Income Taxes (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Income Tax Disclosure [Abstract] |
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| Summary of Reconciliation of Income Tax Benefit at the Statutory Federal Income Tax Rate and Income Taxes |
The Company adopted ASU 2023-09 in the 2025 reporting period. A reconciliation of the U.S. federal statutory income tax rate to the Company's effective tax rate pursuant to the disclosure requirements of ASU 2023-09 is as follows (in millions, except for percentages):
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As of December 31, |
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2025 |
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2024 |
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U.S. Statutory Tax Rate |
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$ |
(4,456,834 |
) |
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|
21.00 |
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% |
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$ |
(3,276,226 |
) |
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|
21.00 |
|
% |
State and Local Income Taxes, Net of Federal Income Tax Effect |
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36,708 |
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(0.17 |
) |
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(18,533 |
) |
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0.12 |
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Tax Credits |
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Research and development credits |
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(1,411,861 |
) |
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6.65 |
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(459,249 |
) |
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2.94 |
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Change in Valuation Allowances |
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5,184,024 |
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(24.43 |
) |
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2,503,957 |
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(16.05 |
) |
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Nontaxable or Nondeductible Items |
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103,368 |
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(0.49 |
) |
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100,882 |
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(0.65 |
) |
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Other Adjustments |
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Provision True-up |
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7,607 |
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(0.04 |
) |
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214,707 |
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(1.37 |
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Deferred Only Adjustment |
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540,852 |
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(2.55 |
) |
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213,818 |
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(1.35 |
) |
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Other |
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(775 |
) |
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- |
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357 |
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- |
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Actual income tax expense (benefit) effective tax rate |
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$ |
3,089 |
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|
(0.03 |
) |
% |
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$ |
(720,287 |
) |
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|
4.64 |
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% |
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| Schedule of IncomeTax Expense |
Income tax expense for the years ended December 31, 2025 and 2024 consists of the following:
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As of December 31, |
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2025 |
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2024 |
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U.S. federal |
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Current |
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$ |
- |
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$ |
(718,582 |
) |
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Deferred |
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- |
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- |
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Total U.S. federal |
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- |
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(718,582 |
) |
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State and local |
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Current |
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3,089 |
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(1,705 |
) |
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Deferred |
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- |
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- |
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Total State and local |
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3,089 |
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(1,705 |
) |
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Income tax expense (benefit) |
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$ |
3,089 |
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$ |
(720,287 |
) |
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| Summary of Income Taxes Paid (Net of Refunds Received) |
The following table presents income taxes paid (net of refunds received) during the years ended December 31, 2025 by jurisdiction:
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Years Ended December 31, |
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2025 |
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2024 |
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U.S. federal |
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$ |
(725,000 |
) |
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$ |
725,000 |
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Florida |
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(7,813 |
) |
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7,813 |
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Texas |
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2,232 |
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1,332 |
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$ |
(730,581 |
) |
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$ |
734,145 |
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| Components of Deferred Tax Assets |
Significant components of the Company's deferred tax assets consisted of the following:
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As of December 31, |
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Deferred tax assets |
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2025 |
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2024 |
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Startup costs |
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$ |
1,538,037 |
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$ |
1,673,301 |
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Section 174 capitalization |
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2,578,643 |
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3,641,638 |
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Share-based compensation |
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645,393 |
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462,487 |
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Net operating losses |
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5,976,009 |
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1,351,896 |
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Accrued expenses and other |
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363,520 |
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222,198 |
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Capitalized license fees |
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38,588 |
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41,981 |
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Credit carryforwards |
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1,901,146 |
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489,284 |
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Deferred revenue |
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271,294 |
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250,363 |
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Fixed assets |
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|
469 |
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(4,074 |
) |
Valuation allowance |
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(13,313,099 |
) |
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(8,129,074 |
) |
Deferred tax assets, net of valuation allowance |
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$ |
- |
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$ |
- |
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