Sagimet Biosciences Inc. / "Tax" | Tables in SEC filings

SGMT Sagimet Biosciences Inc.

25 Mar 24

Annual report

6:37am

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The following table presents significant components of the Company’s net deferred tax assets as of December 31, 2023 and 2022 (in thousands):


	December 31,
	2023		2022
Deferred tax assets:
Net operating loss carryforwards	$	31,097	$	28,707
Capitalized start-up costs and research expenses		15,409		13,004
Research and development credits		5,943		4,977
Accruals, reserves and other		312		221
Stock compensation		2,382		923
Lease liabilities		14		47
Total gross deferred assets		55,157		47,879
Valuation allowance		(55,114)		(47,834)
Total deferred tax assets		43		45
Deferred tax liabilities:
Right-of-use assets		(15)		(45)
Other		(28)		—
Total deferred liabilities		(43)		(45)
Net deferred tax assets	$	—	$	—

SERVICE	2023 ($)		2022 ($)
Audit Fees		1,927,811		618,500
Audit-Related Fees		—		—
Tax Fees		—		—
All Other Fees		—		—
Total		1,927,811		618,500


	Year Ended December 31,
	2023		2022
Federal income taxes at statutory rates	21.00	%	21.00	%
State income tax, net of federal benefit	0.54		0.43
Research and development credits	2.92		3.48
Stock-based compensation	1.49		(0.81)
Change in valuation allowance	(25.95)		(24.10)
Effective income tax rate	—	%	—	%


	Year Ended December 31,
	2023		2022
Unrecognized tax benefits as of the beginning of the year	$	1,534	$	1,035
Increase related to current year tax positions		250		499
Unrecognized tax benefits as of the end of the year	$	1,784	$	1,534

Table search / Sagimet Biosciences Inc. / "Tax"

4 results

Top filers

Top filing types

Recent filing years