INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of components of Income/(loss) before income taxes

The components of Income/(Loss) before income taxes are as follows:

	2024			2023			2022
Domestic		(174,737	)		(181,884	)		(141,930	)
Foreign		215			150			28
Total		(174,521	)		(181,734	)		(141,902	)

Schedule of provision for(benefit from) income taxes

Provision for (benefit from) income taxes:

	2024		2023		2022
State		398		—		—
Foreign		51		22		—
Total		449		22		—

Schedule reconciles the federal statutory tax rate to the effective income tax rate from continuing operations

The following table reconciles the federal statutory tax rate to the effective income tax rate from continuing operations:

	2024				2023				2022
Tax at statutory rate		21.0		%		21.0		%		21.0		%
State income tax, net of federal benefit		(1.7	)			6.6				6.8
Federal and state tax credits		2.7				4.1				4.9
Stock-based compensation		(0.1	)			(0.7	)			(0.8	)
Net operating loss not benefitted		(0.5	)			(5.7	)			(4.3	)
Other		(1.6	)			(0.5	)			(0.1	)
Change in valuation allowance		(20.1	)			(24.8	)			(27.5	)
Effective tax rate		(0.3	)	%		0.0		%		0.0		%

Schedule of significant components of the entity's deferred tax assets

Significant components of our deferred tax assets are as follows:

	December 31,
	2024			2023
	(In thousands)
Net operating loss carryforwards	$	272,970		$	272,300
Federal and state tax credits		70,492			64,700
Capitalized research and development		39,503			43,300
Stock-based compensation		8,353			11,200
Revenue Participation		29,547			—
Operating lease liabilities		767			1,100
Other		8,963			3,600
Total deferred tax assets		430,595			396,200
Less: valuation allowance		(429,913	)		(395,200	)
Net deferred tax assets		682			1,000
Operating leases, right-of-use assets		(682	)		(1,000	)
Total deferred tax liabilities		(682	)		(1,000	)
Total net deferred tax assets	$	—		$	—

Schedule of reconciliation of the beginning and ending amounts of unrecognized tax benefits

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows (in thousands):

Balance as of December 31, 2023	$	26,331
Decrease related to prior year tax positions		(494	)
Increase related to current year tax positions		2,473
Balance as of December 31, 2024	$	28,310