Rezolute, 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

Jun. 30, 2022

Schedule of effective income tax rate reconciliation

For the fiscal years ended June 30, 2022 and 2021, the reconciliation between the income tax benefit computed by applying the statutory U.S. federal income tax rate to the pre-tax loss before income taxes, and total income tax expense recognized in the consolidated financial statements is as follows (in thousands):


	2022		2021

Income tax benefit at statutory US federal rate	$	8,622	$	4,389
Income tax benefit attributable to US states		3,151		1,584
Impact of reduction in Colorado tax rate		—		(42)
Non-taxable derivative gains		1,379		377
Non-deductible expenses		(527)		(2)
Stock option expirations		(332)		(3,700)
Other		25		(4)
Change in valuation allowance		(12,318)		(2,602)
Total income tax expense	$	—	$	—

Schedule of deferred tax assets and liabilities

As of June 30, 2022 and 2021, the income tax effects of temporary differences that give rise to significant deferred income tax assets and liabilities are as follows (in thousands):


	2022		2021
Deferred income tax assets:
Net operating loss carryforwards	$	38,361	$	26,985
Intangible assets		5,215		4,971
Share-based compensation		2,725		2,001
Start-up and organizational expenses		149		176
Accrued expenses and other		124		143
Property and equipment		20		—

Total deferred income tax assets		46,594		34,276
Valuation allowance for deferred income tax assets		(46,594)		(34,276)

Net deferred income tax assets	$	—	$	—