valuation allowance |  | (20.1 | ) |  |  |  | (24.8 | ) |  |  |  | (27.5 | ) |
Effective tax rate |  | (0.3 | ) | % |  |  | 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, |
|  | 2024 |  |  | 2023 |
|  | (In thousands) |
Net operating loss carryforwards |  | $ | 272,970 |  |  | $ | 272,300 |
Federal and state tax credits |  |  | 70,492 |  |  |  | 64,700 |
Capitalized research and development |  |  | 39,503 |  |  |  | 43,300 |
Stock-based compensation |  |  | 8,353 |  |  |  | 11,200 |
Revenue Participation |  |  | 29,547 |  |  |  | — |
Operating lease liabilities |  |  | 767 |  |  |  | 1,100 |
Other |  |  | 8,963 |  |  |  | 3,600 |
Total deferred tax assets |  |  | 430,595 |  |  |  | 396,200 |
Less: valuation allowance |  |  | (429,913 | ) |  |  | (395,200 | )
Net deferred tax assets |  |  | 682 |  |  |  | 1,000 |
Operating leases, right-of-use assets |  |  | (682 | ) |  |  | (1,000 | )
Total deferred tax liabilities |  |  | (682 | ) |  |  | (1,000 | )
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, 2023 |  | $ | 26,331 |
Decrease related to prior year tax positions |  |  | (494 | )
Increase related to current year tax positions |  |  | 2,473 |
Balance as of December 31, 2024 |  | $ | 28,310 |

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