Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
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,

 

    

2021

    

2020

 

Statutory federal income tax rate

 

21

%  

21

%

State taxes, net of federal tax benefit

 

16

%  

16

%

Non-deductible items

 

(1)

%  

(1)

%

Credits

 

5

%  

4

%

Federal tax rate change

 

%  

%

State tax rate change

 

%  

1

%

Other

 

%  

%

Change in valuation allowance

 

(41)

%  

(41)

%

Income taxes provision (benefit)

 

 

Schedule of Deferred Tax Assets

The components of the net deferred tax asset as of December 31, 2021 and 2020 are the following ($ in thousands):

For the year ended December 31, 

    

2021

    

2020

Deferred tax assets:

 

  

 

  

Net operating loss carryovers

$

66,879

$

45,090

Stock compensation and other

 

2,702

 

2,444

Change in fair value of warrant liabilities

 

59

 

59

Amortization of license

 

13,977

 

12,804

Lease liability

755

825

Accruals and reserves

 

1,035

 

504

Startup costs

 

6

 

7

Tax credits

 

9,728

 

5,743

Total deferred tax assets

95,141

67,476

Less: valuation allowance

 

(94,751)

 

(67,073)

Net deferred tax assets

$

390

$

403

Deferred tax liabilities:

Right of use asset

(390)

(403)

Total deferred tax assets, net

$

$