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]  
Schedule of Income Tax Provision

The components of the income tax provision are as follows:

 

                 
    Year Ended December 31,  
    2022     2021  
Current expense (benefit):                
Federal   $ -     $ -  
State     -       -  
Foreign     -       -  
Total current expense (benefit):   $ -     $ -  
                 
Deferred expense (benefit):                
Federal   $   -     $   -  
State     -       -  
Foreign     -       -  
Total deferred expense (benefit):   $ -     $ -  
                 
Total income tax expense (benefit):   $ -     $ -  
Schedule of Effective Income Tax Rate Reconciliation

Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A reconciliation of the statutory U.S. federal rate to the Company’s effective tax rate is as follows:

 

             
    Year Ended December 31,  
    2022     2021  
Income at U.S. Statutory Rate     21.00 %     21.00 %
State Taxes, net of Federal benefit     7.65 %     1.97 %
Permanent Differences     (1.25 )%     (0.82 )%
Tax Credits     2.52 %     2.16 %
Valuation Allowance     (29.92 )%     (25.21 )%
Discrete items     0.00 %     0.91 %
 Effective income tax rate     0.00 %     0.00 %
Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets (liabilities) for 2022 and 2021 consist of the following:

 

             
    Year Ended December 31,  
    2022     2021  
Share-based Compensation   $ 4,512     $ 3,575  
Depreciation and Amortization     (18 )     166  
Accrued Liability     481       377  
Net Operating Loss Carry-forwards     21,755       24,076  
R&D Credit Carryforwards     3,773       3,207  
R&D Section 174 Costs     4,268       -  
Other    

(1)

      (1 )
IPR&D     (851 )     (848 )
ROU Asset     (1,027 )     (1,186 )
ROU Liability     1,155       1,315  
Total Deferred tax assets   $ 34,047     $ 30,681  
Valuation allowance     (34,388 )     (31,023 )
Net deferred tax asset (liability)   $ (341 )   $ (341 )