v3.25.0.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of income before income tax, domestic and foreign
Loss before provision for taxes consisted of the following:
Year Ended December 31,
(In thousands)202420232022
Loss before income taxes:
Domestic$(1,036,306)$(204,128)$(617,240)
Foreign145 2,382 (15,330)
Total loss before income taxes$(1,036,161)$(201,746)$(632,570)
Schedule of expense (benefit) for income taxes
The expense (benefit) for income taxes consists of:
Year Ended December 31,
(In thousands)202420232022
Current expense (benefit):
Federal$— $— $— 
State933 2,266 2,170 
Foreign1,882 2,561 1,131 
Deferred tax expense (benefit):
Federal(4,775)2,395 (3,292)
State(5,145)(1,829)(8,926)
Foreign(199)(2,990)(147)
Total income tax expense (benefit)$(7,304)$2,403 $(9,064)
Schedule of components of the net deferred tax asset
The components of the net deferred tax asset with the approximate income tax effect of each type of carryforward, credit and temporary differences are as follows:
December 31,
(In thousands)20242023
Deferred tax assets:
Operating loss carryforwards$452,410 $477,420 
Tax credit carryforwards121,635 104,580 
Compensation related differences72,349 85,007 
Lease liabilities47,199 47,118 
Capitalized research and development251,760 191,468 
Other temporary differences7,271 10,275 
Tax assets before valuation allowance952,624 915,868 
Less - Valuation allowance(708,788)(465,832)
Total deferred tax assets243,836 450,036 
Deferred tax liabilities
Amortization$(205,764)$(415,064)
Property, plant and equipment(7,160)(9,465)
Lease assets(31,266)(35,786)
Other temporary differences(6,816)(7,010)
Total deferred tax liabilities(251,006)(467,325)
Net deferred tax liabilities$(7,170)$(17,289)
Summary of valuation allowance
Activity associated with the Company's valuation allowance is as follows:
December 31,
(In thousands)202420232022
Balance as of January 1, $(465,832)$(419,356)$(262,238)
Valuation allowances established(241,849)(44,759)(159,919)
Changes to existing valuation allowances(1,107)(1,242)2,780 
Acquisition and purchase accounting— (475)21 
Balance as of December 31,$(708,788)$(465,832)$(419,356)
Schedule of differences between the effective income tax rate and the statutory tax rate
The effective tax rate differs from the statutory tax rate due to the following:
December 31,
202420232022
U.S. Federal statutory rate21.0 %21.0 %21.0 %
State taxes3.0 3.9 3.9 
Federal and state tax rate changes— 1.1 (0.2)
Foreign tax rate differential0.1 — (0.1)
Research and development tax credits1.6 7.6 2.3 
Stock-based compensation expense(1.0)(4.4)(2.0)
Non-deductible executive compensation(0.5)(3.5)(0.4)
Loss on extinguishment - convertible debt— (0.7)— 
Other adjustments(0.1)(2.5)1.2 
Valuation allowance(23.5)(23.7)(24.4)
Effective tax rate0.6 %(1.2)%1.3 %
Schedule of unrecognized tax benefits
The following is a tabular reconciliation of the amounts of unrecognized tax benefits:
December 31,
(In thousands)202420232022
January 1,$36,399 $28,270 $21,780 
Increase due to current year tax positions7,322 7,447 5,861 
Increase due to prior year tax positions— 1,108 629 
Decrease due to prior year tax positions(377)(426)— 
December 31,$43,344 $36,399 $28,270