Income Tax (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax

Schedule of components of income tax benefit

	2024		2023
Current Benefit:
Federal	$	—	$	—
State		—		—
Foreign		—		—
		—		—
Deferred Benefit:
Federal		—		(521,420)
State		—		(49,700)
Foreign		—		—
Total	$	—	$	(571,120)

Schedule of income tax expense reconciliation

	2024		2023
Federal income tax benefit at statutory rate:	$	(7,208,800)	$	(8,620,900)
Increase (reduction) in income tax resulting from:
State income tax, net of federal benefit		(52,400)		(8,900)
Foreign tax rate differential		(7,100)		(2,200)
Nondeductible expenses		(102,400)		57,200
Stock based compensation		123,000		351,500
Change in state tax rate		(48,500)		358,000
Section 382 adjustment to tax attributes		5,155,400		—
Change in valuation allowance		1,452,900		8,159,000
Prior Period True-Ups		689,500		(288,400)
Other		(1,600)		(5,300)
Purchase Accounting Adjustment		—		(571,120)
Income tax benefit	$	—	$	(571,120)

Schedule of deferred tax assets and liabilities

	2024		2023
Deferred tax assets:
Net operating loss carryforwards	$	31,759,300	$	28,914,050
R&D credit carryforwards		408,500		3,830,306
Stock based compensation		2,850,300		2,799,908
Lease liability		2,651,200		2,951,877
Deferred revenue		—		6,307
Capitalized Section 174 R&D costs		8,025,800		7,481,832
Net unrealized built-in losses (NUBIL) - Section 382		1,175,900		—
Other		378,500		319,826
Unrealized gains/losses		6,800		507,547
Deferred tax assets		47,256,300		46,811,653
Deferred tax liabilities:
Property, plant and equipment, primarily due to differences in depreciation		(665,200)		(738,290)
Right-of-use lease assets		(4,659,300)		(5,573,944)
Deferred tax liabilities		(5,324,500)		(6,312,234)
Valuation allowance		(41,931,800)		(40,499,419)
Net deferred tax assets (liabilities)	$	—	$	—

Schedule of reconciliation of change in gross unrecognized tax positions

	2024		2023
Beginning balance	$	—	$	—
Gross increases for tax positions related to the acquisition of Elusys Therapeutics		—		1,480,974
Divestiture of equity interests in ElusysTherapeutics		—		(1,480,974)
Ending balance	$	—	$	—