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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Reconciliation of Federal Income Tax Rate

Income tax provision (benefit) related to continuing operations differ from the amounts computed by applying the statutory income tax rate of 21% to pretax loss as follows:

			Years ended December 31,
			2023						2022						2021
Statutory tax rate			21.0		%				21.0		%				21.0		%
State tax rate, net of federal benefit			3.0						4.4						5.5
Change in valuation allowance			(20.0)						(25.1)						(4.9)
Tax credits			2.0						2.2						2.5
Share-based compensation			(2.1)						(2.2)						10.9
Merger Expenses			(0.1)						—						(0.9)
Other			(0.2)						(0.4)						(0.1)
Total			3.6		%				(0.1)		%				34.0		%

Reconciliation of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets for federal and state income taxes are as follows (in thousands):

			December 31,
			2023						2022
Deferred tax assets:
Net operating loss carryforwards			$	435,488					$	400,629
Research and development credits			83,922						71,526
Capitalized research and experimental expenses			63,196						34,863
Accruals and reserves			16,872						13,830
Cancellation of indebtedness income and interest expense			14,907						4,587
Share-based compensation			18,584						17,117
Operating lease liability			9,510						11,537
Total deferred tax assets			642,479						554,089
Less: Valuation allowance			(525,703)						(445,574)
Total deferred tax assets:			116,776						108,515
Intangibles			(109,488)						(98,931)
Fixed assets			(548)						(1,262)
Operating lease right-of-use assets			(7,491)						(9,157)
Total deferred tax liabilities			(117,527)						(109,350)
Deferred tax liabilities, net			$	(751)					$	(835)

Reconciliation of Unrecognized Tax Benefit Accounts

As of December 31, 2023, our total unrecognized tax benefit was $14.6 million. A reconciliation of the beginning and ending unrecognized tax benefit balance is as follows (in thousands):

Balance as of December 31, 2020			$	5,954
Increase in balance related to tax positions taken in prior year			189
Increase in balance related to tax positions taken during current year			2,192
Balance as of December 31, 2021			8,335
Decrease in balance related to tax positions taken in prior year			(10)
Increase in balance related to tax positions taken during current year			2,085
Balance as of December 31, 2022			10,410
Increase in balance related to tax positions taken in prior year			2,044
Increase in balance related to tax positions taken during current year			2,100
Balance as of December 31, 2023			$	14,554

Schedule of Components of Income Tax Expense (Benefit)

The provision (benefit) for income taxes consists of the following (in thousands):

			Years ended December 31,
			2023						2022						2021
Total Current			$	—					$	—					$	—
Deferred:
Federal			(9,956)						—						(83,742)
State			(1,468)						—						(9,907)
Foreign			—						—						—
Total Deferred			(11,424)						—						(93,649)
(Benefit) Provision for Income Taxes			$	(11,424)					$	—					$	(93,649)

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of the change in unrecognized tax benefits.

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