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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)

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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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