Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Components of Income Tax Rate

The components of the Company’s income tax rate for the years ended December 31, 2023 and 2022 are as follows:

	Year Ended December 31,
	2023			2022
U.S. federal statutory rate		21.0	%		21.0	%
Effects of:
State taxes, net of federal benefit		—	%		7.9	%
Stock-based compensation		(4.0	)%		(0.4	)%
Research and development expenses, net		(3.5	)%		(6.4	)%
Capitalized transaction costs		(9.8	)%		—	%
Loss on forward purchase agreement		13.7	%
Gain on loan forgiveness		—	%		(2.5	)%
Net operating loss true-up		—	%		2.6	%
Other		(3.8	)%		(0.2	)%
Valuation allowance		(13.6	)%		(22.0	)%
Effective rate		—	%		—	%

Significant Components of Deferred Tax Assets

Significant components of the Company’s deferred tax assets as of December 31, 2023 and 2022 are summarized below.

	December 31,
	2023			2022
Deferred income tax assets:
Net operating losses	$	8,775,098		$	7,642,000
Accrued interest		1,845,473			747,000
Federal research and development tax credits		68,106			113,000
Amortization of research expense		635,669			585,000
Right of use asset		4,676			29,000
Non-qualified deferred compensation		404,327			263,000
Accrued compensation		357,171			271,000
Change in fair value of forward purchase agreement		2,485,388			—
Capitalization of start-up costs		351,383
Accrual to cash and other		548,665			—
Change in fair value of earnout liability		(3,353,181	)
Change in fair value of derivative liabilities		—			275,000
Gross deferred tax asset		12,122,775			9,925,000
Valuation allowance		(12,122,775	)		(9,925,000	)
Net deferred income tax assets	$	—		$	—