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 Taxes [Abstract]  
Schedule of Deferred Tax Assets and Liabilities Significant components of the Company’s deferred tax assets and liabilities at December 31, 2023 and 2022 are as follows:
(in thousands)   2023     2022  
Deferred tax assets:            
Net operating losses carry forward   $ 41,698     $ 44,233  
Deferred revenue     8,219      
-
 
Share-based compensation     1,512       1,334  
Research and development/orphan drug credits     20,509       17,247  
Capitalized research and development expenses     18,684       13,210  
Others     (57 )     69  
Less: valuation allowance     (90,566 )     (76,093 )
Deferred tax assets, net   $
-
    $
-
 
Schedule of U.S. Federal Statutory Rates The difference between the income tax provision and the amount that would result if the U.S. Federal statutory rates were applied to pre-tax losses for the year ended December 31, 2023 and 2022 are as follows:
(in thousands)   December 31,
2023
    December 31,
2022
 
                         
Federal statutory income taxes   $ (10,252 )     (21.0 )%   $ (6,943 )     (21.0 )%
State income taxes     (1,743 )     (3.6 )%     (4,863 )     (14.7 )%
Deferred true-up     176       0.4 %     89       0.3 %
Research and development/orphan drug tax credit     (3,263 )     (6.7 )%     (2,711 )     (8.2 )%
Other     608       1.2 %     934       2.8 %
Change in valuation allowance     14,474       29.7 %     13,494       40.8 %
Provision for income tax   $
-
     
-
    $
-
     
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