Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes [Abstract]

Statutory to Effective Federal Income Tax Rate Reconciliation

A reconciliation of the statutory U.S. federal income tax rate to the Company’s effective tax rate is as follows:

	December 31,
	2024			2023
Federal statutory rate		21.0	%		21.0	%
State taxes		2.2	%		7.9	%
Extraordinary gain		0.0	%		0.0	%
Permanent differences		(6.0	)%		(0.9	)%
Research and development		3.6	%		4.1	%
State Taxes/Sale of NOL		2.3	%		3.2	%
Valuation Allowance		(20.8	)%		(32.1	)%
Other		0.0	%		0.0	%
Effective tax rate		2.3	%		3.2	%

Deferred Tax Assets, Net

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets were as follows:

	December 31,
	2024			2023
Federal net operating losses	$	33,122,997		$	28,599,086
State net operating losses		4,575,782			4,648,978
Stock options		3,649,378			4,668,417
Federal tax credit		6,128,255			4,730,921
State tax credits		748,597			582,605
Research and Development Capitalization (IRC 174)		13,189,388			10,017,958
License Agreement		2,491,266			2,639,961
Amortization		17,571			23,131
Accrued expense		106			104
Depreciation		727,367			725,305
Lease liabilities		35,349			50,564
Other		15,623			15,374
Total gross deferred tax assets		64,701,679			56,702,404
Less valuation allowance		(64,655,056	)		(56,645,587	)
Deferred tax assets, net	$	46,623		$	56,817
Right of use asset	$	(46,623	)	$	(56,817	)
Total gross deferred tax liabilities		(46,623	)		(56,817	)
Deferred tax, net	$	–		$	–