| Schedule of Reconciliation of Income Tax Expense |
A reconciliation of the income tax expense computed using the federal statutory income tax rate to the Company’s effective income tax rate is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
Federal statutory rate |
|
|
21.0 |
% |
|
|
21.0 |
% |
|
|
21.0 |
% |
State income taxes, net of federal benefit |
|
|
13.3 |
|
|
|
7.4 |
|
|
|
5.1 |
|
Research and development tax credits |
|
|
18.0 |
|
|
|
4.2 |
|
|
|
2.6 |
|
Nondeductible/ nontaxable permanent items |
|
|
(2.5 |
) |
|
|
(1.8 |
) |
|
|
0.7 |
|
IPR&D Guide Acquisition |
|
|
— |
|
|
|
— |
|
|
|
(8.8 |
) |
Change in valuation allowance |
|
|
(50.9 |
) |
|
|
(32.0 |
) |
|
|
(20.6 |
) |
Total |
|
|
-1.1 |
% |
|
|
-1.2 |
% |
|
|
0.0 |
% |
|
| Schedule of Components of Deferred Taxes |
The components of the Company’s deferred taxes are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
2023 |
|
|
2022 |
|
Deferred tax assets: |
|
|
|
|
|
|
Net operating loss carryforwards |
|
$ |
3,959 |
|
|
$ |
25,740 |
|
Research and development tax credits |
|
|
56,759 |
|
|
|
27,801 |
|
Accrued expenses and other |
|
|
17,386 |
|
|
|
12,472 |
|
Deferred revenue |
|
|
48,792 |
|
|
|
84,622 |
|
Derivative liabilities |
|
|
2,951 |
|
|
|
4,920 |
|
Stock options |
|
|
20,587 |
|
|
|
9,714 |
|
Amortization |
|
|
30,917 |
|
|
|
19,893 |
|
Capitalized Research |
|
|
137,721 |
|
|
|
63,816 |
|
Lease liability |
|
|
47,179 |
|
|
|
48,122 |
|
Total deferred tax assets |
|
|
366,251 |
|
|
|
297,100 |
|
ROU asset |
|
|
(30,830 |
) |
|
|
(31,860 |
) |
Property and equipment |
|
|
(649 |
) |
|
|
(508 |
) |
Other |
|
|
(5,415 |
) |
|
|
(10,325 |
) |
Less: valuation allowance |
|
|
(329,357 |
) |
|
|
(254,407 |
) |
Deferred tax assets, net |
|
$ |
— |
|
|
$ |
— |
|
|