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)

​

$

—

​