INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Summary of Loss before Provision (Benefit) for Income Taxes by Jurisdiction

The following table summarizes the loss before the provision (benefit) for income taxes by jurisdiction for the periods indicated:

	For the Year Ended December 31,
	2023			2022			2021
	(in thousands)
Domestic	$	(238,660	)	$	(251,384	)	$	(47,633	)
Foreign		(281,438	)		(438,579	)		(371,315	)
Total	$	(520,098	)	$	(689,963	)	$	(418,948	)

Summary of Provision (Benefit) for Income Taxes

The following table summarizes provision (benefit) for income taxes in the accompanying consolidated financial statements for the periods indicated:

	For the Year Ended December 31,
	2023			2022			2021
	(in thousands)
Current provision:
Federal	$	4,180		$	—		$	—
State		11,111			13,193			(40	)
Foreign		753			944			181
Total current provision		16,044			14,137			141
Deferred benefit:
Federal		—			—			—
State		—			—			—
Foreign		(165	)		(612	)		(309	)
Total deferred benefit		(165	)		(612	)		(309	)
Total income tax expense (benefit)	$	15,879		$	13,525		$	(168	)

Summary of Reconciliation Between Effective Tax Rate and Statutory Income Tax Rate

The following table summarizes the reconciliation between the Company’s effective tax rate and the statutory income tax rate for each of the periods indicated:

	For the Year Ended December 31,
	2023				2022				2021
Federal income tax rate		21.0		%		21.0		%		21.0		%
State taxes		(7.7	)			4.1				0.4
Research and development tax    credits		28.3				6.9				10.0
Valuation allowance		(13.7	)			(14.7	)			(9.8	)
Permanent differences		(0.2	)			(1.1	)			(0.3	)
Stock-based compensation		(2.0	)			(1.5	)			(3.4	)
Excess benefit stock deductions		1.6				0.3				0.4
Foreign rate differential		(11.3	)			(13.2	)			(18.4	)
Non-deductible repurchase premium		—				(2.2	)			—
Non-deductible premium on note conversion		(15.3	)			—				—
Other		(3.8	)			(1.6	)			0.1
Effective tax rate		(3.1	)	%		(2.0	)	%		(0.0	)	%

Summary of Analysis of Deferred Tax Assets and Liabilities

The following table summarizes the deferred tax assets and liabilities for each of the periods indicated:

	As of December 31,
	2023			2022
	(in thousands)
Deferred tax assets:
Net operating loss carryforwards	$	154,948		$	241,826
Difference in depreciation and amortization		36,611			39,725
Research and development tax credits		374,017			261,067
Stock-based compensation		94,452			80,193
Lease liabilities		33,792			11,782
Capitalized inventory		35,269			33,366
Debt discount		25,597			35,975
Capitalized research and development costs		106,534			74,886
Other		50,308			44,022
Total deferred tax assets		911,528			822,842
Deferred tax liabilities:
Right of use asset		(25,800	)		(9,174	)
Debt discount		—			—
Total deferred tax liabilities		(25,800	)		(9,174	)
Valuation allowance		(883,665	)		(811,908	)
Net deferred tax assets	$	2,063		$	1,760

Summary of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

The following table summarizes the reconciliation of the beginning and ending amount of total unrecognized tax benefits for each of the periods indicated:

	For the Year Ended December 31,
	2023			2022			2021
	(in thousands)
Balance at beginning of the period	$	61,704		$	53,815		$	48,475
Increase related to current year tax positions		4,126			8,079			5,503
Increase related to prior year tax positions		—			—			—
Decrease related to prior year tax positions		(800	)		(190	)		(163	)
Balance at end of the period	$	65,030		$	61,704		$	53,815