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 Tax Disclosure [Abstract]  
Schedule of deferred tax assets and liabilities
(in thousands)   2022     2021  
Deferred tax assets:                
Net operating losses carry forward   $ 44,233     $ 36,405  
Share-based compensation     1,334       1,213  
Research and development/orphan drug credits     17,247       14,536  
Capitalized research and development expenses     13,210       10,426  
Others     69       19  
Less: valuation allowance     (76,093 )     (62,599 )
Deferred tax assets, net   $
-
    $
-
 

  

Schedule of difference between income tax provision and U.S federal statutory rates
(in thousands)   December 31,
2022
    December 31,
2021
 
                                 
Federal statutory income taxes   $ (6,943 )     (21.0 )%   $ (5,202 )     (21.0 )%
State income taxes     (4,863 )     (14.7 )%     (373 )     (1.5 )%
Deferred true-up     89       0.3 %     562       2.3 %
Research and development/orphan drug tax credit     (2,711 )     (8.2 )%     (1,898 )     (7.7 )%
Other     934       2.8 %     486       2.0 %
Change in valuation allowance     13,494       40.8 %     6,425       25.9 %
Provision for income tax   $
-
     
-
    $
-
     
-