Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Provision

The components of our provision from income taxes is as follows:

	Year Ended December 31,
	2021		2020		2019
Current:
Federal	$	6,912	$	10,140	$	6,689
State	785		2,059		844
	$	7,697	$	12,199	$	7,533
Deferred:
Federal	(3,030)		(1,227)		392
State	(588)		(284)		(240)
	$	(3,618)	$	(1,511)	$	152
Provision for income taxes	$	4,079	$	10,688	$	7,685

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation of the statutory U.S. Federal income tax rate to the Company's effective income tax rate is as follows;

	Year Ended December 31,
	2021		2020		2019
U.S. Federal statutory tax rate	21	%	21	%	21	%
State income taxes, net of federal benefit	(1)	%	6	%	2	%
Tax effect on stock option exercises, net of forfeitures	(44)	%	4	%	1	%
R&D tax credits and Orphan Drug credits	31	%	(2)	%	(2)	%
Limitation on executive compensation	(60)	%	9	%	10	%
Change in valuation allowance	(40)	%	9	%	4	%
Foreign rate differential	4	%	(1)	%	(2)	%
Other	(1)	%	1	%	1	%
Effective tax rate	(90)	%	47	%	35	%

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company's deferred tax assets were as follows:

	December 31,
	2021		2020
Deferred tax assets
Net operating loss carryforward	$	1,563	$	841
Stock based compensation	10,405		12,015
Other asset - equity investment with readily determined fair value	3,190		1,771
Inventories	2,123		2,338
Employee-related expenses	1,240		51
Intangible assets	4,207		708
Right-of-use liability	962		1,154
R&D tax credit carryforwards	329		86
Other	1,489		1,216
Total deferred tax assets	25,508		20,180
Deferred tax liabilities
Installment sale - Malta	485		483
Prepaid expenses	45		43
Fixed assets	300		315
Lease liability	921		1,092
Total deferred tax liabilities	1,751		1,933
Valuation allowance	(4,959)		(3,067)
Net deferred tax assets	$	18,798	$	15,180