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INCOME TAX (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Schedule of Loss Before Income Tax Taxes and Current Tax Expense (Benefit) | Loss before income taxes and the related tax expense (benefit) is as follows:
| Year ended December 31
(in thousands) | 2021 |  | 2020
Loss before income taxes: |  |  |
Domestic | $ | 69,196 |  |  | $ | 211,447 |
Foreign | 4,581 |  |  | 44,379 |
Total loss before taxes | $ | 73,777 |  |  | $ | 255,826 |
Current taxes: |  |  |
Federal | $ | (456) |  |  | $ | (258) |
State | 8 |  |  | 5 |
Total current taxes | $ | (448) |  |  | $ | (253) |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of income taxes at the U.S. federal statutory rate to the provision for income taxes is as follows:
|  | Year ended December 31
|  | 2021 |  | 2020
Federal income tax provision at statutory rate |  | 21.00 | % |  | 21.00 | %
State income tax provision, net of federal benefit |  | (0.01) | % |  | — | %
IPR&D Impairment & CSR Remeasurement |  | — | % |  | (11.42) | %
Transaction Costs |  | — | % |  | (1.07) | %
IP Gain |  | — | % |  | (14.65) | %
Change in valuation allowances |  | (20.27) | % |  | 6.16 | %
Foreign tax rate differential |  | — | % |  | 0.35 | %
Other |  | (0.11) | % |  | (0.27) | %
Effective income tax rate |  | 0.61 | % |  | 0.10 | %
Schedule of deferred tax assets and liabilities | The significant components of the Company's deferred tax assets and liabilities are as follows:
| December 31,
(in thousands) | 2021 |  | 2020
Deferred tax assets: |  |  |
Net operating loss carry forward | $ | 73,259 |  |  | $ | 55,514 |
Tax credit carryforwards | 7,905 |  |  | 7,387 |
Share based compensation | 3,281 |  |  | 4,903 |
Accrued expenses and other | 1,226 |  |  | 2,325 |
Total gross deferred tax assets | 85,671 |  |  | 70,129 |
Less - valuation allowance | (85,555) |  |  | (69,743) |
Total deferred tax assets, net of valuation allowance |  |  |
Deferred tax liabilities: |  |  |
Other | (40) |  |  | (41) |
Right of use assets | (76) |  |  | (345) |
Total gross deferred tax liabilities | (116) |  |  | (386) |
Net deferred tax assets | $ | — |  |  | $ | — |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table summarizes the activity of the Company unrecognized tax benefits (in thousands):
Balance at January 1, 2020 | $ | 714 |
Additions for prior year positions(1) | 2,354 |
Additions for current year positions | 273 |
Reductions related to expiration of statute of limitations | (258) |
Balance at December 31, 2020 | $ | 3,083 |
Additions for prior year positions(1) | — |
Additions for current year positions | $ | 172 |
Reductions related to expiration of statute of limitations | $ | (456) |
Balance at December 31, 2021 | $ | 2,799 |
(1) Balance related to research and development tax credit positions acquired through the Merger.

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