Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

The income tax provision consisted of the following for the years ended December 31, 2025 and December 31, 2024:

	December 31,
	2025			2024
Current:
Federal	$	-		$	-
State & local		(1,169,820	)		(869,169	)
		(1,169,820	)		(869,169	)
Deferred tax expense:
Federal		-			-
State & local		-			-
Net income tax benefit	$	(1,169,820	)	$	(869,169	)

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 for the year ended December 31, 2024 before the adoption of ASU 2023-09 is as follows:

	December 31,
	2024
Statutory rate		21.0	%
State tax recovery, net of federal benefit		2.2	%
Permanent differences		(6.0	)%
Research and development		3.6	%
State taxes/ Sale of NOL		2.3	%
Valuation allowance		(20.8	)%
Effective tax rate		2.3	%

Deferred Tax Assets, Net

Deferred tax assets as of December 31, 2025 and December 31, 2024 are related to the following:

	December 31,
	2025			2024
Fixed assets	$	710,573		$	727,367
Intangible assets		12,066			17,571
License agreement		2,261,307			2,491,266
Accrued expenses		76,022			6,129
Lease liability		17,483			35,349
Stock based compensation		4,159,573			3,649,378
Charitable contributions		9,123			9,278
163j		1,016			1,033
Research & development		10,458,138			13,189,388
Net operating loss		47,363,506			37,698,779
R&D credits		8,355,813			6,876,852
Total gross deferred tax assets		73,424,620			64,702,389
Less valuation allowance		(73,389,708	)		(64,655,056	)
Deferred tax assets, net	$	34,912		$	47,334
Business insurance		-			(711	)
Right of use asset	$	(34,912	)	$	(46,623	)
Total gross deferred tax liabilities		(34,912	)		(47,334	)
Deferred tax, net	$	-		$	-

Income Taxes Paid

The amounts of cash income taxes paid by the Company were as follows:

	Year Ended December 31,
	2025			2024
Federal	$	-		$	-
State & local		(1,162,953	)		(924,158	)
Income taxes, net of amount refunded	$	(1,162,953	)	$	(924,158	)