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Income Taxes (Tables)

12 Months Ended

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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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

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-Topic 740
-SubTopic 10
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-Section 50
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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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Tabular disclosure of the change in unrecognized tax benefits.

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