Three Months Ended

Six Months Ended

March 31,

March 31,

2024

2023 (Restated)

2024

2023 (Restated)

Income tax benefit at U.S. federal statutory rates

$

(2,067,229)

$

(7,109,662)

$

(3,820,397)

$

(15,252,881)

State income tax benefit, net of federal benefit

(160,063)

(550,491)

(295,808)

(1,181,009)

Non-deductible expenses

171,608

334,113

261,018

447,569

Effect of stock options exercised

—

(19,887)

—

63,849

U.S. research and development tax credit

(247,000)

(1,330,000)

(417,000)

(2,420,000)

Effect of foreign income tax rates

8,645

(19,026)

(82,946)

(99,136)

Change in valuation allowance

2,476,077

8,634,894

4,464,755

18,313,389

Other, net

(36)

(6,500)

(59)

(6,618)

Income tax expense (benefit)

$

182,002

$

(66,559)

$

109,563

$

(134,837)