Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit) Attributable to Current Operations

The significant components of our provision for (benefit from) income taxes attributable to current operations for the periods stated were as follows:

	For the Year Ended December 31,
(Dollars in thousands)	2024		2023		2022
Income before income taxes	$	20,032	$	22,325	$	997
Current:
Federal tax	$	—	$	—	$	—
State tax	460		299		38
Foreign tax	34		(17)		50
Total current	494		282		88
Deferred:
Federal tax	4,047		5,099		(20,642)
State tax	522		1,010		25
Foreign tax	4		268		(330)
Total deferred	4,573		6,377		(20,947)
Provision for (benefit from) income taxes	$	5,067	$	6,659	$	(20,859)

Schedule of Effective Income Tax Rate Reconciliation

The following table summarizes the principal elements of the difference between the United States federal statutory rate of 21% and our effective tax rate for the years ended December 31, 2024, 2023 and 2022:

(Dollars in thousands)	2024				2023				2022
Income before income taxes	$	20,032			$	22,325			$	997
Income taxes computed at the federal statutory rate	$	4,207	21.0	%	$	4,688	21.0	%	$	209	21.0	%
State income taxes, net of federal benefit	886		4.4	%	1,343		6.0	%	121		12.1	%
Change in valuation allowance	—		—	%	—		—	%	(21,850)		(2,191.6)	%
Research and development and other tax credits	—		—	%	—		—	%	(88)		(8.8)	%
Excess executive compensation	609		3.0	%	405		1.8	%	231		23.1	%
Other	(635)		(3.2)	%	223		0.9	%	518		52.0	%
Provision for (benefit from) income taxes	$	5,067	25.3	%	$	6,659	29.8	%	$	(20,859)	(2,092.2)	%

Schedule of Deferred Income Tax Assets

The components of deferred income tax assets at December 31, 2024 and 2023 were as follows: 

	December 31,
(Dollars in thousands)	2024		2023
Capitalized research and development costs	$	11,494	$	12,706
Net operating loss carryforward	19,722		22,959
Property and equipment	3,521		3,445
Accrued liabilities, reserves and other expenses	2,361		2,781
Research and development credits	6,430		6,430
Tax credits	681		681
Stock-based compensation	1,862		1,733
Operating lease liabilities	2,243		2,831
Other	339		167
Gross deferred income tax assets	48,653		53,733
Deferred income tax liabilities:
Intangible assets	(2,319)		(2,299)
Right-of-use assets	(2,109)		(2,688)
Prepaid and other expenses	(211)		(158)
Gross deferred income tax liabilities	(4,639)		(5,145)
Net deferred income tax assets	44,014		48,588
Valuation allowance	(2,328)		(2,328)
Total deferred income tax assets	$	41,686	$	46,260