INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2015

Income Taxes Tables

Company's net deferred tax asset

	December 31,
	2015			2014
Deferred Tax Assets/(Liabilities):
Net operating loss carryforwards	$	38,836,000		$	34,500,000
Research credit carryforwards		3,122,000			3,048,000
Acquired intangible assets, net		—			(3,697,000	)
Restricted stock and warrants		479,000			731,000
Other temporary differences		92,000			50,000
Total deferred tax assets, net		42,529,000			34,632,000
Valuation allowance		(42,529,000	)		(34,632,000	)
Net deferred tax asset	$	—		$	—

Income taxes computed using the federal statutory income tax rate

	Years Ended December 31,
	2015			2014
	%			%
Income taxes benefit (expense) at statutory rate		34.00			34.00
State income tax, net of federal benefit		(0.01	)		2.76
Permanent Differences:
Financing loss		(7.23	)		—
Non-cash interest expense warrant		(0.50	)		(8.07	)
Gain/loss or revaluation of derivative warrant liability		0.12			2.07
Stock-based compensation expense		(2.40	)		(0.88	)
Other		(0.04	)		0.01
R&D credits		0.49			1.21
Change in valuation allowance		(24.45	)		(31.13	)
		(0.02	)		(0.03	)