XML 68 R42.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Component of Consolidated (Loss) Income Before Provision for Income Taxes | Consolidated income (loss) before provision for income taxes consisted of the following (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
U.S. | $ | 28,083 |  |  | $ | (6,275) |  |  | $ | 292,460 |
Non U.S. | 2,772 |  |  | 1,908 |  |  | 1,839 |
Total | $ | 30,855 |  |  | $ | (4,367) |  |  | $ | 294,299 |
Components of Income Tax Provision | The components of the consolidated income tax provision for the years ended December 31, 2024, 2023 and 2022 were as follows (in thousands):
| Year Ended December 31, 2024 |  | Year Ended December 31, 2023 |  | Year Ended December 31, 2022
Current |  |  |  |  |
Federal | $ | 794 |  |  | $ | (178) |  |  | $ | (165) |
State | 1,828 |  |  | 1,533 |  |  | 897 |
Non-US | 924 |  |  | 667 |  |  | 411 |
Total current tax expense | 3,546 |  |  | 2,022 |  |  | 1,143 |
Deferred |  |  |  |  |
Federal | - |  |  | - |  |  | - |
State | - |  |  | - |  |  | - |
Non-US | - |  |  | - |  |  | - |
Total deferred tax expense | - |  |  | - |  |  | - |
Total income tax expense | $ | 3,546 |  |  | $ | 2,022 |  |  | $ | 1,143 |
Difference Between Consolidated Income Tax Benefit and Amount Computed by Federal Statutory Income Tax Rate | The difference between the consolidated income tax provision and the amount computed by applying the federal statutory income tax rate to the consolidated income before income taxes in the years ended December 31, 2024, 2023 and 2022 were as follows (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Income tax provision (benefit) at federal statutory rate | $ | 6,480 |  |  | $ | (917) |  |  | $ | 61,775 |
State tax | 1,513 |  |  | 574 |  |  | (2,942) |
Business credits | (623) |  |  | (2,050) |  |  | (3,246) |
Uncertain tax positions | 156 |  |  | 334 |  |  | 586 |
Deferred compensation charges | 2,410 |  |  | 830 |  |  | (473) |
Change in valuation allowance | (7,862) |  |  | 1,466 |  |  | (324) |
Section 162(m) limitation | 1,986 |  |  | 1,963 |  |  | 1,779 |
Mark-to-market of warrants | - |  |  | - |  |  | (378) |
Net operating loss and tax credit limitation | (329) |  |  | - |  |  | (56,908) |
Other (1) | (144) |  |  | (518) |  |  | 879 |
Foreign taxes | (41) |  |  | 340 |  |  | 395 |
Total income tax expense | $ | 3,546 |  |  | $ | 2,022 |  |  | $ | 1,143 |
(1)Certain prior year amounts have been reclassified to conform to the current year presentation. In 2022, Foreign taxes were included in Other.
Component of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities consisted of the following (in thousands):
| December 31,
| 2024 |  | 2023
Deferred tax assets: |  |  |
Net operating loss carryforwards | $ | 77,843 |  |  | $ | 96,336 |
Research credit carryforwards | 32,516 |  |  | 34,940 |
Section 174 capitalization | 28,446 |  |  | 22,556 |
Lease liability | 6,914 |  |  | 8,868 |
Stock compensation | 11,479 |  |  | 10,572 |
Accruals and reserves | 21,579 |  |  | 15,808 |
Other | 563 |  |  | 348 |
Total deferred tax assets | 179,340 |  |  | 189,428 |
Less valuation allowance | (172,525) |  |  | (180,387) |
Net deferred tax assets | 6,815 |  |  | 9,041 |
Deferred tax liabilities: |  |  |
Fixed assets | (2,101) |  |  | (2,667) |
Operating lease right-of-use assets | (4,714) |  |  | (6,345) |
Other | — |  |  | (29) |
Total deferred tax liabilities | (6,815) |  |  | (9,041) |
Net deferred tax assets | $ | - |  |  | $ | - |
Schedule of Unrecognized Tax Benefits | The following table summarizes the activity related to our unrecognized tax benefits:
| Year Ended December 31,
| 2024 |  | 2023
Balance at beginning of year | $ | (12,101) |  |  | $ | (11,339) |
Tax positions related to the current year |  |  |
Additions | (569) |  |  | (762) |
Reductions | - |  |  | - |
Tax positions related to the prior year |  |  |
Additions | 270 |  |  | - |
Reductions | - |  |  | - |
Settlements | - |  |  | - |
Lapses in statute | - |  |  | - |
Balance at end of year | $ | (12,400) |  |  | $ | (12,101) |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 217 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-217 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-15A + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration