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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Summary of Provision for Income Taxes | The provision (benefit) for income taxes consisted of the following (in thousands):
| December 31, 2024 |  | December 31, 2023
Current expense (benefit): |  |  |
Federal | $ | 4,418 |  |  | $ | 20,694 |
State | 3,242 |  |  | 5,001 |
Foreign | 24 |  |  | 24 |
Total | 7,684 |  |  | 25,719 |
Deferred expense (benefit): |  |  |
Federal | (16,512) |  |  | (21,454) |
State | (3,152) |  |  | (4,088) |
Foreign | – |  |  | – |
Total | (19,665) |  |  | (25,542) |
Provision (benefit) for income taxes | $ | (11,980) |  |  | $ | 177 |
Schedule of Components of Deferred Tax Assets and Deferred Tax Liabilities | The Company measures deferred tax assets and liabilities based on the difference between the financial statement and tax bases of assets and liabilities at the applicable tax rates. Components of the Company’s deferred tax asset and liability are as follows (in thousands):
| December 31, 2024 |  | December 31, 2023
Deferred tax assets: |  |  |
Lease liabilities | $ | 12,379 |  |  | $ | 12,119 |
Bad debt reserve | 795 |  |  | 608 |
Accrued employee related expenses | 2,633 |  |  | 1,029 |
Capitalized research and development costs | 52,040 |  |  | 37,957 |
Restricted stock units | 2,965 |  |  | 3,052 |
Performance stock units | 1,878 |  |  | 1,738 |
Acquisition related transaction costs | 818 |  |  | 890 |
| 73,508 |  |  | 57,393 |
Deferred tax liabilities: |  |  |
Fixed asset depreciation | (7,579) |  |  | (4,833) |
Lease assets | (10,833) |  |  | (10,387) |
Intangible asset amortization | (6,782) |  |  | (1,775) |
Prepaid expenses | (1,442) |  |  | (1,102) |
Section 481(a) adjustment | (1,580) |  |  | (3,343) |
Goodwill amortization | (3,136) |  |  | (2,175) |
Other | (115) |  |  | 2 |
| (31,467) |  |  | (23,613) |
Net deferred tax assets (liabilities) | $ | 42,040 |  |  | $ | 33,780 |
Schedule of Reconciliation of Income Tax Expense | Income tax expense (benefit) differed from the amounts computed by applying the federal statutory income tax rate of 21% to pretax income due to the following adjustments (in thousands):
| December 31, 2024 |  | December 31, 2023
Statutory rate | $ | (1,871) |  |  | $ | (1,354) |
State income taxes, net of federal benefit | (879) |  |  | (138) |
Section 162(m) compensation differences | 3,499 |  |  | 1,381 |
Other permanent differences | (29) |  |  | – |
Meals & entertainment | 399 |  |  | 267 |
Employee stock purchase plans | 319 |  |  | 201 |
Acquisition-related costs | 4 |  |  | 112 |
Stock compensation | (3,952) |  |  | (1,970) |
Foreign taxes | 24 |  |  | 24 |
Other | (13) |  |  | (111) |
Research & development credit | (7,067) |  |  | (3,098) |
Uncertain tax positions | (2,414) |  |  | 4,863 |
Provision (benefit) for income tax | $ | (11,980) |  |  | $ | 177 |
Reconciliation of Beginning Balance and Ending Amounts of Unrecognized Tax Benefits | A reconciliation of the beginning balance and ending amounts of unrecognized tax benefits (excluding interest and penalties) is as follows for the year ended December 31, 2024, and 2023 (in thousands):
| 2024 |  | 2023
Balances at January 1 | $ | 38,899 |  |  | $ | 716 |
Additions based on tax positions related to the prior year | 99 |  |  | 14,485 |
Decreases based on tax positions related to prior year | (5,354) |  |  | – |
Additions based on tax positions related to the current year | 19,617 |  |  | 23,698 |
Settlements | – |  |  | – |
Balances at December 31 | $ | 53,261 |  |  | $ | 38,899 |

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- 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
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