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 Taxes  
Schedule of Provision for Income Taxes (All Current)

The (benefit) provision for income taxes, all classified as current, consists of the following (in thousands):

Year Ended December 31, 

    

2022

    

2021

Federal

$

(15)

$

91

State

 

 

Total

$

(15)

$

91

Reconciliation Between the Tax Provision Computed at the Federal Statutory Income Tax Rate and Actual Effective Income Tax Rate

Reconciliation between the tax provision computed at the federal statutory income tax rate and the Company’s actual effective income tax rate is as follows:

Year Ended December 31, 

 

    

2022

    

2021

 

Federal tax at statutory rate

 

21

%  

21

%

Stock compensation and other permanent differences

 

(1)

%  

9

%

Federal orphan drug credit

 

%  

(2)

%

Tax benefit related to net operating loss carryforward utilization

 

%  

(11)

%

Valuation allowance

 

(20)

%  

(16)

%

Total

 

%  

1

%

Components of Net Deferred Tax Assets

The significant components of net deferred tax assets at December 31, 2022 and 2021 were as follows (in thousands):

December 31, 

    

2022

    

2021

Capitalized research and development expenses

$

4,732

$

7,822

Net operating loss carryforwards

 

23,974

 

17,657

Research and development and other tax credit carryforwards

 

13,176

 

13,125

Stock compensation

 

4,715

 

4,778

Unearned revenue

 

2,408

 

2,817

Other

 

1,324

 

807

Total deferred tax assets

 

50,329

 

47,006

Valuation allowance

 

(50,329)

 

(47,006)

Net deferred tax assets

$

$

Schedule of Unrecognized Tax Benefits

The following table summarizes the Company’s activity related to its unrecognized tax benefits (in thousands):

Year Ended December 31, 

    

2022

    

2021

Balance at January 1

$

5,938

$

5,938

Increase related to current year tax position

 

 

Increase related to prior year tax position

 

 

Balance at December 31

$

5,938

$

5,938