Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Taxes [Abstract]

Effective Federal Income Tax Rate Reconciliation

A reconciliation of the statutory U.S. federal income tax rate to the Company’s effective tax rate is as follows:

	Year ended December 31,
	2015			2014			2013
Federal statutory rate		34.00	%		34.00	%		34.00	%
State taxes		2.89	%		3.05	%		0.81	%
Permanent differences		-5.84	%		-2.96	%		-6.58	%
Research and development		14.31	%		2.46	%		3.81	%
State taxes/ sale of NOL		3.79	%		4.62	%		6.25	%
Valuation allowance		-45.77	%		-36.55	%		-32.04	%
Other		0.41	%		0.00	%		0.00	%
Effective tax rate		3.79	%		4.62	%		6.25	%

Deferred Tax Assets

The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets were as follows:

	As of December 31,
	2015			2014
Federal net operating losses	$	16,140,347		$	8,111,099
State net operating losses		1,385,281			693,241
Stock options		669,012			309,886
Federal tax credit		4,832,146			656,782
State tax credits		159,258			101,867
Amortization		76,222			82,915
Accrued expense		13,735			16,978
Other		15,431			3,274
Total gross deferred tax assets		23,291,432			9,976,042
Less valuation allowance		(23,291,432	)		(9,976,042	)
Net deferred tax assets	$	-		$	-