Checkpoint Therapeutics, Inc. Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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,
	2023		2022
Percentage of pre-tax income:
Statutory federal income tax rate	21	%	21	%
State taxes, net of federal tax benefit	11	%	4	%
Credits	2	%	3	%
Change in state tax rate	12	%	(4)	%
Provision to return	—	%	—	%
Stock based compensation	(1)	%	—	%
Change in fair market value of warrant	—	%	—	%
Other	(1)	%	(3)	%
Change in valuation allowance	(43)	%	(21)	%
Income taxes provision (benefit)	—	%	—	%

The components of the net deferred tax asset as of December 31, 2023 and 2022 are the following (in thousands):


	As of December 31,
	2023		2022
Deferred tax assets:
Net operating loss carryovers	$	45,000	$	40,456
Stock compensation and other		1,384		1,066
Amortization of license		11,126		7,952
Accruals and reserves		825		463
Tax credits		5,105		4,112
Start Up Costs		24		21
Section 174 Capitalization		23,793		10,671
Total deferred tax assets		87,257		64,741
Less valuation allowance		(87,257)		(64,741)
Deferred tax asset, net of valuation allowance	$	—	$	—