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

​

$

—

​

$

—

​