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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Schedule of reconciliation of income tax provision (benefit)

A reconciliation of income tax provision (benefit) computed at the statutory federal income tax rate to income taxes as reflected in the financial statements for the years ended December 31, 2023 and 2022 is as follows:

​

​	​	​	​	​	​
​	​	Year Ended
​	​	December 31,
​		2023		2022
Federal income tax benefit at statutory rate		21.0	%	21.0	%
State and local tax, net of federal benefit		3.1	%	5.7	%
State and local tax, change in rates	​	(3.5)	%	0.0	%
Permanent differences		(0.4)	%	(1.5)	%
Research and development credit	​	4.5	%	3.8	%
Stock-based compensation	​	0.4	%	0.8	%
Change in fair value of warrants	​	(4.4)	%	0.0	%
Change in valuation allowance		(20.7)	%	(29.8)	%
Effective income tax rate		0.0	%	0.0	%

Schedule of significant components of deferred tax assets

Deferred taxes are recognized for temporary differences between the basis of assets and liabilities for financial statement and income tax purposes. The significant components of the Company’s deferred tax assets are comprised of the following:

​

​	​	​	​	​	​	​
​	​	As of December 31,
​		2023			2022
Net operating loss carryforwards	​	$	9,607,158	​	$	7,919,085
Stock compensation	​	​	4,245,472	​	​	3,767,330
Capitalized R&D	​		1,334,494	​		1,725,622
Section 174	​	​	10,793,442	​	​	3,445,935
R&D credit carryforwards	​		4,132,475	​		1,618,295
Other	​	​	14,553	​	​	—
Total deferred tax assets	​		30,127,594	​		18,476,267
Less valuation allowance	​		(30,127,594)	​		(18,476,267)
Net deferred taxes	​	$	—	​	$	—

​

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- References

No definition available.

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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
-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

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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
-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

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