Annual report [Section 13 and 15(d), not S-K Item 405]

Income Taxes (Tables)

v3.25.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024 and 2023 is as follows:

 

    2024     2023  
    Year Ended December 31,  
    2024     2023  
Federal statutory income tax rate     21.00 %     21.00 %
State tax rate, net     5.58 %     5.77 %
Permanent differences     (0.04 )%     (0.25 )%
Federal orphan drug tax credit     0.05 %     1.41 %
Deferred tax asset valuation allowance     (26.59 )%     (27.93 )%
                 
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:

 

    2024     2023  
    December 31,  
    2024     2023  
Deferred tax assets:                
Non-current:                
Net operating loss carry forward – Federal   $ 7,566,071      $ 6,012,941  
Net operating loss carry forward – State     2,074,542        1,672,436  
Stock compensation expense     2,794,226       3,453,799  
Depreciation and other     238        999  
Purchased in-process R&D     2,477,193        2,500,562  
Federal orphan drug credits     1,209,202        1,202,955  
Capitalized research and development costs     3,781,193        2,795,379  
Start-up expenditures and amortization     -        -  
Total non-current deferred tax assets     19,902,665        17,639,071  
Valuation allowance for deferred tax assets     (19,902,665 )     (17,639,071 )
Total deferred tax assets     -       -  
                 
Deferred Tax Liabilities:                
Non-current:                
Intangible asset     -       -  
Total non-current deferred tax liabilities     -       -  
                 
Total deferred tax asset (liability)   $ -     $ -