INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

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

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

	For the Year Ended December 31,
	2024		2023			2022
	(in thousands)
Domestic	$	168,666	$	(238,660	)	$	(251,384	)
Foreign		92,108		(281,438	)		(438,579	)
Total	$	260,774	$	(520,098	)	$	(689,963	)

Summary of Provision (Benefit) for Income Taxes

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

	For the Year Ended December 31,
	2024			2023			2022
	(in thousands)
Current provision:
Federal	$	5,064		$	4,180		$	—
State		19,748			11,111			13,193
Foreign		972			753			944
Total current provision		25,784			16,044			14,137
Deferred benefit:
Federal		—			—			—
State		—			—			—
Foreign		(249	)		(165	)		(612	)
Total deferred benefit		(249	)		(165	)		(612	)
Total income tax expense	$	25,535		$	15,879		$	13,525

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,
	2024				2023				2022
Federal income tax rate		21.0		%		21.0		%		21.0		%
State taxes		(0.5	)			(7.7	)			4.1
Research and development tax credits		(8.3	)			28.3				6.9
Valuation allowance		2.2				(13.7	)			(14.7	)
Permanent differences		0.1				(0.2	)			(1.1	)
Stock-based compensation		6.1				(2.0	)			(1.5	)
Excess benefit stock deductions		(4.3	)			1.6				0.3
Foreign rate differential		(7.2	)			(11.3	)			(13.2	)
Non-deductible repurchase premium		—				—				(2.2	)
Non-deductible premium on note conversion		—				(15.3	)			—
Other		0.7				(3.8	)			(1.6	)
Effective tax rate		9.8		%		(3.1	)	%		(2.0	)	%

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,
	2024			2023
	(in thousands)
Deferred tax assets:
Net operating loss carryforwards	$	67,594		$	154,948
Difference in depreciation and amortization		35,805			36,611
Research and development tax credits		381,451			374,017
Stock-based compensation		107,775			94,452
Lease liabilities		48,172			33,792
Capitalized inventory		7,009			35,269
Debt discount		18,678			25,597
Capitalized research and development costs		203,416			106,534
Other		52,658			50,308
Total deferred tax assets		922,558			911,528
Deferred tax liabilities:
Right of use asset		(31,971	)		(25,800	)
Debt discount		—			—
Total deferred tax liabilities		(31,971	)		(25,800	)
Valuation allowance		(888,335	)		(883,665	)
Net deferred tax assets	$	2,252		$	2,063

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,
	2024			2023			2022
	(in thousands)
Balance at beginning of the period	$	65,030		$	61,704		$	53,815
Increase related to current year tax positions		1,728			4,126			8,079
Increase related to prior year tax positions		178			—			—
Decrease related to prior year tax positions		(401	)		(800	)		(190	)
Balance at end of the period	$	66,535		$	65,030		$	61,704