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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of components of income before income tax expense | The components of income before provision for income taxes are as follows:
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Domestic |  | $ | 327,060 |  |  | $ | 37,362 |  |  | $ | 194,034 |
Foreign |  |  | (198 | ) |  |  | 26 |  |  |  | 64 |
Income before provision for income taxes |  | $ | 326,862 |  |  | $ | 37,388 |  |  | $ | 194,098 |
Schedule of components of the income tax expense | Income tax expense consists of the following:
|  | Year Ended December 31, |
(In thousands) |  | 2025 |  |  | 2024 |  |  | 2023 |
Current |  |  |  |  |  |  |  |  |
Federal |  | $ | 6,578 |  |  | $ | 23,438 |  |  | $ | 7,799 |
State |  |  | 3,477 |  |  |  | 3,175 |  |  |  | 2177 |
Foreign |  |  | 1,795 |  |  |  | — |  |  |  | — |
Total current |  |  | 11,850 |  |  |  | 26,613 |  |  |  | 9,976 |
Deferred |  |  |  |  |  |  |  |  |
Federal |  |  | 42,745 |  |  |  | (12,606 | ) |  |  | 6,594 |
State |  |  | 1,102 |  |  |  | (11 | ) |  |  | (2,194 | )
Total deferred |  |  | 43,847 |  |  |  | (12,617 | ) |  |  | 4,400 |
Total income tax expense, net |  | $ | 55,697 |  |  | $ | 13,996 |  |  | $ | 14,376 |
Schedule of differences between expected U.S. federal statutory income tax to income tax expense | :
|  | Year Ended December 31, |
|  | 2025 |
(In thousands) |  | $ |  |  | % |
U.S. federal tax at statutory rate |  | $ | 68,682 |  |  |  | 21.0 | %
State and local effects(1) |  |  | 2,739 |  |  |  | 0.9 | %
Foreign tax effects |  |  |  |  |  |
Other - Withholding taxes |  |  | 1,796 |  |  |  | 0.6 | %
Enactment of new tax laws |  |  | — |  |  |  | — | %
Cross-border tax laws |  |  |  |  |  |
Foreign-derived intangible income |  |  | (7,543 | ) |  |  | (2.3 | )%
Tax credits |  |  |  |  |  |
Foreign tax credit |  |  | (1,555 | ) |  |  | (0.5 | )%
Research and development credit |  |  | (324 | ) |  |  | (0.1 | )%
Change in valuation allowance |  |  | (11,726 | ) |  |  | (3.6 | )%
Nontaxable or nondeductible items |  |  | 407 |  |  |  | 0.1 | %
Changes in unrecognized tax benefits |  |  | 3,709 |  |  |  | 1.1 | %
Other adjustments |  |  | (488 | ) |  |  | (0.2 | )%
Effective tax rate |  | $ | 55,697 |  |  |  | 17.0 | %
(1) For tax year 2025, state taxes in Kentucky made up the majority (greater than 50 percent) of the tax effect in this category. As previously disclosed for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09, the effective income tax rate differs from the statutory federal income tax rate as follows:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
(In thousands) |  | $ |  |  | % |  |  | $ |  |  | % |
Expected tax at federal statutory rate |  | $ | 7,846 |  |  |  | 21.0 | % |  | $ | 40,747 |  |  |  | 21.0 | %
State income tax expense, net of federal benefit |  |  | 1,864 |  |  |  | 5.0 | % |  |  | 1,433 |  |  |  | 0.7 | %
Federal and state research credits |  |  | (90 | ) |  |  | (0.2 | )% |  |  | (1,582 | ) |  |  | (0.8 | )%
Section 250 deduction |  |  | (11,767 | ) |  |  | (31.5 | )% |  |  | (15,274 | ) |  |  | (7.9 | )%
Change in valuation allowance |  |  | 18,386 |  |  |  | 49.2 | % |  |  | (12,167 | ) |  |  | (6.2 | )%
Other |  |  | (2,243 | ) |  |  | (6.0 | )% |  |  | 1,219 |  |  |  | 0.6 | %
Total income tax expense, net |  | $ | 13,996 |  |  |  | 37.5 | % |  | $ | 14,376 |  |  |  | 7.4 | %
The following table presents the income taxes paid (net of any refunds received) for the year ended December 31, 2025 in accordance with the new guidance in ASU No. 2023-09:
Schedule of net income taxes paid |
|  | Year Ended December 31, |
(In thousands) |  | 2025 |
Federal |  | $ | 17,300 |
State and local jurisdiction |  |  | 1,377 |
Foreign |  |  | 436 |
Net cash paid for income taxes |  | $ | 19,113 |
Schedule of deferred tax assets and deferred tax liabilities | Significant components of our deferred tax assets and deferred tax liabilities are as follows:
|  | December 31, |
(In thousands) |  | 2025 |  |  | 2024 |
Deferred tax assets |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 172,440 |  |  | $ | 176,989 |
Research and development tax credit carryforwards |  |  | 21,270 |  |  |  | 21,359 |
Unrealized losses on investment, net |  |  | — |  |  |  | 11,481 |
Deferred royalty obligation, net |  |  | 15,654 |  |  |  | 17,452 |
Accruals and reserves |  |  | 2,479 |  |  |  | — |
Other |  |  | 5,942 |  |  |  | 6,832 |
Total deferred tax assets before valuation allowance |  |  | 217,785 |  |  |  | 234,113 |
Valuation allowance |  |  | (176,151 | ) |  |  | (187,635 | )
Total deferred tax assets |  |  | 41,634 |  |  |  | 46,478 |
Deferred tax liabilities |  |  |  |  |  |
Depreciation and amortization |  |  | (32,205 | ) |  |  | (31,626 | )
Unrealized gains on investment, net |  |  | (37,823 | ) |  |  | — |
Inventory fair value adjustment |  |  | (986 | ) |  |  | (2,798 | )
Other |  |  | (2,413 | ) |  |  | — |
Net deferred tax assets (liabilities) |  | $ | (31,793 | ) |  | $ | 12,054 |
Summary of changes in unrecognized tax benefits | A reconciliation of the beginning and ending balances of the total amounts of unrecognized tax benefits are as follows:
(In thousands) |  | Amount |
Unrecognized tax benefits as of December 31, 2022 |  | $ | 16,324 |
Net increase in tax portions for 2023 |  |  | 3,119 |
Unrecognized tax benefits as of December 31, 2023 |  |  | 19,443 |
Net increase in tax portions for 2024 |  |  | 41,851 |
Unrecognized tax benefits as of December 31, 2024 |  |  | 61,294 |
Net increase in tax portion for 2025 |  |  | 1,415 |
Unrecognized tax benefits as of December 31, 2025 |  | $ | 62,709 |

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