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, 2023

Schedule of effective income tax rate reconciliation

For the fiscal years ended June 30, 2023 and 2022, 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):


	2023		2022

Income tax benefit at statutory US federal rate	$	10,875	$	8,622
Income tax benefit attributable to US states		3,468		3,151
Impact of reduction in Colorado tax rate		(78)		—
Non-taxable derivative gains		—		1,379
Non-deductible expenses		(442)		(527)
Stock option expirations		(921)		(332)
Other		(399)		25
Change in valuation allowance		(12,503)		(12,318)
Total income tax expense	$	—	$	—

Schedule of deferred tax assets and liabilities

As of June 30, 2023 and 2022, the income tax effects of temporary differences that give rise to significant deferred income tax assets and liabilities are as follows (in thousands):


	2023		2022
Deferred income tax assets:
Net operating loss carryforwards	$	40,537	$	38,361
Research and experimental costs		9,454		—
Intangible assets		5,595		5,215
Share-based compensation		2,884		2,725
Operating lease liabilities		694		—
Accrued expenses and other		603		293

Total deferred income tax assets		59,767		46,594
Valuation allowance for deferred income tax assets		(59,192)		(46,594)

Deferred income tax assets, net of valuation allowance		575		—

Deferred income tax liability right-of-use assets		(575)		—

Net deferred income tax assets	$	—	$	—