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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Reconciliation of Loss before Income Taxes for Domestic and Foreign Locations | A reconciliation of loss before income taxes for domestic and foreign locations for the years ended December 31, 2024 and 2023 is as follows:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
United States |  | $ | (11,060,506 | ) |  | $ | (8,587,967 | )
Foreign |  |  | 16,494 |  |  |  | 19,498 |
Loss before income taxes |  | $ | (11,044,012 | ) |  | $ | (8,568,469 | )
Reconciliation of Income Tax Expense | A reconciliation of income tax expense for the years ended December 31, 2024 and 2023 is as follows:
|  | Year Ended December 31, |
Current: |  | 2024 |  |  | 2023 |
Federal |  | $ | — |  |  | $ | — |
State |  |  | — |  |  |  | — |
Foreign |  |  | (5,537 | ) |  |  | (3,047 | )
Total current income tax expense |  |  | (5,537 | ) |  |  | (3,047 | )
Deferred: |  |  |  |  |  |
Federal |  |  | — |  |  |  | — |
State |  |  | — |  |  |  | — |
Foreign |  |  | — |  |  |  | — |
Total deferred income tax expense |  |  | — |  |  |  | — |
Total income tax expense |  | $ | (5,537 | ) |  | $ | (3,047 | )
Components of Deferred Income Taxes | The significant components of deferred income taxes at December 31, 2024 and 2023 are as follows:
|  | Year Ended December 31, |
Deferred tax assets: |  | 2024 |  |  | 2023 |
Net operating loss carryforwards |  | $ | 71,161,394 |  |  | $ | 69,980,468 |
Research tax credits |  |  | 9,173,787 |  |  |  | 10,034,233 |
Stock options |  |  | 938,846 |  |  |  | 1,497,450 |
Other, net |  |  | 269,439 |  |  |  | 355,204 |
Right-of-use liability |  |  | 106,148 |  |  |  | 166,832 |
Research and experimentation capitalization |  |  | 3,985,733 |  |  |  | 2,626,585 |
Total deferred tax assets |  |  | 85,635,347 |  |  |  | 84,660,772 |
Deferred tax liabilities |  |  |  |  |  |
Right-of-use asset |  |  | (94,000 | ) |  |  | (152,511 | )
In-process research and development |  |  | (1,343,213 | ) |  |  | (1,343,213 | )
Total deferred tax liabilities |  |  | (1,437,213 | ) |  |  | (1,495,724 | )
Net deferred tax assets |  |  | 84,198,134 |  |  |  | 83,165,048 |
Valuation allowance |  |  | (84,399,926 | ) |  |  | (83,366,840 | )
Net deferred tax liability |  | $ | (201,792 | ) |  | $ | (201,792 | )
Reconciliation of Federal Statutory Income Tax Rate to Effective Income Tax Rate | A reconciliation of the federal statutory income tax rate to the Company’s effective income tax rate is as follows:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Federal statutory income tax rate |  |  | 21.0 | % |  |  | 21.0 | %
State income taxes, net of federal benefit |  |  | 4.8 |  |  |  | 6.3 |
Tax credits |  |  | (0.6 | ) |  |  | 3.8 |
Change in valuation allowance |  |  | (9.4 | ) |  |  | (11.8 | )
Expiration of attributes |  |  | (3.0 | ) |  |  | (12.0 | )
Stock compensation |  |  | (4.0 | ) |  |  | (1.9 | )
Uncertain tax positions |  |  | (8.9 | ) |  |  | (6.4 | )
Other |  |  | 0.1 |  |  |  | 1.0 |
Provision for income taxes |  |  | 0.0 | % |  |  | 0.0 | %
Summary of Activity Related to Unrecognized Tax Benefits | The following table summarizes the activity related to the Company’s unrecognized tax benefits:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Gross unrecognized tax benefits at January 1 |  | $ | 1,589,266 |  |  | $ | 896,981 |
Additions for tax positions taken in the prior year |  |  | 1,079,358 |  |  |  | — |
Additions for tax positions taken in the current year |  |  | 28,452 |  |  |  | 692,285 |
Gross unrecognized tax benefits at December 31 |  | $ | 2,697,076 |  |  | $ | 1,589,266 |

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