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INCOME TAXES | 12 Months Ended
--- | ---
Dec. 31, 2025
INCOME TAXES |
INCOME TAXES | 8. INCOME TAXES ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | 2025 | ​ ​ ​ | 2024
​ | ​ | ​ | ​ | ​ | ​ | ​
Tax provision (benefit) |  | ​ | ​ | ​ | ​ | ​
Current |  | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | — | ​ | $ | —
State | ​ | ​ | — | ​ | ​ | 66,000
Total current | ​ | ​ | — | ​ | ​ | 66,000
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | ​ | (5,245,000) | ​ | ​ | (16,106,000)
State | ​ | ​ | (1,609,000) | ​ | ​ | (3,458,000)
Total deferred | ​ | ​ | (6,854,000) | ​ | ​ | (19,564,000)
​ | ​ | ​ | ​ | ​ | ​ | ​
Change in valuation allowance | ​ | ​ | 6,854,000 | ​ | ​ | 19,564,000
Total | ​ | $ | — | ​ | $ | 66,000
​ Deferred tax assets consisted of the following as of December 31: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | 2025 | ​ ​ ​ | 2024
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax assets |  | ​ | ​ |  | ​ | ​
Federal net operating loss | ​ | $ | 61,791,000 | ​ | $ | 47,909,000
Federal research and development tax credit carryforwards | ​ | ​ | 22,530,000 | ​ | ​ | 21,359,000
State net operating losses and tax credit carryforwards | ​ | ​ | 14,935,000 | ​ | ​ | 10,191,000
Capitalized research and development expenses | ​ | ​ | 9,632,000 | ​ | ​ | 22,658,000
Stock-based compensation expense | ​ | ​ | 5,092,000 | ​ | ​ | 5,072,000
Other | ​ | ​ | 457,000 | ​ | ​ | 419,000
Total deferred tax assets | ​ | ​ | 114,437,000 | ​ | ​ | 107,608,000
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax liabilities | ​ | ​ | ​ | ​ | ​ | ​
Depreciable assets | ​ | ​ | (98,000) | ​ | ​ | (123,000)
Total deferred tax liabilities | ​ | ​ | (98,000) | ​ | ​ | (123,000)
​ | ​ | ​ | ​ | ​ | ​ | ​
Net deferred tax assets | ​ | ​ | 114,339,000 | ​ | ​ | 107,485,000
Less- valuation allowance | ​ | ​ | (114,339,000) | ​ | ​ | (107,485,000)
Total deferred tax assets | ​ | $ | — | ​ | $ | —
​ A reconciliation of income taxes computed using the U.S. federal statutory rate to that reflected in operations is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31, |
​ | ​ ​ ​ | 2025 | ​ ​ ​ | 2024 |
Income tax benefit using U.S. federal statutory rate |  | $ | (4,605,000) | ​ | 21.00 | % | $ | (9,357,000) | ​ | 21.00 | %
State income taxes |  | $ | (122,000) | ​ | 0.56 | % | $ | 136,000 | ​ | (0.31) | %
Permanent nondeductible items |  | $ | — | ​ | 0.00 | % | $ | — | ​ | 0.00 | %
Federal tax credits |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Orphan Drug Credit | ​ | $ | (1,176,000) | ​ | 5.36 | % | $ | (4,582,000) | ​ | 10.28 | %
Research and development credits | ​ | $ | 6,000 | ​ | (0.03) | % | $ | (811,000) | ​ | 1.82 | %
Change in valuation allowance |  | $ | 5,401,000 | ​ | (24.63) | % | $ | 16,113,000 | ​ | (36.15) | %
Nontaxable or nondeductible items | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Warrant cost/Revaluation | ​ | $ | (130,000) | ​ | 0.59 | % | $ | (1,276,000) | ​ | 2.86 | %
Share-based compensation | ​ | $ | 617,000 | ​ | (2.81) | % | $ | — | ​ | — | ​
Other |  | $ | 4,000 | ​ | (0.02) | % | $ | 40,000 | ​ | (0.09) | %
Other | ​ | $ | 5,000 | ​ | (0.02) | % | $ | (197,000) | ​ | 0.44 | %
Total |  | $ | — | ​ | (0.00) | % | $ | 66,000 | ​ | (0.15) | %
​ As of December 31, 2025, the Company had federal net operating loss (NOL) carryforwards of approximately $109,370,000 generated as of December 31, 2017, and NOL carryforwards of approximately $184,873,000 after December 31, 2017. Federal NOLs generated as of December 31, 2017, will expire in 2025 through 2037, while NOLs generated during 2018 and later will be carried forward indefinitely until utilized. As of December 31, 2025, the Company had state NOL carryforwards of approximately $203,341,000. State NOL carryforwards will expire in 2030 through 2045. In July 2025, the OBBBA was signed into law. The OBBBA makes permanent or introduces certain changes to the Internal Revenue Code, including 100% bonus depreciation, the deductibility of business interest expense, and expensing of domestic research costs. ASC 740 requires that the effect of changes in tax rates and laws be recognized in the period in which the legislation is enacted. The impact of this change is primarily reflected in deferred taxes. As of December 31, 2025, the Company had federal research and development (R&D) and orphan drug credit carryforwards of approximately $22,530,000 which will expire in 2025 through 2044. As of December 31, 2025, the Company also had state credit carryforwards of approximately $781,000 which will expire in 2025 through 2039. The Company had federal NOLs and R&D credit carryforwards of $274,000 and $50,000, respectively, that expired in 2025. Additionally, $49,000 of WI R&D credits carryforward expired in 2025. The NOL, R&D and orphan drug credit carryforwards may have, or may become subject to, an annual limitation in the event of certain cumulative changes in the ownership interest of significant stockholders over a three-year period in excess of 50%, as defined under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended, as well as similar state tax provisions. This could limit the amount of NOLs that the Company can utilize annually to offset future taxable income or tax liabilities. The amount of the annual limitation, if any, will be determined based on the value of the Company immediately prior to an ownership change. Subsequent ownership changes may further affect the limitation in future years. If and when the Company utilizes the NOL carryforwards in a future period, it will perform an analysis to determine the effect, if any, of these loss limitation rules on the NOL carryforward balances. The Company has evaluated the available evidence supporting the realization of its deferred tax assets, including the amount and timing of future taxable income, and has determined that it is more likely than not that its net deferred tax assets will not be realized. As a result of uncertainties surrounding the realization of the deferred tax assets, the Company maintains a full valuation allowance against all of its net deferred tax assets. When the Company determines that it will be able to realize some portion or all of its deferred tax assets, an adjustment to the valuation allowance on its deferred tax assets would have the effect of increasing net income in the period such determination is made. The Company did not have unrecognized tax benefits or accrued interest and penalties at any time during the years ended December 31, 2025 or 2024, and does not anticipate having unrecognized tax benefits over the next twelve months. The Company is subject to audit by the Internal Revenue Service and state taxing authorities for tax periods commencing January 1, 2022, as a result of its NOLs. However, any adjustment related to these periods would be limited to the amount of the NOL generated in the year(s) under examination. Upon the adoption of ASU 2023-09 we are required to disclose income taxes paid, net of refunds for 2025. All amounts for federal, state and foreign are zero for the year ended December 31, 2025.

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