INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Net (Loss) Income Before Income Taxes by Source

The following table reflects Net (loss) income before income taxes by source for the years ended December 31, 2023 and 2022 (in thousands):

	Year ended December 31,
	2023		2022
U.S.	$	(254,054)	$	30,734
Outside the U.S.	—		432
Net (loss) income before income taxes	$	(254,054)	$	31,166

Schedule of (Benefit) Provision for Income Taxes

The following table reflects the provision (benefit) for income taxes for the years ended December 31, 2023 and 2022 (in thousands):

	Year ended December 31,
	2023		2022
Current:
Federal	$	829	$	1,023
State	858		893
Total current taxes	$	1,687	$	1,916
Deferred:
Federal	$	62,883	$	(61,077)
State	13,318		(19,298)
Total deferred taxes	76,201		(80,375)
Total provision (benefit) for income taxes	$	77,888	$	(78,459)

Schedule of Reconciliation of Income Taxes at the Statutory Federal Income Tax Rate to the Actual Tax Rate

The following table reflects a reconciliation of income taxes at the statutory federal income tax rate to the actual tax rate included in the Consolidated Statements of Comprehensive (Loss) Income for the years ended December 31, 2023 and 2022 (in thousands): 

	Year ended December 31,
	2023		2022
Tax at federal statutory rate	$	(53,352)	$	6,545
State tax, net of federal benefit	(8,217)		1,358
Disallowed officers' compensation	938		829
Non-deductible transaction cost	969		—
Stock-based compensation	(361)		1,998
Change in valuation allowance	136,766		(89,251)
Uncertain tax provisions	211		198
Tax return benefit	1,848		—
State deferred change	(1,299)		—
Return to provision	—		(171)
Other	385		35
Total tax provision (benefit)	$	77,888	$	(78,459)

Schedule of Significant Components of the Company's Deferred Income Taxes

The following table reflects significant components of the Company’s deferred income taxes as of December 31, 2023 and 2022 (in thousands): 

	December 31,
	2023		2022
Deferred tax assets:
Net operating losses	$	244,628	$	67,927
Tax credit carryforwards	18,918		1,362
Intangible assets	6,849		—
Stock-based compensation	2,394		1,529
Operating lease liabilities	587		96
Reserves and other accruals not currently deductible	19,774		22,519
Section 174 R&D Capitalization	12,224		—
Disallowed interest carryforward	10,443		12,060
Other assets	1,017		—
Total deferred tax assets	316,834		105,493
Valuation allowance for deferred tax assets	(316,467)		(12,524)
	$	367	$	92,969
Deferred tax liabilities:
Intangible assets	$	—	$	(12,554)
Fixed assets	(53)		(180)
Operating lease right-of-use assets	(314)		(33)
Net deferred tax asset	$	—	$	80,202

Schedule of Activity Related to the Entity's Unrecognized Tax Benefits

The following table reflects activity related to the Company’s unrecognized tax benefits for the years ended December 31, 2023 and 2022 (in thousands):

Unrecognized tax benefits—December 31, 2021	$	4,101
Increases related to current year tax positions	—
Changes in prior year tax positions	—
Decreases related to lapse of statutes	—
Unrecognized tax benefits—December 31, 2022	$	4,101
Increases related to current year tax positions	—
Increase related to current year acquisition	3,641
Changes in prior year tax positions	—
Decreases related to lapse of statutes	—
Unrecognized tax benefits—December 31, 2023	$	7,742