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

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 Reconciliation of the Provision for Income Taxes

A reconciliation of the provision for income taxes to the amount computed by applying the statutory income tax rate of 21% to the net loss is summarized for the years ended December 31, 2023, and 2024 is as follows:

	Year Ended			Year Ended
	December 31, 2023			December 31, 2024
Income taxes (benefit) at statutory rates		21.00	%		21.00	%
State income tax (benefit), net of federal benefit		0.48	%		5.84	%
Change in valuation allowance		(12.24	)%		(23.12	)%
Fair value adjustment on warrants		(7.08	)%		(3.32	)%
Other		(2.16	)%		(0.40	)%
Effective income tax rate		-	%		-	%

Schedule of Deferred Tax Assets

Significant components of the Company’s deferred tax assets at December 31, 2023 and 2024 are shown below (in thousands):

	December 31,			December 31,
	2023			2024
Deferred tax assets:
Stock-based compensation	$	427		$	730
Net operating losses carryforwards		5,976			11,022
Depreciation and Amortization		389			960
Capitalized research		4,106			6,572
Accrued expenses		439			553
Gross deferred tax assets		11,337			19,837
Less: Valuation allowance		(11,176	)		(19,668	)
Net deferred tax assets, net of valuation allowance	$	161		$	169

Deferred tax liabilities:
Other	$	(161	)	$	(169	)
Total deferred tax liabilities		(161	)		(169	)
Net deferred tax assets / liabilities	$	-		$	-

Schedule of Unrecognized Tax Benefits

The following table summarizes the changes to the Company’s gross unrecognized tax benefits for the years ended December 31, 2023 and 2024 (in thousands):

	Year Ended December 31,		Year Ended December 31,
	2023		2024
Beginning balance	$	690	$	1,027
Additions related to current year positions		152		958
Additions related to prior year positions		184		-
Ending balance	$	1,027	$	1,985