Molecular Templates, 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

Schedule of Reconciliation of Income Taxes at Statutory Federal Income Tax Rate to Net Income Taxes

A reconciliation of income taxes at the statutory federal income tax rate to net income taxes included in the accompanying statements of operations is as follows (in thousands):

	2021			2020
U.S. federal taxes (benefit) at statutory rate	$	(17,431	)	$	(22,032	)
State federal income tax benefit		(3,834	)		(895	)
Permanent differences		15			(46	)
Stock compensation		1,666			524
Research and development credits		(2,840	)		(4,043	)
Change in valuation allowance due to operations		24,219			26,484
Change in state rate and carryovers		(1,795	)		13
Total	$	—		$	5

Schedule of Significant Components of Net Deferred Tax Assets

The tax effects of temporary differences that give rise to significant components of the net deferred tax assets are as follows (in thousands):

	December 31,
	2021			2020
Deferred tax assets
Net operating loss carryforward	$	63,372		$	42,029
Interest		603			—
Research and development credits		12,422			9,066
Deferred stock compensation		5,916			3,260
Deferred revenue		699			5,195
Lease liability		3,095			3,045
Accrued expenses and other		1,636			1,301
Total deferred tax assets		87,743			63,896

Total deferred tax liabilities
Depreciable and amortizable assets		(1,459	)		(1,677	)
Right-of-use asset		(2,189	)		(2,344	)
Total deferred tax liabilities		(3,648	)		(4,021	)
Less: Valuation allowance		(84,095	)		(59,875	)
Net deferred tax assets	$	—		$	—