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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Income (Loss) before Income Tax | For the years ended December 31, 2024, 2023, and 2022, income (loss) before income taxes consisted of the following:
(In thousands) | 2024 |  | 2023 |  | 2022
Domestic | $ | 89,556 |  |  | $ | 48,662 |  |  | $ | (89,440) |
Foreign | 871 |  |  | 215 |  |  | 91 |
Total income (loss) before income taxes | $ | 90,427 |  |  | $ | 48,877 |  |  | $ | (89,349) |
Schedule of Components of Income Tax Expense | For the years ended December 31, 2024, 2023, and 2022, the components of the income tax provision were as follows:
(In thousands) | 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | (1,394) |  |  | $ | (978) |  |  | $ | — |
State | (2,593) |  |  | (902) |  |  | (494) |
Foreign | (112) |  |  | (110) |  |  | (42) |
Total current | $ | (4,099) |  |  | $ | (1,990) |  |  | $ | (536) |
Deferred: |  |  |  |  |
Federal | $ | 110,923 |  |  | $ | — |  |  | $ | — |
State | 18,335 |  |  | — |  |  | — |
Foreign | — |  |  | — |  |  | — |
Total deferred | $ | 129,258 |  |  | $ | — |  |  | $ | — |
Income tax benefit (provision) | $ | 125,159 |  |  | $ | (1,990) |  |  | $ | (536) |
Schedule of Effective Income Tax Rate Reconciliation | The reconciliation of the statutory federal income tax rate to the Company’s effective tax rate for the years ended December 31, 2024, 2023, and 2022 were as follows:
| 2024 |  | 2023 |  | 2022
Tax at federal statutory rate | 21.00 | % |  | 21.00 | % |  | 21.00 | %
State tax, net of federal benefit | 2.03 |  |  | 1.42 |  |  | (0.38) |
Stock-based compensation | 1.63 |  |  | 10.85 |  |  | (4.02) |
Officer’s compensation limitation | 1.23 |  |  | 6.81 |  |  | (1.51) |
Foreign-derived intangible income benefit | (3.76) |  |  | (5.56) |  |  | — |
Other items | 0.16 |  |  | (0.79) |  |  | (0.60) |
Research and development credits | (5.50) |  |  | (9.43) |  |  | 4.36 |
Net operating loss expiration | — |  |  | 9.91 |  |  | — |
Change in valuation allowance | (155.20) |  |  | (30.14) |  |  | (19.45) |
Effective tax rate | (138.41) | % |  | 4.07 | % |  | (0.60) | %
Schedule of Deferred Tax Assets and Liabilities | As of December 31, 2024 and 2023, the significant components of the Company’s deferred tax assets and liabilities were as follows:
(In thousands) | 2024 |  | 2023
Deferred tax assets: |  |  |
Net operating loss carryforwards | $ | 10,799 |  |  | $ | 44,562 |
Stock-based compensation | 8,056 |  |  | 8,766 |
Operating lease liability | 2,561 |  |  | 2,708 |
Accrued liabilities, reserves and other | 7,080 |  |  | 9,797 |
Capitalized research and development | 78,606 |  |  | 50,396 |
Tax Credits | 25,882 |  |  | 25,609 |
Gross deferred tax assets | 132,984 |  |  | 141,838 |
Valuation allowance | — |  |  | (140,339) |
Total deferred tax assets | 132,984 |  |  | 1,499 |
Deferred tax liabilities: |  |  |
Prepaid expenses | (250) |  |  | (502) |
Operating lease asset | (1,316) |  |  | (997) |
Acquired intangibles | (2,639) |  |  | — |
Total deferred tax liabilities | (4,205) |  |  | (1,499) |
Net deferred tax assets | $ | 128,779 |  |  | $ | — |
Schedule of Valuation Allowance | The change in valuation allowance for deferred tax assets was as follows for the periods presented:
(In thousands) Year Ended December 31, |  | Balance at Beginning of Year |  | Additions Charged to Costs & Expenses |  | Additions Charged to Other Accounts |  | Deductions |  | Balance at End of Year
2024 |  | $ | 140,339 |  |  | $ | (140,339) |  |  | $ | — |  |  | $ | — |  |  | $ | — |
2023 |  | 157,353 |  |  | (16,262) |  |  | (752) |  |  | — |  |  | 140,339 |
2022 |  | 132,162 |  |  | 24,489 |  |  | 702 |  |  | — |  |  | 157,353 |
Schedule of Unrecognized Tax Benefits Roll Forward | For the years ended December 31, 2024, 2023, and 2022, the activity related to the unrecognized tax benefits were as follows:
(In thousands) | 2024 |  | 2023 |  | 2022
Gross unrecognized tax benefits—beginning balance | $ | 18,157 |  |  | $ | 16,573 |  |  | $ | 15,391 |
Increase related to tax positions taken during prior year | 112 |  |  | 342 |  |  | 1,234 |
Decrease related to tax positions taken during prior year | (19) |  |  | (21) |  |  | (1,253) |
Increase related to tax positions taken during current year | 1,716 |  |  | 1,263 |  |  | 1,354 |
Decrease related to expiration of unrecognized tax benefit | — |  |  | — |  |  | (153) |
Gross unrecognized tax benefits—ending balance | $ | 19,966 |  |  | $ | 18,157 |  |  | $ | 16,573 |

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