Enzo Biochem, Inc. Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

12 Months Ended

Jul. 31, 2024

The components of deferred tax assets (liabilities) as of July 31 are as follows:

	2024			2023
Deferred tax assets:
Federal tax carryforward losses	$	16,405			11,345
Provision for uncollectible accounts receivable		13			878
State and local tax carry forward losses		1,706			97
Stock compensation		250			2,349
Depreciation		438			563
Research and development and other tax credit carryforwards		1,596			1,652
Lease liabilities		2,086			3,232
Foreign tax carryforward losses		4,096			3,708
Intangibles and goodwill		—			83
Inventory		1,707			1,623
Accrued expenses		2,848			4,463
Other, net		—			13
Deferred tax assets		31,145			30,006

Right-of-use assets		(1,063	)		(2,757	)
Prepaid expenses		(420	)		(507	)
Other, net		—			(57	)
Deferred tax liabilities		(1,483	)		(3,321	)

Net deferred tax assets before valuation allowance		29,662			26,685
Less: valuation allowance		(29,662	)		(26,685	)
Net deferred tax assets	$	—		$	—

The geographic components of loss before income taxes consisted of the following for the years ended July 31:

The benefit for income taxes was at rates different from U.S. federal statutory rates for the following reasons for the years ended July 31:

	2024			2023
Federal statutory rate		21.0	%		21.0	%
Compensation and other expenses not deductible for income tax return purposes		(7.6	)		(1.4	)
Change in valuation allowance, net		(13.4	)		(19.6	)
		—	%		—	%