INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Domestic and Foreign Components of Loss before Income Taxes

The domestic and foreign components of loss before income taxes are as follows:

	Year Ended December 31,
(In thousands)	2023		2022		2021
Domestic	$	(450,311)	$	(1,148,604)	$	(794,729)
Foreign	16,794		21,611		(57,415)
Loss before income taxes	$	(433,517)	$	(1,126,993)	$	(852,144)

Schedule of Provision for Income Taxes

The provision for income taxes consisted of the following:

	Year Ended December 31,
(In thousands)	2023		2022		2021
Current provision:
Domestic	$	4,022	$	—	$	293
Foreign	3,416		5,596		3,154
Total current provision	7,438		5,596		3,447
Deferred benefit:
Domestic	—		—		—
Foreign	(713)		(1,433)		(2,767)
Total deferred benefit	(713)		(1,433)		(2,767)
Total provision for income taxes	$	6,725	$	4,163	$	680

Schedule of Components of Net Deferred Tax (Liability) Asset

Components of the net deferred tax asset are as follows:

	As of December 31,
(In thousands)	2023		2022
Deferred tax assets:
Net operating loss carryforwards	$	803,221	$	803,251
Research and development and other credit carryforwards	417,446		381,032
Sale of future royalties	353,974		326,183
Lease liability	66,558		67,242
Deferred revenue	74,704		59,437
Deferred compensation	67,150		52,989
Intangible assets	697,784		264,564
Capitalized research and development expenditures	285,411		206,727
Other	132,529		133,376
Total deferred tax assets	2,898,777		2,294,801
Deferred tax liabilities:
Property, plant and equipment, net	(21,503)		(12,786)
Unrealized gain on marketable securities	(2,277)		(5,728)
Right of use assets	(46,021)		(46,819)
Deferred revenue tax accounting method change	—		(24,995)
Deferred tax asset valuation allowance	(2,817,395)		(2,193,633)
Net deferred tax asset	$	11,581	$	10,840

Schedule of Effective Income Tax Rate Differs from Statutory Federal Income Tax Rate

Our effective income tax rate differs from the statutory federal income tax rate, as follows:

	Year Ended December 31,
(In thousands)	2023		2022		2021
At U.S. federal statutory rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal effect	8.6		6.0		5.2
Stock-based compensation	3.9		4.4		4.6
Tax credits	6.7		2.7		4.5
Nondeductible compensation	(3.0)		—		—
Other permanent items	0.8		(1.5)		(1.0)
Foreign rate differential	(0.7)		(0.5)		(1.7)
Bermuda tax law enactment	85.9		—		—
Internal reorganization of certain intellectual property rights	12.6		—		20.1
Other	1.7		(0.8)		(0.1)
Revaluation of deferred due to rate change	5.1		(0.4)		1.1
Valuation allowance	(144.1)		(31.3)		(53.8)
Effective income tax rate	(1.5)	%	(0.4)	%	(0.1)	%