INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Components of Loss before Provision for Income Taxes

The components of loss before provision for income taxes for the years ended December 31, 2023, 2022 and 2021, were as follows (in thousands):


	Year Ended December 31,
	2023		2022		2021
Loss subject to domestic income taxes	$	(2,825,820)	$	(1,306,245)	$	(2,580,324)
Loss subject to foreign income taxes	(1,574)		2,164		612
	$	(2,827,394)	$	(1,304,081)	$	(2,579,712)

Schedule of Components of Income Tax Expense (Benefit)

The Company recorded provision for income taxes in connection with its domestic, state, and foreign subsidiaries for the years ended December 31, 2023, 2022 and 2021, respectively, as follows (in thousands):


	Year Ended December 31,
	2023		2022		2021
Current
Federal	$	—	$	—	$	18
State	24		14		4
Foreign	1,002		365		27
Total current tax expense	$	1,026	$	379	$	49
Deferred
Federal	$	—	$	—	$	—
State	—		—		—
Foreign	—		—		—
Total deferred tax expense	$	—	$	—	$	—
Total provision for income taxes	$	1,026	$	379	$	49

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation of taxes at the federal statutory rate to our provision for income taxes for the years ended December 31, 2023, 2022 and 2021 were as follows:


	Year Ended December 31,
	2023	2022	2021
Statutory federal income tax rate	21.0%	21.0%	21.0%
Stock-based compensation	(1.5)	(0.6)	(2.9)
Change in fair value of warrant liability	0.6	20.2	(8.5)
Tax-exempt interest	—	0.4	—
Nondeductible expenses	(1.5)	0.4	(0.3)
Tax credits	0.7	1.4	0.7
Change in valuation allowance	(19.3)	(42.8)	(10.0)
Provision for income taxes	—%	—%	—%

Schedule of Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred taxes as of December 31, 2023 and 2022, were as follows (in thousands):


	December 31,
	2023		2022
Deferred tax assets:
Net operating loss carryforwards	$	1,240,197	$	974,097
Tax credit carryforwards	139,672		104,678
Stock-based compensation expense	12,322		26,438
Capitalization of research and development costs	333,958		174,564
Accruals and reserves	215,087		100,622
Lease liability	88,407		84,635
Inventory	271,784		—
Other	21,815		19,037
Total deferred tax assets	2,323,242		1,484,071
Valuation allowance	(2,137,851)		(1,374,265)
Total deferred tax assets, net of valuation allowance	185,391		109,806
Deferred tax liabilities:
Depreciation	(49,754)		(39,618)
Right-of-use assets	(74,565)		(70,188)
Tax accounting method change	(61,072)		—
Total deferred tax liabilities	(185,391)		(109,806)
Deferred tax assets (liabilities), net of valuation allowance	$	—	$	—

Schedule of Unrecognized Tax Benefits

The following table summarizes the activity related to unrecognized tax benefits for the years ended December 31, 2023, 2022 and 2021 (in thousands):


	December 31,
	2023		2022		2021
Unrecognized benefit—beginning of period	$	105,234	$	72,330	$	42,894
Gross increases—prior-period tax positions	539		—		—
Gross decreases—prior-period tax positions	(581)		—		—
Gross increases—current-period tax positions	35,575		32,916		31,336
Gross decrease—current-period tax positions	—		—		—
Statute lapse	—		(12)		(1,900)
Unrecognized benefit—end of period	$	140,767	$	105,234	$	72,330