Annual report [Section 13 and 15(d), not S-K Item 405]

Income Taxes (Tables)

v3.25.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2024
Income Taxes  
Schedule of reconciliation of federal income tax rate to effective tax rate

 

Year Ended

 

December 31, 

     

2024

     

2023

  

U.S. federal statutory income tax rate

21.00

%  

21.00

%

Permanent differences

 

(2.60)

%  

(2.01)

%

State taxes, net of federal benefit

 

2.60

%  

4.30

%

Foreign exchange

0.43

%  

%

Other adjustments

%  

0.20

%

Change in valuation allowance

 

(21.43)

%  

(23.49)

%

Effective Income Tax rate

 

%  

%

Schedule of net deferred tax assets

 

As of December 31, 

    

2024

    

2023

Deferred tax assets:

Net operating loss carryforwards

$

26,081,361

$

7,132,019

Research and development tax credits

8,765,999

Capitalized research and development expenditures

1,627,842

1,524,035

Stock compensation

 

1,434,890

 

1,441,652

Depreciation and amortization

275,412

14,049

Lease liabilities

58,227

Investment in partnership

30,035

30,639

Gross deferred tax assets

 

38,273,766

 

10,142,394

Valuation allowance

 

(31,370,027)

 

(9,926,772)

Net deferred tax assets

6,903,739

215,622

Deferred tax liabilities:

Right-of-use asset

(55,341)

In-process research and development intangible assets

(17,741,842)

Prepaid expenses

(421,481)

(215,622)

Deferred tax liabilities

(18,218,664)

(215,622)

Net deferred taxes

$

(11,314,925)

$

Schedule of components of the income tax benefit

 

As of December 31, 

    

2024

    

2023

Current:

Federal

$

$

State

Foreign

$

$

Deferred:

Federal

$

State

 

 

Foreign

 

(503)

 

$

(503)

$

Total income tax benefit

$

(503)

$