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INCOME TAX | 3 Months Ended
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Jun. 30, 2025
Income Tax Disclosure [Abstract] |
INCOME TAX | 15. INCOME TAX: In determining the quarterly provision for income taxes, the Company applies its estimated annual effective tax rate ("AETR") to its year-to-date ordinary income or loss and adjusts for discrete tax items in the period. The income tax expense was primarily driven by nondeductible stock-based compensation, capitalization of research and development expenditures in accordance with Internal Revenue Code ("IRC") Section 174, as modified by the Tax Cuts and Jobs Act of 2017, and the valuation allowance. Realization of the Company's net deferred tax assets is dependent upon its generation of sufficient taxable income of the proper character in future years in appropriate tax jurisdictions to obtain benefit from the reversal of deductible temporary differences as well as net operating loss and tax credit carryforwards. As of June 30, 2025, the Company continues to maintain a full valuation allowance on its net deferred tax assets except in certain foreign jurisdictions. Given the Company's recent earnings, it is reasonably possible that within the next 12 months sufficient positive evidence may become available to support a conclusion that a substantial portion of the valuation allowance is no longer needed. The exact timing and amount of the valuation allowance release are subject to significant judgment and continued analysis of the positive and negative evidence. Release of the valuation allowance would result in the recognition of certain deferred tax assets and a decrease to income tax expense for the period the release is recorded. On July 4, 2025, H.R. 1, also known as “The One Big Beautiful Bill” Act (the "2025 Tax Act") was signed into law in the U.S. The 2025 Tax Act includes provisions that allow for the immediate expensing of domestic research and development costs, immediate expensing of certain capital expenditures, and other changes to the U.S. taxation of profits derived from foreign operations. As the 2025 Tax Act was enacted after the end of our reporting period, it had no impact on the Company’s condensed consolidated financial condition or results of operations for the quarter ended June 30, 2025. We are currently evaluating the impact of the legislation on the Company's future effective tax rate, tax liabilities, and cash taxes.

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