v3.25.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Summary of Reconciliation of (Loss) Income Before Income Taxes for Domestic and Foreign Locations

A reconciliation of (loss) income before income taxes for domestic and foreign locations is as follows:

 

 

 

For the Year Ended December 31,

 

(In thousands)

 

2024

 

 

2023

 

 

2022

 

United States

 

$

81,050

 

 

$

(27,890

)

 

$

10,644

 

Foreign

 

 

—

 

 

 

—

 

 

 

—

 

Total (loss) income before income taxes

 

$

81,050

 

 

$

(27,890

)

 

$

10,644

 

Summary of Reconciliation of Income Tax (Benefit) Expense

A reconciliation of income tax (benefit) expense for the years ended December 31, 2024, 2023 and 2022 is as follows:

 

 

 

For the Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Current:

 

 

 

 

 

 

 

 

 

Federal

 

$

(11

)

 

$

1,246

 

 

$

1,121

 

State

 

 

7

 

 

 

589

 

 

 

174

 

Foreign

 

 

—

 

 

 

—

 

 

 

—

 

Total current income tax (benefit) expense

 

$

(4

)

 

$

1,835

 

 

$

1,295

 

 

 

 

 

 

 

 

 

 

 

Deferred:

 

 

 

 

 

 

 

 

 

Federal

 

$

—

 

 

$

—

 

 

$

—

 

State

 

 

—

 

 

 

—

 

 

 

—

 

Foreign

 

 

—

 

 

 

—

 

 

 

—

 

Total deferred income tax expense

 

 

—

 

 

 

—

 

 

 

—

 

Total income tax (benefit) expense

 

$

(4

)

 

$

1,835

 

 

$

1,295

 

Reconciliation of Federal Statutory Income Tax Rate to Company's Effective Income Tax Rate

A reconciliation of the federal statutory income tax rate to the Company’s effective income tax rate is as follows:

 

 

 

For the Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Federal statutory income tax rate

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

State income taxes, net of federal benefit

 

 

1.9

%

 

 

1.9

%

 

 

7.2

%

Share-based compensation

 

 

(1.9

%)

 

 

(2.5

%)

 

 

16.1

%

Officers compensation

 

 

(3.4

%)

 

 

(7.4

%)

 

 

21.8

%

Research and development credits

 

 

24.0

%

 

 

20.0

%

 

 

(40.3

%)

Uncertain tax positions

 

 

(3.7

%)

 

 

(2.4

%)

 

 

9.0

%

Change in tax rate

 

 

(1.4

%)

 

 

0.2

%

 

 

(12.6

%)

Change in valuation allowance

 

 

(36.1

%)

 

 

(36.5

%)

 

 

(9.4

%)

Other

 

 

(0.2

%)

 

 

(0.3

%)

 

 

(1.0

%)

Permanent differences

 

 

(0.2

%)

 

 

(0.7

%)

 

 

0.4

%

Provision for income taxes

 

 

0.0

%

 

 

(6.7

)%

 

 

12.2

%

Significant Components of Deferred Income Taxes

The significant components of deferred income taxes are as follows:

 

 

 

December 31,

 

(in thousands)

 

2024

 

 

2023

 

Deferred tax assets:

 

 

 

 

 

 

Net operating loss

 

$

25,413

 

 

$

19,147

 

Tax credits

 

 

27,472

 

 

 

10,723

 

Accrued liabilities

 

 

2,966

 

 

 

943

 

Deferred revenue

 

 

5,515

 

 

 

7,014

 

Inventory

 

 

—

 

 

 

15,961

 

Basis difference in equity investments

 

 

2,127

 

 

 

2,202

 

Capitalized R&D

 

 

60,104

 

 

 

41,971

 

Right-of-use lease liability

 

 

6,601

 

 

 

7,233

 

Share-based compensation

 

 

14,872

 

 

 

11,618

 

Total gross deferred tax assets

 

 

145,070

 

 

 

116,812

 

Deferred tax liabilities:

 

 

 

 

 

 

Depreciation and amortization

 

 

(858

)

 

 

(1,184

)

Right-of-use asset

 

 

(6,168

)

 

 

(6,822

)

Total gross deferred tax liabilities

 

 

(7,026

)

 

 

(8,006

)

Valuation allowance

 

 

(138,044

)

 

 

(108,806

)

Net deferred tax asset

 

$

—

 

 

$

—

 

Summary of Reconciliation of Unrecognized Tax Benefits

A reconciliation of unrecognized tax benefits is as follows (in millions):

 

 

 

December 31,

 

 

 

2024

 

 

2023

 

Beginning balance of unrecognized tax benefits

 

$

3.6

 

 

$

2.9

 

Decrease for prior period tax positions

 

 

1.2

 

 

 

0.1

 

Increase for current period tax positions

 

 

2.0

 

 

 

0.6

 

Ending balance of unrecognized tax benefits

 

$

6.8

 

 

$

3.6