Kodiak Sciences Inc. Notes to Consolidated Financial Statements (in thousands, except share and per share data) 99 9. Income Taxes The components of loss before income taxes were as follows (in thousands): Year Ended December 31, 2024 Year Ended December 31, 2023 Year Ended December 31, 2022 United States ............................................................................................. $ (118,783) $ (143,256) $ (163,240) Foreign ...................................................................................................... (57,404) (117,176) (170,550) Total loss before income taxes.................................................................. $ (176,187) $ (260,432) $ (333,790) The provision (benefit) for income taxes consists of the following (in thousands): Year Ended December 31, 2024 Year Ended December 31, 2023 Year Ended December 31, 2022 Current: Federal................................................................................................... $ — $ — $ — State....................................................................................................... — — — Foreign .................................................................................................. 20 33 33 Total current.......................................................................................... 20 33 33 Deferred: Federal................................................................................................... — — — State....................................................................................................... — — — Foreign .................................................................................................. — — — Total deferred........................................................................................ — — — Provision (Benefit) for income taxes .................................................... $ 20 $ 33 $ 33 The tax effects of temporary differences that give rise to significant components of the net deferred tax assets are as follows (in thousands): December 31, 2024 December 31, 2023 Deferred tax assets: Net operating loss carryforwards ........................................................................... $ 146,537 $ 133,919 Intangible assets ..................................................................................................... 11,902 163,841 Research and development tax credits ................................................................... 32,641 29,630 Stock-based compensation..................................................................................... 27,904 24,344 Accruals.................................................................................................................. 1,085 1,086 Operating lease liability ......................................................................................... 13,748 15,845 Sec. 174 Capitalized R&D ..................................................................................... 23,683 16,992 Total deferred tax assets..................................................................................... 257,500 385,657 Valuation allowance........................................................................................... (247,216) (373,474) Net deferred tax assets ....................................................................................... 10,284 12,183 Deferred tax liabilities: Operating lease right-of-use asset .......................................................................... (8,822) (10,362) Property and equipment ......................................................................................... (1,462) (1,821) Total deferred tax liabilities ............................................................................... (10,284) (12,183) Total net deferred tax assets............................................................................... $ — $ —