Company: RGNX
Filing Date: 2025-03-13
Form Type: 10-K
Source: 0000950170-25-038770
Chunk: 63

Company: REGENXBIO Inc.
Filing Date: 2025-03-13
Form: 10-K
Item: Item 16
Chunk 63
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 of its deferred tax assets as of December 31, 2024 and 2023. Based on the Company’s history of operating losses, and other relevant facts and circumstances, the Company concluded that it was more likely than not that the benefit of its deferred tax assets will not be realized. Accordingly, the Company provided a full valuation allowance for its net deferred tax assets as of December 31, 2024 and 2023. The valuation allowance increased by $57.9 million and $69.3 million during the years ended December 31, 2024 and 2023, respectively. The increases in the valuation allowance during the years ended December 31, 2024 and 2023 were due primarily to research and development expenses incurred during the periods which were capitalized for tax purposes, and federal and state NOLs and research and development tax credits generated during the periods.The following table presents the Company's U.S. federal and state NOL and tax credit carryforwards, net of unrecognized tax benefits, which may be available to offset future income tax liabilities (in thousands): 

        As of December 31, 2024

        Expiration Date (if not utilized)

        U.S. federal NOL carryforwards
         
        $
        373,599

         Indefinite

        U.S. federal tax credit carryforwards
         
        $
        86,473

         Various dates between 2037 and 2044

        U.S. state NOL carryforwards
         
        $
        273,319

         Indefinite

        U.S. state NOL carryforwards
         
        $
        135,591

         Various dates between 2029 and 2044

        U.S. state tax credit carryforwards
         
        $
        750

         Various dates between 2029 and 2031
       
      As of December 31, 2024, the Company had U.S. federal and state research and development tax credit carryforwards of approximately $87.2 million, net of unrecognized tax benefits of $0.1 million, which may be available to reduce future income tax liabilities. The calculation of these credits requires assumptions to be made by the Company to estimate qualified research expenses. 

123

The Company conducts formal studies to document the qualified activities and expenses used to calculate these credits, however a portion of these credits may be subject to future examinations which have not yet occurred, the results