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Income Taxes (Tables)

12 Months Ended

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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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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