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

Income Tax (Tables)

v3.25.4
Income Tax (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Net Deferred Income Tax Assets

 

             
    December 31,  
    2025     2024  
Deferred tax assets:                
Federal net operating loss carryforward   $ 73,325,000     $ 73,403,000  
Stock based compensation and other items     7,960,000       3,054,000  
Intellectual property     57,103,000       32,599,000  
Section 14 research and development     2,718,000       3,128,000  
Deferred tax assets before valuation     141,106,000       112,184,000  
Valuation allowance     (141,106,000 )     (112,184,000 )
Net deferred income tax assets   $ —     $ —  
Schedule of Income Tax Provision

A reconciliation of the federal statutory income tax rate and the effective income tax rate as a percentage of income before income tax provision is as follows for the years ended:

 

             
    December 31,  
    2025     2024  
Federal statutory income tax rate     21 %     21 %
State tax, net of federal benefit     7 %     8 %
Change in valuation allowance on net operating loss carryforwards     (28 )%     (29 )%
Effective income tax rate     0 %     0 %