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

INCOME TAXES (Tables)

v3.25.4
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2025
INCOME TAXES  
Schedule of components of net deferred income tax asset

​

​

​

​

​

​

​

​

​

  ​ ​ ​

December 31, 2025

  ​ ​ ​

December 31, 2024

Deferred tax assets

​

​

​

​

​

​

Net operating loss carry forwards

​

$

10,470,168

​

$

8,017,189

Share-based compensation

​

 

4,564,063

​

 

4,054,969

Research and development credit carryforwards

​

 

331,671

​

 

331,671

Capitalized research and development

​

​

3,379,658

​

​

3,752,043

Other

​

​

41,905

​

​

154,625

Gross deferred tax assets

​

​

18,787,465

​

​

16,310,497

Less valuation allowance

​

​

(18,787,465)

​

​

(16,310,497)

Net deferred tax asset

​

$

—

​

$

—

Summary of reconciliation of income tax expense (benefit)

​

​

​

​

​

​

​

​

December 31, 2025

​

December 31, 2024

Federal income tax expense at statutory rate

21.0

%

​

21.0

%

State income tax, net of federal benefit

10.2

​

​

10.2

​

Permanent differences

(0.1)

​

​

(0.1)

​

Research and development tax credit

—

​

​

—

​

Change in valuation allowance

(31.1)

​

​

(31.1)

​

Effective income tax rate

—

%

​

—

%