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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Taxes [Abstract] |
Current Tax Provisions and Deferred Tax Provisions | The current tax provisions and deferred tax provisions, as reflected in the financial statements are as follows as of December 31:
|  | 2024 |  |  | 2023 |
Current federal taxes |  | $ | — |  |  |  | — |
Current state taxes |  |  | 9,602 |  |  |  | 4,338 |
Current tax provision |  |  | 9,602 |  |  |  | 4,338 |
Deferred federal taxes |  |  | (4,433,940 | ) |  |  | (3,326,982 | )
Deferred state taxes |  |  | (342,310 | ) |  |  | (70,586 | )
Valuation allowance change |  |  | 4,776,250 |  |  |  | 3,397,568 |
Deferred tax provision |  |  | — |  |  |  | — |
Total income tax expense provision |  | $ | 9,602 |  |  |  | 4,338 |
Reconciliation of Income Tax Expense at Statutory Federal Income Tax Rate and Income Taxes | A reconciliation of income tax expense at the statutory federal income tax rate and income taxes as reflected in the financial statements is as follows as of December 31:
|  | 2024 |  |  | 2023 |
Federal income tax at statutory federal rate |  |  | 21.00 | % |  |  | 21.00 | %
Permanent differences |  |  | — |  |  |  | — |
Research and development credit |  |  | 3.00 |  |  |  | 2.00 |
Other deferred adjustments |  |  | — |  |  |  | — |
State income tax expense (net of federal benefit) |  |  | 2.00 |  |  |  | 1.00 |
Valuation allowance |  |  | (26.00 | ) |  |  | (24.00 | )
Effective tax rate |  |  | — | % |  |  | — | %
Components of Deferred tax assets (liabilities) | Deferred tax assets (liabilities) consisted of the following as of December 31:
|  | 2024 |  |  | 2023 |
Deferred tax asset arising from: |  |  |  |  |  |
Net operating loss carry forwards |  | $ | 23,030,273 |  |  |  | 19,675,117 |
Accrued expenses (compensation) |  |  | 138,806 |  |  |  | 13,172 |
Intangibles |  |  | 93,426 |  |  |  | 86,603 |
Property and equipment |  |  | 80,313 |  |  |  | 77,447 |
Research and development expense capitalization |  |  | 3,326,621 |  |  |  | 2,613,867 |
Research and development tax credits |  |  | 3,839,058 |  |  |  | 3,390,709 |
Share-based compensation expense |  |  | 257,891 |  |  |  | 176,065 |
Lease liabilities |  |  | 471,733 |  |  |  | 536,430 |
Other |  |  | 5,210 |  |  |  | 1,479 |
Deferred tax asset |  |  | 31,243,331 |  |  |  | 26,570,889 |
Deferred tax liability arising from: |  |  |  |  |  |  |  |
UNICAP |  |  | (11,092 | ) |  |  | (10,513 | )
Right-of-use assets |  |  | (418,323 | ) |  |  | (522,710 | )
Property and equipment |  |  | — |  |  |  | — |
Deferred tax liability |  |  | (429,415 | ) |  |  | (533,223 | )
Valuation allowance |  | $ | 30,813,916 |  |  |  | 26,037,666 |
Net deferred tax asset |  | $ | — |  |  |  | — |
Federal Net Operating Loss Carryforwards Available to Future Years | The following schedule indicates the expiration year, as of December 31, for the Company’s federal net operating loss carryforwards available to future years without taking into account any Section 382 limitations as of December 31, 2024:
2025 |  | $ | 865,274 |
2026 |  |  | 1,213,130 |
2027 |  |  | 2,082,043 |
2028 |  |  | 2,536,605 |
2029 |  |  | 2,235,045 |
2030 |  |  | 4,132,949 |
2031 |  |  | 3,160,709 |
2032 |  |  | 3,533,521 |
2033 |  |  | 2,987,848 |
2034 |  |  | 2,516,728 |
2035 |  |  | 4,777,558 |
2036 |  |  | 4,503,474 |
2037 |  |  | 6,869,819 |
Indefinitely |  |  | 63,465,789 |
Total |  | $ | 104,880,492 |

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