INCOME TAX (Tables)

12 Months Ended

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.