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

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

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

	For the years ended December 31,
	2016			2015

Statutory federal income tax rate		35	%		35	%
State taxes, net of federal tax benefit		1	%		5	%
Annual equity fee		-			(9)	%
Credits		3	%		1	%
Rate change		(2)	%		-
Provision to return		5	%		-
Stock based compensation shortfall		(4)	%		-
Other		(2)	%		-
Change in valuation allowance		(36)	%		(32)	%
Income taxes provision (benefit)		-			-

The components of the net deferred tax asset as of December 31, 2016 and 2015 are the following (in thousands):

	As of December 31,
	2016		2015

Deferred tax assets:
Net operating loss carryovers	$	5,148	$	1,657
Stock compensation and other		1,624		1,299
Change in fair value of warrant liabilities		157		175
Amortization of license		4,656		1,210
Accruals and reserves		25		-
Tax credits		733		115
Start Up Costs		54		-
Total deferred tax assets		12,397		4,456
Less valuation allowance		(12,397)		(4,456)
Deferred tax asset, net of valuation allowance	$	-	$	-