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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 Tax Provision (Benefit) | Income tax provision (benefit) consists of the following:
| Years ended December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
Total current | $ | 521 |  |  | $ | — |  |  | $ | — |
Deferred: |  |  |  |  |
Federal | (8) |  |  | (9,956) |  |  | — |
State | (197) |  |  | (1,468) |  |  | — |
Foreign | — |  |  | — |  |  | — |
Total deferred | (205) |  |  | (11,424) |  |  | — |
Income tax provision (benefit) | $ | 316 |  |  | $ | (11,424) |  |  | $ | — |
Schedule of 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,
| 2024 |  | 2023 |  | 2022
Statutory tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State tax rate, net of federal benefit | 1.9 |  |  | 3.0 |  |  | 4.4 |
Change in valuation allowance | (10.8) |  |  | (20.0) |  |  | (25.1) |
Tax credits | 1.5 |  |  | 2.0 |  |  | 2.2 |
Share-based compensation | (3.7) |  |  | (2.1) |  |  | (2.2) |
Merger Expenses | — |  |  | (0.1) |  |  | — |
Goodwill impairment | (9.8) |  |  | — |  |  | — |
Other | (0.2) |  |  | (0.2) |  |  | (0.4) |
Total | (0.1) | % |  | 3.6 | % |  | (0.1) | %
Schedule of Reconciliation of Deferred Tax Assets and Liabilities | Significant components of our deferred tax assets for federal and state income taxes are as follows:
| December 31,
(in thousands) | 2024 |  | 2023
Deferred tax assets: |  |  |
Net operating loss carryforwards | $ | 434,122 |  |  | $ | 435,488 |
Research and development credits | 91,416 |  |  | 83,922 |
Capitalized research and experimental expenses | 73,281 |  |  | 63,196 |
Accruals and reserves | 10,506 |  |  | 16,872 |
Cancellation of indebtedness income and interest expense | 20,424 |  |  | 14,907 |
Share-based compensation | 18,195 |  |  | 18,584 |
Operating lease liability | 5,618 |  |  | 9,510 |
Total deferred tax assets | 653,562 |  |  | 642,479 |
Less: Valuation allowance | (558,794) |  |  | (525,703) |
Total deferred tax assets: | 94,768 |  |  | 116,776 |
Intangibles | (91,504) |  |  | (109,488) |
Fixed assets | (261) |  |  | (548) |
Operating lease right-of-use assets | (3,549) |  |  | (7,491) |
Total deferred tax liabilities | (95,314) |  |  | (117,527) |
Deferred tax liabilities, net | $ | (546) |  |  | $ | (751) |
Schedule of Reconciliation of Unrecognized Tax Benefit Accounts | As of December 31, 2024, our total unrecognized tax benefit was $17.7 million. A reconciliation of the beginning and ending unrecognized tax benefit balance is as follows:
(in thousands) |
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 |
Decrease in balance related to tax positions taken in prior year | (6) |
Increase in balance related to tax positions taken during current year | 3,128 |
Balance as of December 31, 2024 | $ | 17,676 |

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- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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