Company: INKT
Filing Date: 2025-03-18
Form Type: 10-K
Source: 0000950170-25-041379
Chunk: 148

Company: MiNK Therapeutics, Inc.
Filing Date: 2025-03-18
Form: 10-K
Item: Item 1B
Chunk 148
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7.0 and $6.5 million as of December 31, 2024 and 2023 respectively.

 77

The tax effect of temporary differences and net operating loss carryforwards that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31, 2024 and 2023 are presented below (in thousands).  

        December 31,

        2024

        2023

        Deferred tax assets:

        U.S. Federal and state net operating loss carryforwards
         
        $
        15,819

        $
        13,804

        Foreign net operating loss carryforwards

        7,310

        7,819

        Research and development tax credits

        341

        341

        Share-based compensation

        346

        269

        Capitalized research expenses

        6,967

        6,515

        Other

        180

        926

        Total deferred tax assets

        30,963

        29,674

        Less: valuation allowance

        (30,963
        )

        (29,674
        )

        Net deferred tax assets
         
        $
        —

        $
        —

       In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which the net operating loss and tax credit carryforwards can be utilized or the temporary differences become deductible. The Company considers projected future taxable income and tax planning strategies in making this assessment. To fully realize the deferred tax asset, the Company will need to generate future taxable income sufficient to utilize net operating losses prior to their expiration. Based upon the Company’s history of not generating taxable income, the Company believes that it is more likely than not that deferred tax assets will not be realized through future earnings. Accordingly, a valuation allowance has been established for the full value of the deferred tax assets. The valuation allowance on the deferred tax assets increased by $1.3 million and $7.0 million during the years ended December 31, 2024 and 2023, respectively. Income tax benefit was nil for the years ended December 31, 2024 and 2023. Income taxes recorded differed from the amounts computed by applying the U.S. Federal