Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.23.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2022
Income Taxes  
Schedule of federal rate

A reconciliation of the statutory U.S. federal rate to the Company’s effective tax rate is as follows:

For the years ended December 31, 

 

    

2022

    

2021

 

Statutory federal income tax rate

 

21

%  

21

%

State taxes, net of federal tax benefit

 

10

%  

13

%

State rate change

(1)

%

0

%

Stock-based compensation

(22)

%

(11)

%

Other

 

3

%

0

%

Credits

 

4

%  

0

%

None-deductible items

 

(12)

%

0

%

Section 162(m) disallowance

 

(3)

%  

0

%

Change in fair value of warrant liability

 

48

%  

0

%

Change in valuation allowance

 

(49)

%  

(23)

%

Income taxes provision (benefit)

 

0

%  

0

%

Schedule of deferred tax assets

The components of the net deferred tax asset as of December 31, 2022 and 2021 are the following (in thousands):

As of December 31, 

    

2022

    

2021

Deferred tax assets:

 

  

 

  

Net operating loss carryforwards

$

25,660

$

23,719

Stock compensation and other

 

42

 

293

In process research and development

 

1,603

 

1,162

Accruals and reserves

64

6

Business interest expense disallowance

 

122

 

Section 174 capitalization

 

622

 

Tax credits

 

2,859

 

2,640

Total deferred tax assets

 

30,972

 

27,820

Less valuation allowance

 

(30,972)

 

(27,820)

Deferred tax assets, net of valuation allowance

$

$