| Schedule of components of tax provision (benefit) |
|
|
|
|
|
|
|
|
|
2024 |
|
2023 |
|
|
|
|
|
|
|
Tax provision (benefit) |
|
|
|
|
|
|
Current |
|
|
|
|
|
|
Federal |
|
$ |
— |
|
$ |
— |
State |
|
|
66,000 |
|
|
(60,000) |
Total current |
|
|
66,000 |
|
|
(60,000) |
|
|
|
|
|
|
|
Deferred |
|
|
|
|
|
|
Federal |
|
|
(16,105,508) |
|
|
(12,233,641) |
State |
|
|
(3,457,937) |
|
|
(2,764,638) |
Total deferred |
|
|
(19,563,445) |
|
|
(14,998,279) |
|
|
|
|
|
|
|
Change in valuation allowance |
|
|
19,563,445 |
|
|
14,998,279 |
Total |
|
$ |
66,000 |
|
$ |
(60,000) |
|
| Schedule of deferred tax assets and liabilities |
|
|
|
|
|
|
|
|
|
2024 |
|
2023 |
|
|
|
|
|
|
|
Deferred tax assets |
|
|
|
|
|
|
Federal net operating loss |
|
$ |
47,908,912 |
|
$ |
39,914,591 |
Federal research and development tax credit carryforwards |
|
|
21,358,973 |
|
|
15,868,907 |
State net operating losses and tax credit carryforwards |
|
|
10,191,364 |
|
|
7,626,490 |
Capitalized research and development expenses |
|
|
22,658,402 |
|
|
20,203,493 |
Stock-based compensation expense |
|
|
5,071,709 |
|
|
3,710,609 |
Other |
|
|
419,067 |
|
|
754,180 |
Total deferred tax assets |
|
|
107,608,426 |
|
|
88,078,270 |
|
|
|
|
|
|
|
Deferred tax liabilities |
|
|
|
|
|
|
Depreciable assets |
|
|
(123,186) |
|
|
(156,626) |
Total deferred tax liabilities |
|
|
(123,186) |
|
|
(156,626) |
|
|
|
|
|
|
|
Net deferred tax assets |
|
|
107,485,240 |
|
|
87,921,644 |
Less- valuation allowance |
|
|
(107,485,240) |
|
|
(87,921,644) |
Total deferred tax assets |
|
$ |
— |
|
$ |
— |
|