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

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

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,
	2020		2019
Percentage of pre-tax income:
Statutory federal income tax rate	21	%	21	%
State taxes, net of federal tax benefit	5	%	6	%
Change in state tax rate	(1)	%	2	%
Provision to return	1	%	—	%
Stock based compensation shortfall	(1)	%	(1)	%
Other	(1)	%	(1)	%
Change in valuation allowance	(24)	%	(27)	%
Income taxes provision (benefit)	—	%	—	%

The components of the net deferred tax asset as of December 31, 2020 and 2019 are the following (in thousands):


	As of December 31,
	2020		2019
Deferred tax assets:
Net operating loss carryovers	$	27,537	$	23,051
Stock compensation and other		2,191		2,057
Amortization of license		5,560		4,878
Accruals and reserves		178		184
Tax credits		1,781		1,532
Start Up Costs		28		31
Total deferred tax assets		37,275		31,733
Less valuation allowance		(37,275)		(31,733)
Deferred tax asset, net of valuation allowance	$	—	$	—