Note 8 - Income Taxes 1 (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
|---|
| Notes Tables |
|
| Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] |
| |
|
December 31, |
|
| |
|
2023 |
|
|
2022 |
|
| U.S. federal statutory rate |
|
|
21.0 |
% |
|
|
21.0 |
% |
| Uncertain tax position and interest |
|
|
0.0 |
|
|
|
3.8 |
|
| State and local taxes |
|
|
4.0 |
|
|
|
(3.9 |
) |
| Permanent items |
|
|
0.3 |
|
|
|
(1.0 |
) |
| Change in valuation allowance |
|
|
(25.4 |
) |
|
|
(16.3 |
) |
| Other |
|
|
0.1 |
|
|
|
0.0 |
|
| Effective income tax rate |
|
|
0.0 |
% |
|
|
3.6 |
% |
|
| Schedule of Deferred Tax Assets and Liabilities [Table Text Block] |
| |
|
December 31, |
|
| |
|
2023 |
|
|
2022 |
|
| Deferred tax assets: |
|
|
|
|
|
|
|
|
| Royalty agreement liabilities |
|
$ |
1,587 |
|
|
$ |
9,080 |
|
| Net operating loss |
|
|
9,179 |
|
|
|
7,850 |
|
| Section 174 R&D capitalization |
|
|
4,548 |
|
|
|
3,152 |
|
| Accrued expenses and other |
|
|
406 |
|
|
|
364 |
|
| Orphan drug credit |
|
|
199 |
|
|
|
199 |
|
| Startup costs |
|
|
95 |
|
|
|
104 |
|
| Net deferred tax assets |
|
|
16,014 |
|
|
|
20,749 |
|
| Valuation allowance |
|
|
(16,014 |
) |
|
|
(20,749 |
) |
| Net deferred tax assets |
|
$ |
— |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
| Decrease (increase) in valuation allowance |
|
$ |
4,735 |
|
|
$ |
(4,637 |
) |
|
| Pieris Pharmaceuticals, Inc. [Member] |
|
| Notes Tables |
|
| Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] |
| |
|
Years Ended December 31, |
|
| |
|
2023 |
|
|
2022 |
|
| Domestic |
|
$ |
(9,818 |
) |
|
$ |
(11,765 |
) |
| Foreign |
|
|
(14,726 |
) |
|
|
(21,512 |
) |
| Loss before income taxes |
|
$ |
(24,544 |
) |
|
$ |
(33,277 |
) |
|
| Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] |
| |
|
Years Ended December 31, |
|
| |
|
2023 |
|
|
2022 |
|
| Current: |
|
|
|
|
|
|
|
|
| Federal |
|
$ |
— |
|
|
$ |
— |
|
| State |
|
|
— |
|
|
|
— |
|
| Foreign |
|
|
— |
|
|
|
— |
|
| Total current |
|
|
— |
|
|
|
— |
|
| Deferred: |
|
|
|
|
|
|
|
|
| Federal |
|
|
— |
|
|
|
— |
|
| State |
|
|
— |
|
|
|
— |
|
| Foreign |
|
|
— |
|
|
|
— |
|
| Total deferred |
|
|
— |
|
|
|
— |
|
| Provision for income taxes |
|
$ |
— |
|
|
$ |
— |
|
|
| Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] |
| |
|
2023 |
|
|
2022 |
|
| Federal income tax rate |
|
|
21.0 |
% |
|
|
21.0 |
% |
| Foreign rate differential |
|
|
0.7 |
% |
|
|
5.0 |
% |
| State tax, net of federal benefit |
|
|
3.8 |
% |
|
|
2.0 |
% |
| Share-based awards compensation |
|
|
(2.1 |
)% |
|
|
(2.2 |
)% |
| Permanent items |
|
|
(2.1 |
)% |
|
|
0.3 |
% |
| Other |
|
|
(1.0 |
)% |
|
|
1.0 |
% |
| Release of uncertain tax position |
|
|
22.7 |
% |
|
|
— |
% |
| Credits |
|
|
0.8 |
% |
|
|
1.2 |
% |
| Change in valuation allowance |
|
|
(43.8 |
)% |
|
|
(28.3 |
)% |
| Effective income tax rate |
|
|
— |
% |
|
|
— |
% |
|
| Schedule of Deferred Tax Assets and Liabilities [Table Text Block] |
| |
|
Years Ended December 31, |
|
| |
|
2023 |
|
|
2022 |
|
| Deferred tax assets: |
|
|
|
|
|
|
|
|
| Net operating loss carryforwards |
|
$ |
67,496 |
|
|
$ |
54,845 |
|
| Share-based awards compensation |
|
|
2,624 |
|
|
|
3,112 |
|
| Accrued expenses |
|
|
461 |
|
|
|
216 |
|
| R&D Credits |
|
|
644 |
|
|
|
413 |
|
| Depreciation and other |
|
|
479 |
|
|
|
384 |
|
| Unrealized foreign currency |
|
|
(377 |
) |
|
|
359 |
|
| Capitalized R&D |
|
|
1,165 |
|
|
|
952 |
|
| Lease liability |
|
|
— |
|
|
|
3,541 |
|
| Total deferred tax assets |
|
|
72,492 |
|
|
|
63,822 |
|
| Deferred tax liabilities: |
|
|
|
|
|
|
|
|
| Right-of-use asset |
|
|
— |
|
|
|
(3,270 |
) |
| Accrued expenses |
|
|
— |
|
|
|
— |
|
| Total deferred tax liabilities |
|
|
— |
|
|
|
(3,270 |
) |
| Less: valuation allowance: |
|
|
(72,492 |
) |
|
|
(60,552 |
) |
| Net deferred tax asset |
|
$ |
— |
|
|
$ |
— |
|
|
| Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] |
| Unrecognized tax benefits at December 31, 2022 |
|
$ |
5,363 |
|
| Decrease as a result of a lapse of the applicable statute of limitations |
|
|
(5,363 |
) |
| Unrecognized tax benefits at December 31, 2023 |
|
$ |
— |
|
|