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

INCOME TAXES (Tables)

v3.26.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
SCHEDULE OF DEFERRED TAX ASSETS

The Company’s net deferred tax assets consist of the following components:

 SCHEDULE OF DEFERRED TAX ASSETS

             
    December 31,  
    2025     2024  
Deferred tax assets:                
Net operating loss carryforwards   $ 13,883,039     $ 8,238,806  
Stock-based compensation     2,290,106       1,753,825  
Research and development     6,314,771       4,622,097  
Accrued compensation     395,645       524,012  
Other     —       49,420  
Total net deferred tax assets before valuation allowance     22,883,561       15,188,160  
Valuation allowance     (22,883,561 )     (15,188,160 )
Net deferred tax asset   $ —     $ —  
SCHEDULE OF (LOSS) BEFORE INCOME TAXES DISAGGREGATED BETWEEN U.S. DOMESTIC AND FOREIGN JURISDICTIONS

The following table presents (loss) before income taxes disaggregated between U.S. domestic and foreign jurisdictions (in thousands):

 

             
    2025     2024  
U.S. domestic   $ (22,181 )   $ (23,120 )
Foreign     (211 )     (133 )
Total   $ (22,392 )   $ (23,253 )
SCHEDULE OF INCOME TAX EXPENSE (BENEFIT) DISAGGREGATED BY JURISDICTION AND BY TYPE (CURRENT OR DEFERRED)

The following table presents income tax expense (benefit) disaggregated by jurisdiction and by type (current or deferred) (in thousands):

 

    2025 Current     2025 Deferred     2025 Total     2024 Current     2024 Deferred     2024 Total  
U.S. federal   $

—

     $

—

     $

—

     $ —     $ —     $ —  
U.S. state    

—

      

—

      

—

       —       —       —  
Foreign     2       —       2       2       —       2  
Total   $ 2     $ —     $ 2     $ 2     $ —     $ 2  
SCHEDULE OF INCOME TAXES PAID (NET OF REFUNDS RECEIVED)

Income taxes paid (net of refunds received) were immaterial for the years ended December 31, 2025 and 2024. For disclosure purposes, amounts were zero or rounded to zero (in thousands):

 

             
    2025     2024  
U.S. federal   $

—

     $

—

  
U.S. state    

—

       —  
Foreign     3       3  
Total   $ 3     $ 3  
SCHEDULE OF FEDERAL STATUTORY RATES TO LOSS BEFORE INCOME TAXES

The income tax benefit differs from the benefit that would result from applying federal statutory rates to loss before income taxes as follows (in thousands):

    December 31,  
    2025     2024  
U.S. statutory federal income tax   $ (4,702 )     21.0 %   $ (4,883 )     21.0 %
State taxes, net of federal tax benefit     —       — %     —       — %
Foreign tax effects:                                
Australia:                                
Non-deductible research expenses     44       (0.2 )%     19       (0.1 )%
Other     3       0.0 %     11       0.0 %
Romania:                                
Other     1     0.0 %     2       0.0 %
Effect of changes in tax laws or rates     —       — %     —       — %
Research tax credit     (240 )     1.1 %     (15 )     0.1 %
Change in U.S. federal valuation allowance     4,848       (21.7 )%     3,328       (14.3 )%
Nontaxable or nondeductible items:                                
Stock-based compensation     313       (1.4 )%     151       (0.7 )%
Warrant amendments     (252 )     1.1 %     1,403       (6.0 )%
Change in uncertain tax positions     —       — %     —       — %
Other adjustments:                                
Global Intangible Low Taxed Income     —       0.0 %     16       (0.1 )%
Deferred tax asset adjustments     (13 )     0.1 %     (30 )     0.1 %
Income tax expense   $ 2       — %   $ 2       — %