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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of our effective income tax rate and statutory income tax rate for the years ended December 31, 2024 and 2023 is as follows:

 Schedule of Effective Income Tax Rate Reconciliation

		2024				2023
		Year Ended December 31,
		2024				2023
Federal statutory income tax rate			21.00	%			21.00	%
State tax rate, net			5.58	%			5.77	%
Permanent differences			(0.04	)%			(0.25	)%
Federal orphan drug tax credit			0.05	%			1.41	%
Deferred tax asset valuation allowance			(26.59	)%			(27.93	)%
Effective income tax rate			0.00	%			0.00	%

Schedule of Deferred Tax Assets and Liabilities

The significant components of our deferred tax assets and liabilities for Federal and state income taxes consisted of the following:

 Schedule of Deferred Tax Assets and Liabilities

		2024				2023
		December 31,
		2024				2023
Deferred tax assets:
Non-current:
Net operating loss carry forward – Federal		$	7,566,071			$	6,012,941
Net operating loss carry forward – State			2,074,542				1,672,436
Stock compensation expense			2,794,226				3,453,799
Depreciation and other			238				999
Purchased in-process R&D			2,477,193				2,500,562
Federal orphan drug credits			1,209,202				1,202,955
Capitalized research and development costs			3,781,193				2,795,379
Start-up expenditures and amortization			-				-
Total non-current deferred tax assets			19,902,665				17,639,071
Valuation allowance for deferred tax assets			(19,902,665	)			(17,639,071	)
Total deferred tax assets			-				-
Deferred Tax Liabilities:
Non-current:
Intangible asset			-				-
Total non-current deferred tax liabilities			-				-
Total deferred tax asset (liability)		$	-			$	-

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- References

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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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-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://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

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