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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

INCOME TAXES

Schedule of Reconciliation of Income Tax Expenses (Benefit)

The reconciliation of income tax expenses (benefit) at the statutory federal income tax rate of 21% for the period ended December 31, 2024 is as follows (in thousands):

		December 31,
		2024
U.S. federal tax benefit at statutory rate		$	(3,696	)
State income tax benefit, net of federal benefit			(94	)
Stock compensation			256
Other nondeductible, including IPR&D expense			1
Change in state tax rate			-
Expiration of NOL Carryforward			564
Net operating loss adjustments			-
Other, including effect of tax rate brackets			(54	)
Change in valuation allowance			3,023
		$	-

The reasons for the difference between actual income tax benefit for the years ended December 31, 2025 and the amount computed by applying the statutory federal income tax rate to losses before income tax benefit after the adoption of ASU 2023-09 are as follows (in thousands):

		Year Ended December 31, 2025
		Amount				% of Pre-Tax Loss
U.S. federal statutory tax rate		$	(11,045	)		21.0%
State and local income taxes, net of federal income tax			(51	)			0.1	%
Effect of changes in tax laws or rates enacted in the current period			-				-
Tax credits			-				-
Change in valuation allowance			8,682			(16.51%)
Nontaxable or nondeductible items
Incentive stock option expense			167			(0.32%)
Sec. 162(m) impact on stock compensation			2,775			(5.27%)
Changes in Unrecognized Tax Benefits			-				-
Other adjustments
Provision to return			-				-
Other			(528	)		1.0%
Effective tax Rate		$	-			0.0%

Schedule of Tax Effects of Temporary Differences and Carry Forward of Deferred Tax Assets

The tax effects of temporary differences and carry forwards that give rise to significant portions of the deferred tax assets are as follows (in thousands):

		December 31,
Deferred Tax Assets		2025				2024
Net operating loss carryforwards		$	45,621			$	37,639
Accruals and other			81				329
Capitalized R&D			3,315				3,732
Capital loss carryforwards			-				1
Stock compensation			1,366				-
Valuation allowance			(50,383	)			(41,701	)
Net deferred tax assets			-				-
Deferred Tax Liabilities
Other liabilities			-				-
Net Deferred Tax Liabilities		$	-			$	-

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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.

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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.

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