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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Taxes

Schedule of Gross Deferred Tax Asset and Related Valuation Allowance

​

​	​	​	​	​	​	​	​
​		2021			2020
Deferred income tax assets:	​	​	​	​	​	​	​
Net operating loss carryforward	​	$	79,788,146	​	$	63,830,866	​
Capitalized start-up costs	​		920,516	​		1,114,309	​
Patent amortization	​		73,480	​		88,949	​
Research and orphan drug credits	​		47,976,370	​		42,008,797	​
Stock-based compensation	​		7,102,947	​		6,778,569	​
Operating lease liabilities	​	​	528,340	​	​	775,598	​
Accrued bonus	​	​	592,260	​	​	919,410	​
Other	​	​	209,580	​	​	283,751	​
Gross deferred income tax assets	​		137,191,639	​		115,800,249	​
Valuation allowance	​		(136,613,829)	​		(115,016,323)	​
Net deferred income tax assets	​		577,810	​		783,926	​
​	​	​	​	​	​	​	​
Deferred income tax liabilities:	​	​	​	​	​	​	​
Operating lease right-of-use assets	​		(433,727)	​		(639,843)	​
Property and equipment	​		(144,083)	​		(144,083)	​
Gross deferred income tax liabilities	​		(577,810)	​		(783,926)	​
Net deferred income tax asset/(liability)	​	$	—	​	$	—	​

Schedule of Reconciliations Between Statutory Federal Income Tax Rate and Effective Income Tax Rate of Income Tax Expense

​

​	​	​	​	​	​	​	​
​		2021		2020		2019
U.S. Federal statutory tax rate		21.0	%	21.0	%	21.0	%
State taxes		5.9		5.7		5.7	​
Research credit		0.9		0.7		0.8	​
Orphan drug credit		6.6		9.8		8.8	​
Other	​	(0.3)	​	0.4	​	(0.1)	​
Change in valuation allowance		(34.1)		(37.6)		(36.2)	​
Provision for income taxes		—	%	—	%	—	%

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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

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