Unicycive Therapeutics, 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, 2023

Schedule of Reconciliation of the Provision for Income Taxes by Statutory Income Tax Rate

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, 2022 and 2023 is as follows:

	Year Ended			Year Ended
	December 31, 2022			December 31, 2023
Income taxes (benefit) at statutory rates		21.00	%		21.00	%
State income tax (benefit), net of federal benefit		2.39	%		0.48	%
Change in valuation allowance		(24.04	)%		(12.24	)%
Fair value adjustment on warrants		-			(7.08	)%
Other		(0.65	)%		(2.16	)%
Effective income tax rate		-	%		-	%

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets at December 31, 2022 and 2023 are shown below (in thousands):

	December 31,			December 31,
	2022			2023
Deferred tax assets:
Stock-based compensation	$	373		$	427
Net operating losses carryforwards		4,156			5,976
Depreciation and Amortization		428			389
Capitalized research		2,221			4,106
Accrued expenses		292			439
Gross deferred tax assets		7,470			11,337
Less: Valuation allowance		(7,438	)		(11,176	)
Net deferred tax assets, net of valuation allowance	$	32		$	161

Deferred tax liabilities:
Other	$	(32	)	$	(161	)
Total deferred tax liabilities		(32	)		(161	)
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, 2022 and 2023 (in thousands):

	Year Ended December 31,		Year Ended December 31,
	2022		2023
Beginning balance	$	101	$	690
Additions related to current year positions		589		152
Additions related to prior year positions		-		184
Ending balance	$	690	$	1,027