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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Federal Statutory Rate to the Net Loss and the Effective Income Tax Rate
A reconciliation of the effect of applying the federal statutory rate to the net loss and the effective income tax rate are as follows:
20232022
Statutory federal income tax rate21.0 %21.0 %
State tax, net of federal benefit(3.2)%6.1 %
Permanent differences(0.9)%(0.9)%
Federal research and development credits4.1 %2.3 %
State research and development credits— %0.2 %
Uncertain tax positions(0.4)%(0.3)%
Other differences0.1 %0.9 %
Change in valuation allowance(20.7)%(29.3)%
Effective income tax rate— %— %
Schedule of Net Deferred Tax Assets
As of December 31, 2023 and 2022, the components and tax effects of each type of item that gave rise to the net deferred tax assets were as follows:
20232022
Deferred tax assets:
Stock-based compensation expense$1,387,849 $1,059,866 
Research expenses16,282,709 6,758,291 
Unrealized losses172 10,419 
Accrued Bonus602,121 — 
R&D credit carryforward6,295,756 4,146,850 
NOL carryforward19,095,948 20,842,910 
Gross deferred tax assets43,664,555 32,818,336 
Valuation allowance(43,274,909)(32,039,948)
Net deferred tax assets389,646 778,388 
Net deferred tax liabilities:
Prepaid expenses deducted for tax(173,497)(353,224)
Right of use(103,034)(117,445)
Tax depreciation in excess of book(113,115)(307,719)
Total deferred tax liabilities(389,646)(778,388)
Net deferred taxes$— $— 
Schedule of Unrecognized Tax Benefits
As of December 31, 2023 and December 31, 2022, unrecognized tax benefits were as follows:
20232022
Beginning balance$541,067 $380,902 
Increase due to current year tax position158,460 160,165 
Ending balance$699,527 $541,067