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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Taxes

Schedule of Gross Deferred Tax Asset and Related Valuation Allowance

​

​	​	​	​	​	​	​	​
​		2022			2021
Deferred income tax assets:	​	​	​	​	​	​	​
Net operating loss carryforward	​	$	82,784,742	​	$	79,788,146	​
Research and orphan drug credits	​		51,184,585	​		47,976,370	​
Capitalized research costs	​		7,125,276	​		—	​
Capitalized start-up costs	​		726,724	​		920,516	​
Patent amortization	​		58,010	​		73,480	​
Stock-based compensation	​		7,247,715	​		7,102,947	​
Accrued bonus	​	​	733,235	​	​	592,260	​
Operating lease liabilities	​	​	252,777	​	​	528,340	​
Other	​	​	210,237	​	​	209,580	​
Gross deferred income tax assets	​		150,323,301	​		137,191,639	​
Valuation allowance	​		(149,972,514)	​		(136,613,829)	​
Net deferred income tax assets	​		350,787	​		577,810	​
​	​	​	​	​	​	​	​
Deferred income tax liabilities:	​	​	​	​	​	​	​
Operating lease right-of-use assets	​		(206,704)	​		(433,727)	​
Property and equipment	​		(144,083)	​		(144,083)	​
Gross deferred income tax liabilities	​		(350,787)	​		(577,810)	​
Net deferred income tax asset/(liability)	​	$	—	​	$	—	​

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

​

​	​	​	​	​	​	​	​
​		2022		2021		2020
U.S. Federal statutory tax rate		21.0	%	21.0	%	21.0	%
State taxes		6.1		5.9		5.7	​
Research credit		0.6		0.9		0.7	​
Orphan drug credit		4.8		6.6		9.8	​
Other	​	(3.9)	​	(0.3)	​	0.4	​
Change in valuation allowance		(28.6)		(34.1)		(37.6)	​
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 https://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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

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