Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.4
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Reconciliation of Federal Statutory Income Tax Rate to Company's Effective Income Tax Rate

The reconciliation of federal statutory income tax rate to the Company’s effective income tax rate is as follows:

 

 

 

For the Year Ended December 31,

 

 

 

2022

 

 

2021

 

Expected income tax benefit at the federal statutory rate

 

 

21.0

%

 

 

21.0

%

State and local taxes, net of federal benefit

 

 

7.9

 

 

 

12.5

 

Research and development credit, net

 

 

4.5

 

 

 

4.4

 

Non-deductible items and other

 

 

(0.6

)

 

 

(0.6

)

Change in state tax rate

 

 

(7.4

)

 

 

 

Change in valuation allowance

 

 

(25.4

)

 

 

(37.3

)

Total

 

 

0.0

%

 

 

0.0

%

Summary of Principal Components of Company's Deferred Tax Assets The principal components of the Company’s deferred tax assets and liabilities consisted of the following:

 

 

 

December 31,

 

 

 

2022

 

 

2021

 

Deferred tax assets:

 

 

 

 

 

 

Federal, state and local net operating loss carryforwards

 

$

28,880

 

 

$

28,857

 

Research and development tax credits

 

 

5,859

 

 

 

3,359

 

Capitalized research and development costs

 

 

9,640

 

 

 

 

Stock-based compensation deductions

 

 

3,840

 

 

 

2,616

 

License fee deductions

 

 

262

 

 

 

318

 

Operating lease liabilities

 

 

1,535

 

 

 

 

Accrued expenses

 

 

1,165

 

 

 

1,074

 

Gross deferred tax assets

 

 

51,181

 

 

 

36,224

 

Less: valuation allowance

 

 

(49,689

)

 

 

(36,224

)

Total deferred tax assets

 

 

1,492

 

 

 

 

Deferred tax liabilities:

 

 

 

 

 

 

Operating lease assets

 

 

(1,492

)

 

 

 

Net deferred tax assets

 

$

 

 

$