Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Taxes

Components of deferred tax asset

The components of the Company’s deferred tax asset are as follows:

	December 31,
	2022		2021
	(in thousands)
Deferred tax assets – non-current
Accrued bonuses	$	63	$	63
Accrued vacation		28		26
Net operating loss (NOL) carryover		15,818		14,975
Research & development tax credits		2,509		3,353
Share based expense		671		572
Other		3		4
Right of use lease liability		46		49
Fixed asset depreciation		44		43
Total deferred tax asset		19,182		19,085
Less: valuation allowance		(19,140)		(19,042)
Net deferred tax asset		42		43
Right of use asset		(42)		(43)
Net deferred tax asset	$	—	$	—

Schedule of effective income tax rate reconciliation

Reconciliation between income taxes at the statutory tax rate (21%) and the actual income tax provision for continuing operations follows:

	December 31,
	2022		2021
	(in thousands)
Loss before income taxes	$	(13,868)	$	(10,440)
Tax (benefit) at statutory tax rate		(2,912)		(2,193)
Effects of:
Exclusion of incentive stock option expense		80		73
R&D tax credits		844		(451)
Increase (decrease) in valuation allowance		98		2,648
Section 382 limit - NOL		1,890		—
Other		—		(77)
Provision for income taxes	$	—	$	—