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Income Taxes (Tables)

12 Months Ended

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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