v3.25.4

Income Tax | 12 Months Ended
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Dec. 31, 2025
Income Tax [Abstract] |
INCOME TAX | 12. INCOME TAX No provision for federal income taxes has been recorded for the years ended December 31, 2025 and 2024 due to net losses and the valuation allowance established. Significant components of the Company’s deferred tax assets are as follows:
|  | As of December 31, |
|  | 2025 |  |  | 2024 |
Deferred tax assets: |  |  |  |  |  |
Net operating losses |  | $ | 8,696,586 |  |  | $ | 6,356,812 |
Tax credits |  |  | 1,005,896 |  |  |  | 812,541 |
Intangible assets |  |  | 47,562 |  |  |  | 52,813 |
Capitalized R&D expenses |  |  | 2,140,990 |  |  |  | 2,619,730 |
Fixed assets |  |  | 9,246 |  |  |  | - |
Other |  |  | 189,326 |  |  |  | 193,197 |
Total deferred tax assets |  |  | 12,089,606 |  |  |  | 10,035,093 |
Valuation allowance |  |  | (12,089,606 | ) |  |  | (10,035,093 | )
Deferred tax asset, net of allowance |  | $ | - |  |  | $ | - |
A reconciliation of the statutory tax rates and the effective tax rates for the years ended December 2025 and 2024 is as follows:
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |
Federal statutory rate |  |  | 21.00 | % |  |  | 21.00 | %
Research tax credits |  |  | 2.22 | % |  |  | 2.43 | %
Nontaxable and nondeductible items |  |  | (0.05 | )% |  |  | (0.08 | )%
Other |  |  | (0.02 | )% |  |  | (0.20 | )%
Change in valuation allowance |  |  | (23.15 | )% |  |  | (23.16 | )%
Effective tax rate |  |  | 0.00 | % |  |  | 0.00 | %
The Company regularly assesses the need for a valuation allowance against its deferred tax assets. In making that assessment, the Company considers both positive and negative evidence related to the likelihood of realization of the deferred tax assets to determine, based on the weight of available evidence, whether it is more-likely-than-not that some or all of the deferred tax assets will not be realized. In assessing the realizability of deferred tax assets, the Company considers taxable income in prior carryback years, as permitted under the tax law, forecasted taxable earnings, tax planning strategies, and the expected timing of the reversal of temporary differences. This determination requires significant judgment, including assumptions about future taxable income that are based on historical and projected information and is performed on a jurisdiction-by-jurisdiction basis. The Company continues to maintain a full valuation allowance against its deferred tax assets. During the years ended December 31, 2025 and 2024, management assessed the positive and negative evidence in its operations, and concluded that it is more likely than not that its deferred tax assets as of December 31, 2025 and 2024 will not be realized given the Company’s history of operating losses. The valuation allowance against deferred tax assets increased by approximately $2.1 million and $2.3 million during 2025 and 2024, respectively, related to a full valuation allowance recorded against capitalized research expenditures, additional net operating losses and tax credits generated in the year. As of December 31, 2025, the Company had federal net operating losses of approximately $32.0 million. The Company’s federal net operating losses incurred prior to 2018 totaling $713,000 expire through 2037, while its federal net operating losses incurred in 2018 to 2025 totaling approximately $31.3 million can be carried forward indefinitely but are limited to 80% utilization against future taxable income each year. As of December 31, 2024, the Company had federal net operating losses of $23.4 million, which may be available to offset future federal income tax liabilities. As of December 31, 2025, the Company had post-apportioned state net operating losses of approximately $31.3 million that can generally be carried forward 20 years and will expire at various dates through 2045. As of December 31, 2024, the Company had post-apportioned Massachusetts net operating losses of approximately $22.8 million that can generally be carried forward 20 years and will expire at various dates through 2044. As of December 31, 2025, the Company had $721,000 and $359,000 of federal and state research and development credits, respectively, which will expire at various dates through 2045. As of December 31, 2024, the Company had $569,000 and $307,000 of federal and state research and development credits, respectively, which will expire at various dates through 2044.

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