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

Income Taxes (Tables)

v3.25.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of components of loss before income taxes
           
    Year ended December 31,  
    2024     2023  
Domestic (U.S.)   $ (6,251,785 )   $ (6,424,969 )
Foreign (U.K.)     2,460,945       2,440,857  
Foreign (Germany)     (153,332 )     (136,977 )
Foreign (Switzerland)     (16,103 )     (13,489 )
Loss before income taxes   $ (3,960,275 )   $ (4,134,578 )
Schedule of reconciliation of income tax provision
           
    Year ended December 31,  
    2024     2023  
Federal   $ (831,658 )   $ (868,261 )
State     (311,694 )     (373,684 )
Change in valuation allowance     1,463,230       1,116,036  
Permanent differences, net     122,683       271,546  
Foreign rate differential     80,187       81,227  
Share-based expense, net     6,495       7,213  
Enhanced research and development tax credits     (139,259 )     (238,631 )
Other items     (389,984 )     4,554  
Net benefit for income taxes   $     $  
Schedule of deferred tax assets and liabilities
           
    Year ended December 31,  
    2024     2023  
Deferred tax assets:                
U.K. net operating loss carryforwards   $ 21,938,273     $ 14,664,858  
U.K. capital loss carryforwards     1,745,821       1,545,934  
U.S. federal net operating loss carryforwards     7,518,011       6,573,614  
Switzerland net operating loss carryforwards     13,392       23,868  
IPR&D     586,746       8,066,098  
Share-based expense     1,979,372       2,235,214  
Enhanced research and development tax credits     2,165,119       2,038,421  
Germany net operating loss carryforwards     700,617       693,007  
Capitalized research and experimental expenditure     1,804,979       1,473,049  
U.S. state net operating loss carryforwards     2,468,919       2,142,380  
Other     208,288       250,669  
Total deferred tax assets before valuation allowance     41,129,537       39,707,112  
Valuation allowance for deferred tax assets     (41,129,537 )     (39,707,112 )
Net deferred tax assets            
Deferred tax liabilities:                
Total deferred tax liabilities            
Net deferred liability   $     $