Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.23.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2022
Income Taxes  
Schedule of effective income tax rate reconciliation

A reconciliation of the statutory U.S. federal rate to the Company’s effective tax rate is as follows:

For the Year Ended December 31, 

 

    

2022

    

2021

 

Percentage of pre-tax income:

 

  

 

  

Statutory federal income tax rate

 

21

%  

21

%

State taxes, net of federal tax benefit

 

4

%  

6

%

Credits

 

3

%  

1

%

Change in state tax rate

 

(4)

%  

1

%

Provision to return

 

%  

(1)

%

Stock based compensation

 

%  

%

Other

 

(3)

%  

(3)

%

Change in valuation allowance

 

(21)

%  

(25)

%

Income taxes provision (benefit)

 

%  

%

Schedule of deferred tax assets

The components of the net deferred tax asset as of December 31, 2022 and 2021 are the following (in thousands):

As of December 31, 

    

2022

    

2021

Deferred tax assets:

 

  

 

  

Net operating loss carryovers

$

40,456

$

38,991

Stock compensation and other

 

1,066

 

1,193

Amortization of license

 

7,952

 

8,950

Accruals and reserves

 

463

 

157

Tax credits

 

4,112

 

2,136

Start Up Costs

 

21

 

27

Section 174 Capitalization

10,671

Total deferred tax assets

 

64,741

 

51,454

Less valuation allowance

 

(64,741)

 

(51,454)

Deferred tax asset, net of valuation allowance

$

$