XML 44 R27.htm IDEA: XBRL DOCUMENT v3.24.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Schedule of Gross Deferred Tax Asset and Related Valuation Allowance

​

​	​	​	​	​	​	​	​
​		2023			2022
Deferred income tax assets:	​	​	​	​	​	​	​
Net operating loss carryforward	​	$	88,746,869	​	$	82,784,742	​
Research and orphan drug credits	​		53,152,849	​		51,184,585	​
Capitalized research costs	​		10,748,355	​		7,125,276	​
Capitalized start-up costs	​		532,931	​		726,724	​
Patent amortization	​		42,541	​		58,010	​
Stock-based compensation	​		7,324,617	​		7,247,715	​
Accrued bonus	​	​	704,974	​	​	733,235	​
Operating lease liabilities	​	​	222,452	​	​	252,777	​
Other	​	​	87,097	​	​	210,237	​
Gross deferred income tax assets	​		161,562,685	​		150,323,301	​
Valuation allowance	​		(161,351,398)	​		(149,972,514)	​
Net deferred income tax assets	​		211,287	​		350,787	​
​	​	​	​	​	​	​	​
Deferred income tax liabilities:	​	​	​	​	​	​	​
Operating lease right-of-use assets	​		(211,287)	​		(206,704)	​
Property and equipment	​		—	​		(144,083)	​
Gross deferred income tax liabilities	​		(211,287)	​		(350,787)	​
Net deferred income tax asset/(liability)	​	$	—	​	$	—	​

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

​

​	​	​	​	​	​	​	​
​		2023		2022		2021
U.S. Federal statutory tax rate		21.0	%	21.0	%	21.0	%
State taxes		6.3		6.1		5.9	​
Research credit		0.7		0.6		0.9	​
Orphan drug credit		4.1		4.8		6.6	​
Other	​	(1.3)	​	(3.9)	​	(0.3)	​
Change in valuation allowance		(30.8)		(28.6)		(34.1)	​
Provision for income taxes		—	%	—	%	—	%

​

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-12

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration