17. INCOME TAXES A reconciliation between the statutory federal income tax rate and the Company’s effective income tax rate for the three and nine months ended September 30, 2024, and 2023 is as follows: | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2024 | | 2023 | | | 2024 | | 2023 | | Federal income tax rate | 21.0 | % | 21.0 | % | | 21.0 | % | 21.0 | % | Stock-based compensation | (0.1) | | — | | | (0.2) | | (0.9) | | State taxes | 5.1 | | 4.0 | | | 6.3 | | 4.7 | | Credits | (0.9) | | 0.2 | | | (1.2) | | (1.6) | | Nondeductible IPR&D | — | | — | | | 2.5 | | — | | Valuation allowance | 0.4 | | — | | | 0.4 | | — | | Other | 0.4 | | 0.6 | | | 0.4 | | 0.3 | | Total | 25.9 | % | 25.8 | % | | 29.2 | % | 23.5 | % |
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