Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.24.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2023
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, 

    

2023

    

2022

Federal

$

$

(15)

State

 

 

Total

$

$

(15)

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

Year Ended December 31, 

 

    

2023

    

2022(1)

 

Federal tax at statutory rate

 

21

%  

21

%

Stock compensation and other permanent differences

 

(1)

%  

%

Nondeductible executive compensation

 

(1)

%  

(1)

%

Valuation allowance

 

(19)

%  

(20)

%

Total

 

%  

%

(1) Presentation for the fiscal year ended 2022 adjusted to conform with the fiscal year ended 2023
Components of Net Deferred Tax Assets

The significant components of net deferred tax assets at December 31, 2023 and 2022 were as follows (in thousands):

December 31, 

    

2023

    

2022

Capitalized research and development expenses

$

2,336

$

4,732

Net operating loss carryforwards

 

30,130

 

23,974

Research and development and other tax credit carryforwards

 

13,176

 

13,176

Stock compensation

 

5,864

 

4,715

Unearned revenue

 

1,984

 

2,408

Royalty Receivable

4,080

466

Other

 

756

 

858

Total deferred tax assets

 

58,326

 

50,329

Valuation allowance

 

(58,326)

 

(50,329)

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, 

    

2023

    

2022

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