Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Reconciliation of Federal Statutory Rate on Loss before Income Taxes and before Gain from Sale of Equity Method Investment Rate to Effective Income Tax Rate

The reconciliation of the federal statutory rate on the income before income taxes to the effective income tax rate for the years ended December 31 is as follows:

	2023			2022			2021
Statutory federal tax rate		21.0	%		21.0	%		21.0	%
State income taxes, net of federal income tax benefit		(0.6	)		(2.4	)		(4.2	)
Increase in valuation allowance		7.4			14.5			9.2
Permanent items		(8.5	)		(13.8	)		(17.9	)
Tax credits		(5.9	)		(9.9	)		(5.7	)
Provision vs. tax return differences		(1.9	)		2.1			(2.0	)
Foreign rate differential and deferred items		0.1			(0.2	)		—
Other		(0.6	)		0.1			(0.1	)
		11.0	%		11.4	%		0.3	%

Schedule of Domestic and Foreign Components of Income (Loss) Before Income Taxes and before the Gain from Sale of Equity Method Investment

For financial reporting purposes, income before income taxes for the years ended December 31 include the following components (in thousands):

	2023		2022			2021
Domestic	$	59,528	$	29,157		$	56,620
Foreign		716		(470	)		185
	$	60,244	$	28,687		$	56,805

Schedule of Components of Provision (Benefit) for Income Taxes

Significant components of the provision (benefit) for income taxes for the years ended December 31 are as follows (in thousands):

	2023			2022			2021
Current:
Federal	$	4,814		$	2,105		$	1
State		1,655			955			(14	)
Foreign		209			298			171
		6,678			3,358			158
Deferred:
Foreign		(34	)		(97	)		18
		(34	)		(97	)		18
	$	6,644		$	3,261		$	176

Schedule of Significant Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities as of December 31 were as follows (in thousands):

	2023			2022
Deferred tax assets:
Research and development tax credit carryforwards	$	29,619		$	33,764
Stock-based compensation		5,709			3,940
Inventory reserves		3,363			2,303
Investment tax credit carryforwards		2,659			2,461
UNICAP		1,139			1,118
Vacation accrual		1,319			1,248
Lease liabilities		1,388			1,422
Capitalized research and development		22,621			12,142
Other		3,235			2,893
Total deferred tax assets		71,052			61,291
Less: Valuation allowance for deferred tax assets		(52,291	)		(47,413	)
Net deferred tax assets		18,761			13,878
Deferred tax liabilities:
Depreciation		(16,139	)		(11,396	)
ROU assets		(1,201	)		(1,362	)
Prepaid expenses		(1,048	)		(751	)
Other		(77	)		(89	)
Total deferred tax liabilities		(18,465	)		(13,598	)
Net deferred tax assets (liabilities)	$	296		$	280

Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):

	2023			2022			2021
Balance on January 1	$	3,474		$	3,246		$	2,297
Additions based on tax positions related to the current year		650			319			625
Additions (reductions) for tax positions of prior years		86			(54	)		393
Lapse of statute		(26	)		(37	)		(69	)
Balance on December 31	$	4,184		$	3,474		$	3,246