Income Taxes (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Income Tax Expense and Effective Tax Rate | The Company’s income tax expense and effective tax rate are presented below:
The Company’s effective tax rate for the three months ended September 30, 2026 differs from the U.S. statutory rate of 21% primarily due to a partial release of the valuation allowance related to losses on its investment in equity securities, partially offset by the non-deductible change in fair value of contingent consideration and non-deductible milestone payments. The Company’s effective tax rate for the nine months ended September 30, 2026 differs from the U.S. statutory rate of 21% primarily due to a partial release of the valuation allowance related to losses on its investment in equity securities and the non-taxable change in fair value of contingent consideration, partially offset by state income taxes. |
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