v3.26.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2025
Income Taxes  
Schedule of federal and state statutory tax rates and the provision for income tax benefit

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

Federal

​

$

—

​

$

—

Foreign

​

 

—

​

 

—

State & Local

​

​

(506,615)

​

​

(409,114)

Income tax benefit

​

$

(506,615)

​

$

(409,114)

Schedule of deferred tax assets and liabilities

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

Net operating loss carry forwards

​

$

29,960,000

​

$

28,438,000

Orphan drug and research and development credit carry forwards

​

 

10,298,000

​

 

9,617,000

Equity based compensation

​

 

44,000

​

 

227,000

Intangible and fixed assets

​

 

1,410,000

​

 

1,401,000

Capitalized research and development

​

 

3,497,000

​

 

2,482,000

Lease liability

​

 

37,000

​

 

69,000

Other

​

​

—

​

​

(85,000)

Total

​

 

45,246,000

​

 

42,149,000

Valuation allowance

​

​

(45,216,000)

​

​

(42,087,000)

Net deferred tax assets

​

​

30,000

​

​

62,000

Right of use asset

​

​

(30,000)

​

​

(62,000)

Total gross deferred tax liabilities

​

 

(30,000)

​

 

(62,000)

Net deferred tax assets

​

$

—

​

$

—

Schedule of federal and state statutory tax rates and the provision for income tax benefit

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

 

Federal tax at statutory rate

 

(21.0)

%

(21.0)

%

State tax benefits, plus sale of NJ NOL, net of federal benefit

 

(7.6)

 

(12.2)

​

Foreign tax rate difference

 

—

 

—

​

Orphan drug and research and development credits

 

(6.0)

 

(8.1)

​

Permanent differences

 

0.9

 

1.3

​

Foreign NOL adjustments

 

1.0

 

0.6

​

Expiration of tax attributes

 

1.3

 

15.2

​

Change in valuation allowance

 

27.0

 

19.5

​

Income tax benefit

 

(4.4)

%  

(4.7)

%