Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Components of Provision for Income Taxes

The components of the Company’s provision for income taxes for the years ended December 31, 2024 and 2023 are as follows:

	Year Ended December 31,
	2024			2023
Current:
Federal	$	(97,279	)	$	—
State		—
Total current		(97,279	)		—
Deferred:
Federal		(2,848,758	)		(2,429,061	)
State		(1,492,656	)		231,286
Total deferred		(4,341,414	)		(2,197,775	)
Valuation allowance		4,341,414			2,197,775
Total income tax benefit	$	(97,279	)	$	—

Components of Income Tax Rate

The components of the Company’s income tax rate for the years ended December 31, 2024 and 2023 are as follows:

	Year Ended December 31,
	2024			2023
U.S. federal statutory rate		21.0	%		21.0	%
Effects of:
State taxes, net of federal benefit		4.4	%		—	%
Stock-based compensation		(1.6	)%		(4.0	)%
Loss on forward purchase agreement		(11.1	)%		13.7	%
Research and development expenses, net		(1.0	)%		(3.5	)%
Accrued compensation		2.5	%		—	%
Change in deferred tax rate		10.2	%		—	%
Capitalized transaction costs		—	%		(9.8	)%
Other		(0.3	)%		(3.8	)%
Valuation allowance		(23.2	)%		(13.6	)%
Effective rate		0.9	%		—	%

Significant Components of Deferred Tax Assets

Significant components of the Company's deferred tax assets as of December 31, 2024 and 2023 are summarized below.

	December 31,
	2024			2023
Deferred income tax assets:
Net operating losses	$	8,909,827		$	8,775,098
Accrued interest		1,770,766			1,845,473
Federal research and development tax credits		56,911			68,106
Amortization of research expense		460,061			635,669
Right of use asset		3,590			4,676
Non-qualified deferred compensation		551,492			404,327
Change in fair value of forward purchase agreement		4,361,287			2,485,388
Capitalization of start-up costs		386,345			351,383
Change in fair value of derivative liabilities		—			(3,353,181	)
Accrual to cash and other		—			548,665
Accrued compensation		—			357,171
Gross deferred tax assets		16,500,279			12,122,775
Deferred income tax liabilities:
Depreciation and amortization		(36,090	)		—
Total gross deferred tax assets		16,464,189			12,122,775
Valuation allowance		(16,464,189	)		(12,122,775	)
Net deferred income tax assets	$	—		$	—