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INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2024
INCOME TAXES  
Schedule of provision for income taxes

Year Ended December 31, 

    

2024

    

2023

2022

Federal

$

29,523

$

31,084

$

10,011

State

 

15,430

 

11,884

 

9,573

Foreign

60

Valuation allowance

 

1,298

 

1,575

 

(96,366)

$

46,311

$

44,543

$

(76,782)

Current

$

74,311

$

57,962

$

9,161

Deferred

 

(29,298)

 

(14,994)

 

10,423

Valuation allowance

 

1,298

 

1,575

 

(96,366)

Total

$

46,311

$

44,543

$

(76,782)

Schedule of reconciliation between statutory federal income tax rate and the Company's effective income tax rate

Year Ended December 31, 

2024

    

2023

2022

Federal income tax rate

21.0

%  

21.0

%

21.0

%

Stock-based compensation

0.5

(0.4)

(4.9)

State taxes

6.4

5.7

(14.1)

Credits

(4.7)

(2.1)

(4.8)

Nondeductible IPR&D

1.8

0.3

Valuation allowance

0.6

(70.2)

Other

(0.9)

0.6

(0.3)

Total

24.1

%  

25.7

%

(73.3)

%

Schedule of significant components of company's deferred tax assets and liabilities

    

As of December 31, 

2024

    

2023

Assets

    

Liabilities

Assets

    

Liabilities

Acquired in-process research and development

$

42,312

$

$

35,337

$

Net operating loss carryforward

 

52,458

 

 

45,917

 

Accrued compensation

 

29,116

 

 

19,915

 

Credits

 

3,902

 

 

 

Lease obligations, net

 

5

 

 

 

6

Fixed assets

 

209

 

 

173

 

Inventory

 

7,169

 

 

5,344

 

Accrued rebates

5,100

3,791

Research and development

57,583

38,799

Other

 

25

 

733

 

1,132

 

790

Total

$

197,879

 

733

$

150,408

 

796

Net deferred tax asset

$

197,146

$

$

149,612

$

Valuation allowance

$

(6,748)

$

$

(5,450)

$

Total

$

190,398

$

$

144,162

$

Schedule of change in valuation allowance for deferred tax assets

Year Ended December 31, 

    

2024

    

2023

2022

Valuation allowance at the beginning of the year

$

(5,450)

$

$

(96,366)

Decreases recorded as a benefit to income tax provision

 

 

 

96,366

Increases recorded to income tax provision

(1,298)

(1,575)

Increases recorded in opening balance sheet

(3,875)

Valuation allowance at the end of the year

$

(6,748)

$

(5,450)

$