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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The domestic and foreign components of income before incomes taxes were as follows (in thousands):

						Years Ended December 31,
						2024						2023						2022
Domestic						$	(36,990)					$	30,983					$	51,442
Foreign						5,344						3,774						2,600
						$	(31,646)					$	34,757					$	54,042

Schedule of Components of Income Tax Expense (Benefit)

Income taxes consisted of the following (in thousands):

						Years Ended December 31,
						2024						2023						2022
Current:
Federal						$	3,181					$	(2,407)					$	3,671
State						2,110						6,493						6,555
Foreign						2,779						2,006						874
Current income tax						8,070						6,092						11,100
Deferred:
Federal						(8,120)						2,050						6,336
State						(926)						(2,525)						(4,372)
Foreign						(923)						(185)						(32)
Deferred income tax						(9,969)						(660)						1,932
						$	(1,899)					$	5,432					$	13,032

Schedule of Effective Income Tax Rate Reconciliation

The differences between the statutory and effective tax rates, expressed as a percentage of net income before income taxes, were as follows:

						Years Ended December 31,
						2024						2023						2022
Federal statutory rate						21.0		%				21.0		%				21.0		%
Impact of state taxes						0.9						2.6						(4.9)
Foreign operations						(4.2)						0.8						—
R&D tax credits						14.0						(13.5)						(9.1)
U.S. tax impact of foreign operations						(0.4)						(2.4)						7.8
Stock-based compensation						(24.3)						8.8						—
Other permanent items						(1.7)						2.5						1.2
Provision to return adjustments						6.4						(9.7)						(0.4)
Valuation allowance						(2.1)						—						1.3
Attribute expiration						(0.1)						0.8						5.5
Uncertain tax positions						(3.5)						4.7						1.7
						6.0		%				15.6		%				24.1		%

Schedule of Deferred Tax Assets and Liabilities

The significant components of the Company’s deferred tax assets were as follows (in thousands):

						December 31,
						2024						2023
Deferred tax assets:
Net operating loss carryforwards						$	1,405					$	1,020
Tax credit carryforwards						53,788						58,349
Inventory						14,737						16,592
Accruals and reserves						5,090						6,684
Deferred revenue						9,463						13,460
Stock-based compensation						13,787						12,087
Lease liability						1,445						2,277
Capitalized R&D						114,050						93,340
Other						383						144
Gross deferred tax assets						214,148						203,953
Valuation allowance						(30,571)						(29,908)
Total deferred tax assets						183,577						174,045
Deferred tax liabilities:
Fixed assets						(1,760)						(1,484)
Right of use assets						(1,006)						(1,710)
Intangible assets						(3,211)						(3,160)
Total deferred tax liabilities						(5,977)						(6,354)
						$	177,600					$	167,691

Schedule of Unrecognized Tax Benefits

The Company’s unrecognized tax benefits were as follows (in thousands):

						Years Ended December 31,
						2024						2023
Balance at beginning of year						$	32,449					$	29,215
Reduction for tax positions related to prior year						(121)						(19)
Additions for tax positions related to prior year						—						580
Additions for tax positions related to current year						2,310						2,673
Balance at end of year						$	34,638					$	32,449

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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.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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