Income taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Components of Provision for Income Taxes

The components of the provision for income taxes for the years ended December 31, 2014 and 2013 is as follows:

	2014		2013
Current:
Federal	$	—	$	—
State		—		—
		—		—
Deferred:
Federal	$	—	$	—
State		—		—
		—		—
Income tax expense	$	—	$	—

Significant Components of Deferred Tax Assets

Significant components of the Company’s net deferred tax assets are as follows as of December 31, 2014 and 2013:

	2014			2013
Deferred tax assets:
Net operating loss carryforwards	$	9,478,000		$	4,932,000
Tax credits		4,128,000			90,000
Accrued expenses and other		225,000			35,500
Total deferred tax assets		13,831,000			5,057,500
Less valuation allowance		(13,831,000	)		(5,057,500	)
Net deferred tax assets	$	—		$	—

Computation of Provision for Income Taxes Differs from Expected Tax Expense

The provision for income taxes differs from the amount computed by applying the U.S. federal statutory tax rate (34% in 2014 and 2013) to income taxes as follows:

	2014			2013
Tax benefit computed at 34%	$	(2,692,100	)	$	(1,375,300	)
State tax provision, net of federal tax benefit		(462,800	)		(227,400	)
Change in valuation allowance		3,146,000			1,542,600
Other		8,900			60,100
Tax provision (benefit)	$	—		$	—