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

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

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,
	2019		2018
Percentage of pre-tax income:
Statutory federal income tax rate	21	%	21	%
State taxes, net of federal tax benefit	6	%	4	%
Credits	—	%	3	%
Change in state tax rate	2	%	(6)	%
Provision to return	—	%	(4)	%
Stock based compensation shortfall	(1)	%	(1)	%
Other	(1)	%	—	%
Change in valuation allowance	(27)	%	(17)	%
Income taxes provision (benefit)	—	%	—	%

The components of the net deferred tax asset as of December 31, 2019 and 2018 are the following (in thousands):


	As of December 31,
	2019		2018
Deferred tax assets:
Net operating loss carryovers	$	23,051	$	17,056
Stock compensation and other		2,057		1,674
Amortization of license		4,878		4,346
Accruals and reserves		184		6
Tax credits		1,532		1,938
Start Up Costs		31		32
Total deferred tax assets		31,733		25,052
Less valuation allowance		(31,733)		(25,052)
Deferred tax asset, net of valuation allowance	$	—	$	—