Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.24.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Provision

The components of the income tax provision are as follows:

 

      2023       2022  
      Year Ended December 31,
      2023       2022  
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:

 

    2023            2022         
    Year Ended December 31,  
    2023            2022         
Income at U.S. Statutory Rate     21.00 %     21.00 %
State Taxes, net of Federal benefit     7.91 %     7.65 %
Permanent Differences     (1.20 )%     (1.25 )%
Tax Credits     2.49 %     2.52 %
Valuation Allowance     (30.19 )%     (29.92 )%
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 2023 and 2022 consist of the following:

 

    2023     2022  
    Year Ended December 31,  
    2023     2022  
Share-based Compensation   $ 5,383     $ 4,512  
Depreciation and Amortization     (23 )     (18 )
Accrued Liability     307       481  
Net Operating Loss Carry-forwards     25,146       21,755  
R&D Credit Carryforwards     4,432       3,773  
R&D Section 174 Costs     5,953       4,268  
Other     1       (1 )
IPR&D     (851 )     (851 )
ROU Asset     (870 )     (1,027 )
ROU Liability     996       1,155  
Total Deferred tax assets   $ 40,474     $ 34,047  
Valuation allowance     (40,815 )     (34,388 )
Net deferred tax asset (liability)   $ (341 )   $ (341 )