Ocuphire Pharma, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Reconciliation of Statutory to Effective Income Tax Rate

A reconciliation of income tax computed at the statutory federal income tax rate to the provision (benefit) for income taxes included in the accompanying statements of comprehensive loss is as follows for the years ended December 31, 2021 and 2020:

	2021			2020
Income tax (benefit) provision at federal statutory rate		(21.0	)%		(21.0	)%
Valuation allowance		11.9			13.8
State income tax, net of federal benefit		(4.8	)		(4.7	)
Acquired in-process research and development expense		—			8.8
Warrants		15.3			7.6
Convertible notes		—			(3.3	)
Stock options		(0.1	)		(0.1	)
Research and development		(1.1	)		(1.1	)
Other		(0.2	)		—
Effective tax rate		—	%		—	%

Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are summarized in the tables below as of December 31, 2021 and 2020:

	2021			2020
Deferred tax assets:
Federal and state operating loss carryforwards	$	19,244		$	3,351
Acquired intangibles		547			547
Organizational costs		7			8
Other		18			—
Share-based compensation		811			466
Research and development		1,035			275
Subtotal		21,662			4,647
Valuation allowance		(21,662	)		(4,647	)
Total deferred tax assets, net of valuation allowance		—			—
Deferred tax liabilities:
Total deferred tax liabilities		—			—
Net deferred tax assets	$	—		$	—