Income Tax (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax

Schedule of components of income tax benefit

	2023		2022
Current Expense:
Federal	$	—	$	—
State		—		—
Foreign		—		—
		—		—
Deferred Expense:
Federal	$	(521,420)	$	(215,937)
State		(49,700)		—
Foreign		—		—
Total	$	(571,120)	$	(215,937)

Schedule of income tax expense reconciliation

	2023		2022
Federal income tax benefit at statutory rate:	$	(8,620,900)	$	(8,734,000)
Increase (reduction) in income tax resulting from:
State income taxes		(8,900)		(146,000)
Foreign rate differential		(2,200)		(19,000)
Nondeductible expenses		57,200		1,000
Research and development credit		—		(1,312,000)
Stock based compensation		351,500		192,000
Excess executive compensation		—		9,000
Prior Period True-Ups		(288,400)		—
Change in state tax rate		358,000		—
Purchase Accounting Adjustment		(571,120)		—
Reserve for loss carryforwards limited by Sec. 382		—		8,000
Other		(5,300)		65,063
Increase in valuation allowance		8,159,000		9,720,000
Income tax (benefit) provision	$	(571,120)	$	(215,937)

Schedule of deferred tax assets and liabilities

	2023		2022
Deferred tax assets:
Net operating losses	$	28,914,050	$	24,542,949
R&D credits		3,830,306		3,822,392
Stock compensation		2,799,908		2,974,242
Lease liability		2,951,877		—
Deferred revenue		6,307		7,465
Section 174 costs		7,481,832		4,041,814
Other		319,826		—
Unrealized gains/losses		507,547		583,683
Deferred tax assets		46,811,653		35,972,545
Deferred tax liabilities:
Intangible assets		—		—
Property, plant and equipment, primarily due to differences in depreciation		(738,290)		(553,840)
Lease liability		(5,573,944)		(2,732,712)
Other		—		(99,272)
Deferred tax liabilities		(6,312,234)		(3,385,824)
Valuation allowance		(40,499,419)		(32,586,721)
Net deferred tax (liabilities)	$	—	$	—

Schedule of reconciliation of change in gross unrecognized tax positions

The following is a tabular reconciliation of the Company’s change in gross unrecognized tax positions at December 31, 2023:

	2023		2022
Beginning balance	$	—	$	—
Gross increases for tax positions related to the acquisition of Elusys Therapeutics		1,480,974		—
Gross increases for tax positions related to the current periods		-		—
Divestiture of equity interests in ElusysTherapeutics		(1,480,974)		—
Ending balance	$	—	$	—