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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Effective Income Tax Rate Reconciliation | Set forth below is a reconciliation of the components that caused our (benefit from) provision for income taxes to differ from amounts computed by applying the United States federal statutory rate:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
U.S. federal statutory income tax rate | 21 | % |  | 21 | % |  | 21 | %
State and local income taxes, net of federal benefit | (2) |  |  | (44) |  |  | 9 |
Change in valuation allowance | (37) |  |  | 215 |  |  | (37) |
Stock-based compensation expense | (13) |  |  | (108) |  |  | 7 |
Federal research and development tax credits | (10) |  |  | (93) |  |  | 5 |
Non-deductible officers' compensation | 5 |  |  | 79 |  |  | (6) |
Other permanent differences | — |  |  | (4) |  |  | (1) |
(Benefit from) provision for income taxes | (36) | % |  | 66 | % |  | (2) | %
Schedule of (Benefit From) Provision for Income Tax | The (benefit from) provision for income tax consists of the following (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Current |  |  |  |  |
Federal | $ | 26,452 |  |  | $ | 3,485 |  |  | $ | 1,313 |
State and local | 6,280 |  |  | 2,299 |  |  | 686 |
Foreign | 30 |  |  | — |  |  | — |
Total current | 32,762 |  |  | 5,784 |  |  | 1,999 |
Deferred |  |  |  |  |
Federal | (46,578) |  |  | (477) |  |  | (854) |
State and local | (39,930) |  |  | (12) |  |  | 257 |
Total deferred | (86,508) |  |  | (489) |  |  | (597) |
Total (benefit from) provision for income taxes | $ | (53,746) |  |  | $ | 5,295 |  |  | $ | 1,402 |
Schedule of Components of Deferred Tax Assets (Liabilities) | The components of deferred tax assets (liabilities) were as follows (in thousands):
| December 31,
| 2024 |  | 2023
Deferred income tax assets: |  |  |
Net operating loss carryforwards | $ | 9,201 |  |  | $ | 6,502 |
Research and development tax credits | 24,326 |  |  | 19,513 |
Capitalized research and software costs | 66,090 |  |  | 33,958 |
Stock-based compensation | 413 |  |  | 2,894 |
Lease liability | 11,139 |  |  | 11,914 |
Other | 1,495 |  |  | 3,384 |
Total deferred tax assets | 112,664 |  |  | 78,165 |
Valuation allowance | — |  |  | (62,380) |
Deferred tax assets, net of valuation allowance | $ | 112,664 |  |  | $ | 15,785 |
Deferred tax liabilities: |  |  |
Property and equipment | $ | (3,351) |  |  | $ | (4,189) |
Intangible assets | (15,387) |  |  | (2,921) |
Capitalized commissions | (4,463) |  |  | (4,237) |
State taxes | (7,749) |  |  | — |
Lease asset | (4,695) |  |  | (5,135) |
Other | (109) |  |  | — |
Total deferred tax liabilities | (35,754) |  |  | (16,482) |
Total net deferred tax liabilities | $ | 76,910 |  |  | $ | (697) |
Schedule of Change in the Valuation Allowance | The change in the valuation allowance are as follows (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Valuation allowance, at beginning of year | $ | 62,380 |  |  | $ | 43,776 |  |  | $ | 17,217 |
Increase in valuation allowance | — |  |  | 18,604 |  |  | 26,559 |
Decrease in valuation allowance | (62,380) |  |  | — |  |  | — |
Valuation allowance, at end of year | $ | — |  |  | $ | 62,380 |  |  | $ | 43,776 |
Schedule of Unrecognized Tax Benefits from Uncertain Tax Positions | The following is a reconciliation of the total amounts of reserves for unrecognized tax benefits from uncertain tax positions (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Unrecognized tax benefit beginning of year | $ | 12,315 |  |  | $ | 9,455 |  |  | $ | 7,816 |
Increases-tax positions in prior year | 1,203 |  |  | — |  |  | — |
Increases-tax positions in current year | 3,732 |  |  | 2,860 |  |  | 1,639 |
Statute of limitation expiration | $ | (2,315) |  |  | $ | — |  |  | $ | — |
Unrecognized tax benefit end of year | $ | 14,935 |  |  | $ | 12,315 |  |  | $ | 9,455 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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