INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

INCOME. TAXES.

Schedule of Deferred Tax Assets and Liabilities

(in thousands)	2022		2021
Deferred tax assets:
Net operating loss carryforwards	$	303,729	$	295,985
Research and development credit		42,031		35,665
Noncash compensation		10,325		32,356
Disallowed interest		3,882		2,434
Capitalized R&D Expenses		39,411		—
Other		985		1,006
Deferred tax asset, excluding valuation allowance		400,363		367,446
Less valuation allowance		(400,363)		(367,446)
Net deferred tax assets	$	—	$	—

Schedule of Effective Income Tax Rate Reconciliation

	For the year ended December 31,
(in thousands)	2022		2021		2020
Loss before income taxes, as reported in the consolidated statements of operations	$	(198,335)	$	(348,101)	$	(279,381)
Computed “expected” tax benefit	$	(41,650)	$	(73,101)	$	(58,670)
Increase (decrease) in income taxes resulting from:
Expected benefit from state and local taxes		(7,242)		(3,445)		(10,801)
Research and development credits		(6,389)		(8,337)		(5,265)
Officer Compensation Limitation		4,391		439
Other		374		428		1,065
Stock options		17,599		(6,726)		(1,558)
Enactment of federal tax reform		—		—		(14,763)
Change in the balance of the valuation allowance for deferred tax assets		32,917		90,742		89,992
	$	—	$	—	$	—