Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.24.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of our effective income tax rate and statutory income tax rate for the years ended December 31, 2023 and 2022 is as follows:

 

    2023          2022       
    Year Ended December 31,  
    2023          2022       
Federal statutory income tax rate     21.00 %     21.00 %
State tax rate, net     5.77 %     5.72 %
Permanent differences     (0.25 )%     (0.55 )%
Federal orphan drug tax credit     1.41 %     0.93 %
Deferred tax asset valuation allowance     (27.93 )%     (27.10 )%
                 
Effective income tax rate     0.00 %     0.00 %
Schedule of Deferred Tax Assets and Liabilities

The significant components of our deferred tax assets and liabilities for Federal and state income taxes consisted of the following:

 

    2023     2022  
    December 31,  
    2023     2022  
Deferred tax assets:                
Non-current:                
Net operating loss carry forward – Federal   $ 6,012,941     $ 5,048,175  
Net operating loss carry forward – State     1,672,436       1,431,839  
Stock compensation expense     3,453,799       2,590,890  
Depreciation and other     999       976  
Purchased in-process R&D     2,500,562       2,494,829  
Federal orphan drug credits     1,202,955       1,046,539  
Capitalized research and development costs     2,795,379       1,929,462  
Start-up expenditures and amortization     -       -  
Total non-current deferred tax assets     17,639,071       14,542,710  
Valuation allowance for deferred tax assets     (17,639,071 )     (14,542,710 )
Total deferred tax assets         -       -  
                 
Deferred Tax Liabilities:                
Non-current:                
Intangible asset     -       -  
Total non-current deferred tax liabilities     -       -  
                 
Total deferred tax asset (liability)   $ -     $ -