Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Summary of Components of Income (Loss) before Income Taxes

The following table presents U.S. and foreign components of income (loss) before income taxes (in thousands):

	Year Ended December 31,
	2024			2023			2022
U.S.	$	41,729		$	(40,349	)	$	(24,508	)
Foreign		(734	)		(3,339	)		391
Loss before income taxes	$	40,995		$	(43,688	)	$	(24,117	)

Summary of Income Tax Expense

The following table presents the detail of income tax benefit (expense) for the periods presented (in thousands):

	Year Ended December 31,
	2024			2023			2022
Current:
U.S. - Federal	$	—		$	—		$	—
U.S. - State		(212	)		(163	)		(68	)
Foreign		(512	)		(446	)		(110	)
		(724	)		(609	)		(178	)
Deferred:
U.S. - Federal		—			(53	)		5
U.S. - State		3			—			(11	)
Foreign		564			984			—
		567			931			(6	)
Total income tax expense	$	(157	)	$	322		$	(184	)

Reconciliation of U.S. Federal Statutory Income Tax Rate to Effective Income Tax Rate

The following table presents a reconciliation of the federal statutory rate and our effective tax rate for the periods presented:

	Year Ended December 31,
	2024			2023			2022
U.S. Statutory Rate		21.0	%		21.0	%		21.0	%
Change in valuation allowance		29.4			(42.0	)		(54.7	)
State taxes (net of federal benefit)		0.2			0.1			0.4
Federal research and development credit		(20.1	)		18.6			16.5
Stock-based compensation		(37.8	)		10.4			16.1
Inducement premium		—			—			5.0
Unrecognized tax benefits		5.0			(4.7	)		(4.1	)
Other, net		2.7			(2.8	)		(1.0	)
Effective income tax rate		0.4	%		0.7	%		(0.8	%)

Summary of Significant Components Deferred Tax Assets and Liabilities

Deferred federal, state and foreign income taxes reflect the net tax impact of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and for tax

purposes. The following table presents the significant components of our deferred tax assets and liabilities as of the dates presented (in thousands):

	December 31, 2024			December 31, 2023
Net operating loss carryforwards	$	40,760		$	49,228
Credit carryforwards		29,123			22,971
Capitalized research and development		46,318			32,988
Operating lease liabilities		1,873			2,569
Allowances		4,323			1,624
Deferred revenue		15			48
Stock-based compensation		5,753			6,351
Disallowed interest expense		—			—
Inventory cost capitalization		1,655			1,433
Deferred tax assets		129,820			117,211
Less: Valuation allowance		(126,102	)		(114,040	)
Net deferred tax assets		3,718			3,171
Deferred tax liability:
Goodwill		(820	)		(823	)
Depreciation and amortization		(3,683	)		(3,326	)
Operating lease ROU assets		(1,415	)		(1,933	)
Deferred tax liabilities		(5,918	)		(6,082	)
Net deferred tax liability	$	(2,200	)	$	(2,911	)

Total Balance of Unrecognized Tax Benefits

The following table presents the total balance of unrecognized tax benefits as of the dates presented (in thousands):

	Year Ended December 31,
	2024		2023		2022
Balance at beginning of period	$	7,640	$	5,606	$	4,609
Gross increase to tax positions in current periods		2,056		2,034		997
Balance at end of period	$	9,696	$	7,640	$	5,606