Annual report [Section 13 and 15(d), not S-K Item 405]

Income Taxes (Tables)

v3.25.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2024
Income Taxes  
Schedule of effective income tax rate reconciliation

For the Year Ended December 31, 

 

    

2024

    

2023

 

Percentage of pre-tax income:

 

  

 

  

Statutory federal income tax rate

 

21

%  

21

%

State taxes, net of federal tax benefit

 

4

%  

11

%

Credits

 

3

%  

2

%

Change in state tax rate

 

(15)

%  

12

%

Provision to return

 

(4)

%  

%

Stock based compensation

 

1

%  

(1)

%

162(m) limitation

(4)

%  

%  

Other

 

(2)

%  

(1)

%

Change in valuation allowance

 

(4)

%  

(43)

%

Income taxes provision (benefit)

 

%  

%

Schedule of deferred tax assets

The components of the net deferred tax asset as of December 31, 2024 and 2023 are the following (in thousands):

As of December 31, 

    

2024

    

2023

Deferred tax assets:

 

  

 

  

Net operating loss carryovers

$

51,309

$

45,000

Stock compensation and other

 

1,547

 

1,384

Amortization of license

 

9,352

 

11,126

Accruals and reserves

 

629

 

825

Tax credits

 

6,768

 

5,105

Start Up Costs

 

15

 

24

Section 174 Capitalization

19,783

23,793

Total deferred tax assets

 

89,403

 

87,257

Less valuation allowance

 

(89,403)

 

(87,257)

Deferred tax asset, net of valuation allowance

$

$