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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Income before Income Tax, Domestic and Foreign | The components of (loss) income before income taxes were as follows:
| Years Ended December 31,
| 2024 |  | 2023
| (In thousands)
Domestic | $ | (40,372) |  |  | $ | 70,912 |
Foreign | 2,225 |  |  | (3,486) |
Total | $ | (38,147) |  |  | $ | 67,426 |
Schedule of Effective Income Tax Rate Reconciliation | For purposes of reconciling the Company’s provision for income taxes at the statutory rate a notional 21% tax rate was applied as follows:
| Years Ended December 31,
| 2024 |  | 2023
Statutory federal tax rate | 21 | % |  | 21 | %
Foreign rate differential | (5) | % |  | 3 | %
Noncontrolling interests in operating subsidiaries | 1 | % |  | (1) | %
Nondeductible permanent items | (1) | % |  | (1) | %
Expired tax attributes | (15) | % |  | 6 | %
Foreign tax credits | — | % |  | (3) | %
Derivative fair value adjustment | — | % |  | (3) | %
Transaction Costs | (2) | % |  | — | %
Valuation allowance | 13 | % |  | (27) | %
Other | (3) | % |  | 1 | %
Effective income tax rate | 9 | % |  | (2) | %
Schedule of Components of Income Tax Expense (Benefit) | Acacia’s income tax benefit (expense) for the periods presented consisted of the following:
| Years Ended December 31,
| 2024 |  | 2023
| (In thousands)
Current: |  |  |
Federal | $ | (191) |  |  | $ | (215) |
State | (111) |  |  | 37 |
Foreign | (2,812) |  |  | (1,975) |
Total current | (3,114) |  |  | (2,153) |
Deferred: |  |  |
Federal | 1,239 |  |  | (14,041) |
State | 107 |  |  | (925) |
Foreign | 376 |  |  | 593 |
Total deferred | 1,722 |  |  | (14,373) |
Change in valuation allowance | 4,841 |  |  | 18,030 |
Income tax benefit | $ | 3,449 |  |  | $ | 1,504 |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences and carryforwards that give rise to significant portions of deferred tax assets and liabilities consisted of the following:
| December 31,
| 2024 |  | 2023
| (In thousands)
Deferred tax assets: |  |  |
Net operating loss and capital loss carryforwards and credits | $ | 50,453 |  |  | $ | 34,595 |
Unrealized loss on investments held at fair value | 1,025 |  |  | 146 |
Compensation expense for share-based awards | 693 |  |  | 1,095 |
Accrued expenses | 3,677 |  |  | 1,453 |
Lease liability | 2,010 |  |  | 689 |
State taxes | 17 |  |  | 37 |
Total deferred tax assets | 57,875 |  |  | 38,015 |
Valuation allowance | (26,250) |  |  | (30,219) |
Total deferred tax assets, net of valuation allowance | 31,625 |  |  | 7,796 |
Deferred tax liabilities: |  |  |
ROU Asset | (1,956) |  |  | (680) |
Fixed assets and intangibles | (8,062) |  |  | (1,841) |
Basis of investment in affiliates | (3,983) |  |  | (2,360) |
Other | — |  |  | — |
Total deferred tax liabilities | (14,001) |  |  | (4,881) |
Net deferred tax assets | $ | 17,624 |  |  | $ | 2,915 |
Schedule of Unrecognized Tax Benefits Roll Forward | The following changes occurred in the amount of unrecognized tax benefits:
| Years Ended December 31,
| 2024 |  | 2023
| (In thousands)
Beginning balance | $ | 757 |  |  | $ | 760 |
Additions for current year tax positions | — |  |  | — |
Additions included in purchase accounting for prior year positions | 178 |  |  | — |
Reductions for prior year tax positions | — |  |  | (3) |
Ending Balance (excluding interest and penalties) | 935 |  |  | 757 |
Interest and penalties | — |  |  | — |
Total | $ | 935 |  |  | $ | 757 |

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