Company: MYGN
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000899923-25-000019
Chunk: 169

Company: MYRIAD GENETICS INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 169
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 that is available to determine the realizability of deferred tax assets and that overcoming negative evidence such as cumulative losses in recent years is difficult.  Due to significant negative evidence and the lack of sufficient positive evidence, the Company has applied a valuation allowance to the majority of its deferred tax assets, leaving a remaining deferred tax asset balance of $0.4 million.  For those foreign entities for which an election has been made to be treated as disregarded for U.S. tax purposes, the appropriate U.S. jurisdiction deferred tax assets and liabilities have been recorded. 

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At December 31, 2024, the Company had the following net operating loss and research credit carryforwards (tax effected), with their respective expiration periods. Certain carryforwards are subject to the limitations of Section 382 and 383 of the Internal Revenue Code as indicated:Carryforwards (in millions)AmountSubject toSections 382, 383Expiresbeginning in yearThroughFederal net operating loss$32.2 Yes2033IndefiniteFederal capital loss13.8 No 20262029Utah net operating loss0.9 NoIndefiniteIndefiniteCalifornia net operating loss5.0 Yes20292044Other state net operating loss6.3 YesVariousVariousForeign net operating losses (various jurisdictions)4.3 NoVariousVariousFederal research credit10.5 Yes20272044Utah research credit4.9 No20242038California research credit5.2 NoIndefiniteIndefiniteThe Company provides for uncertain tax positions when such tax positions do not meet the recognition thresholds or measurement criteria as set forth in ASC 740. As of December 31, 2024, the Company had net unrecognized tax benefits of $51.7 million. The Company’s gross unrecognized tax benefits as of the years ended December 31, 2024, 2023, and 2022, and the changes in those balances are as follows: Years Ended December 31,(in millions)202420232022Unrecognized tax benefits at the beginning of period$48.1 $43.9 $32.1 Gross increases - current year tax positions1.0 0.8 12.9 Gross increases - prior year tax positions2.6 3.6 1.6 Gross decreases - prior year tax positions— (0.2)(2.0)Gross decreases -