Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.23.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2022
Income Taxes  
Schedule of Effective Income Tax Rate Reconciliation

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,

 

    

2022

    

2021

 

Statutory federal income tax rate

 

21

%  

21

%

State taxes, net of federal tax benefit

 

16

%  

16

%

Non-deductible items

 

(1)

%  

(1)

%

Credits

 

5

%  

5

%

Federal tax rate change

 

%  

%

State tax rate change

 

%  

%

Other

 

1

%  

%

Change in valuation allowance

 

(42)

%  

(41)

%

Income taxes provision (benefit)

 

 

Schedule of Deferred Tax Assets

The components of the net deferred tax asset as of December 31, 2022 and 2021 are the following ($ in thousands):

For the year ended December 31, 

    

2022

    

2021

Deferred tax assets:

 

  

 

  

Net operating loss carryovers

$

75,011

$

66,879

Stock compensation and other

 

2,399

 

2,702

Change in fair value of warrant liabilities

 

59

 

59

Amortization of license

 

13,375

 

13,977

Lease liability

1,466

755

Accruals and reserves

 

1,434

 

1,035

Startup costs

 

6

 

6

Tax credits

15,649

9,728

174 Capitalization

 

19,787

 

Total deferred tax assets

129,186

95,141

Less: valuation allowance

 

(128,101)

 

(94,751)

Net deferred tax assets

$

1,085

$

390

Deferred tax liabilities:

Right of use asset

(1,085)

(390)

Total deferred tax assets, net

$

$