Income Tax (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Income before Income Tax, Domestic and Foreign

For financial reporting purposes, income (loss) before income taxes includes the following (in thousands):


	Year Ended December 31,
	2024		2023		2022
Domestic	$	71,111	$	(16,749)	$	(62,539)
Foreign	600		(4,822)		(3,170)
Income (loss) before income taxes	$	71,711	$	(21,571)	$	(65,709)

Schedule of Components of Income Tax Expense (Benefit)

The (benefit) provision for income taxes consisted of the following (in thousands):


	Year Ended December 31,
	2024		2023		2022
Current:
Federal	$	1,639	$	532	$	—
State	5,683		1,456		563
Total current provision	7,322		1,988		563
Deferred:
Federal	(43,328)		12		(339)
State	(18,321)		(25)		(110)
Foreign	—		—		(145)
Total deferred benefit	(61,649)		(13)		(594)
Total (benefit) provision for income taxes	$	(54,327)	$	1,975	$	(31)

Schedule of Effective Income Tax Rate Reconciliation

The (benefit) provision for income taxes differs from the amounts computed by applying the statutory federal income tax rate of 21% to pretax income (loss) as follows (in thousands):


	Year Ended December 31,
	2024		2023		2022
Tax provision (benefit) at federal statutory rate	$	15,059	$	(4,530)	$	(13,799)
State taxes, net of federal benefits	2,700		1,636		(609)
Non-deductible officers' compensation	26,632		6,386		2,881
Non-deductible expenses	373		714		613
Transaction costs	—		—		(731)
Warrants and earn-outs	(1,141)		226		(15)
Research and development credits	(4,801)		(5,398)		—
Stock-based compensation	(28,361)		1,747		3,897
Change in valuation allowance	(65,021)		1,330		7,794
Other, net	233		(136)		(62)
Total	$	(54,327)	$	1,975	$	(31)

Schedule of Deferred Tax Assets and Liabilities

The components of deferred tax assets and liabilities are as follows (in thousands):


	As of December 31,
	2024		2023
Deferred tax assets:
Net operating loss carryforwards	$	22,764	$	53,309
Capitalized research and development	36,419		15,106
Inventory	6,131		1,890
Research and other credits	5,331		3,779
Accrued expenses and reserves	3,963		2,164
Operating lease liabilities	2,945		2,615
Stock-based compensation	2,425		3,572
Other intangible assets	289		350
Deferred revenue	192		124
Other deferred tax assets	907		87
Total gross deferred tax assets	81,366		82,996
Less valuation allowance	(2,493)		(70,506)
Total deferred tax assets	78,873		12,490
Deferred tax liabilities:
Fixed assets	(4,613)		(1,532)
Other intangible assets	(3,954)		(4,777)
Operating lease right-of-use assets	(2,824)		(2,519)
Prepaid expenses	(829)		(1,825)
Deferred state income tax	(3,846)		—
Other deferred tax liabilities	(1,204)		(1,859)
Total deferred tax liabilities	(17,270)		(12,512)
Net deferred tax assets (liabilities)	$	61,603	$	(22)

Schedule of Unrecognized Tax Benefits Roll Forward

Changes in unrecognized tax benefits for the years ended December 31, 2024 and 2023, excluding interest and penalties, were as follows (in thousands):


Balance at December 31, 2022	$	—
Increases in balances related to prior year tax positions	1,357
Increases in balances related to current year tax positions	956
Balance at December 31, 2023	2,313
Increases in balances related to prior year tax positions	2,042
Increases in balances related to current year tax positions	1,656
Balance at December 31, 2024	$	6,011