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)

%