Annual report [Section 13 and 15(d), not S-K Item 405]

Income Taxes (Tables)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Components of the Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities at December 31, 2024 and 2023 are as follows:

(in thousands)	2024			2023
Deferred tax assets:
Net operating losses carry forward	$	47,875		$	41,698
Deferred revenue		8,217			8,219
Share-based compensation		1,572			1,512
Research and development/orphan drug credits		23,296			20,509
Capitalized research and development expenses		20,664			18,684
Others		(11	)		(57	)
Less: valuation allowance		(101,613	)		(90,565	)
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, 2024 and 2023 are as follows:

(in thousands)	December 31, 2024					December 31, 2023

Federal statutory income taxes	$	(8,031	)	(21.0	)%	$	(10,252	)	(21.0	)%
State income taxes		(1,275	)	(3.3	)%		(1,743	)	(3.6	)%
Deferred true-up		259		0.7	%		176		0.4	%
Research and development/orphan drug tax credit		(2,787	)	(7.3	)%		(3,263	)	(6.7	)%
Other		788		2.0	%		608		1.2	%
Change in valuation allowance		11,046		28.9	%		14,474		29.7	%
Provision for income tax	$	-		-		$	-		-