INCOME TAXES

9 Months Ended

Sep. 30, 2024

INCOME TAXES

INCOME TAXES

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	%