Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Taxes [Abstract]

Statutory to 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,
	2016			2015			2014
Federal statutory rate		34.00	%		34.00	%		34.00	%
State taxes		1.16	%		2.89	%		0.81	%
Permanent differences		-10.62	%		-5.84	%		-6.58	%
Research and development		15.99	%		14.31	%		3.81	%
State taxes/ sale of NOL		4.54	%		3.79	%		6.25	%
Valuation allowance		-40.53	%		-45.77	%		-32.04	%
Other		0.00	%		0.41	%		0.00	%
Effective tax rate		4.54	%		3.79	%		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,
	2016			2015
Federal net operating losses	$	23,644,647		$	14,763,641
State net operating losses		1,554,730			1,144,762
Stock options		1,419,494			669,012
Federal tax credit		12,709,438			4,832,146
State tax credits		353,684			159,258
Amortization		69,529			76,222
Accrued expense		2,731			13,735
Other		18,042			15,431
Total gross deferred tax assets		39,772,295			21,674,207
Less valuation allowance		(39,772,295	)		(21,674,207	)
Net deferred tax assets	$	-		$	-