Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Reconciliation of Income Tax Expense by Applying Statutory U.S. Federal Income Tax Rate to Income Before Income Taxes

A reconciliation of income tax expense with amounts determined by applying the statutory U.S. federal income tax rate to income before income taxes is as follows:



	Years Ended December 31,
	2015			2014
Tax on the loss before income tax expense computed at the federal statutory rate of 34%	$	(5,408,551	)	$	(4,717,063	)
State tax (benefit) at statutory rate, net of federal benefit	(928,107		)	(13,020		)
Change in Valuation Allowance	4,199,154			1,578,347
Change in research and development credits	(60,991		)	316,311
Change in fair value of warrants	1,493,215			2,960,766
Other	705,280			(125,341		)
Income tax expense	$	—		$	—
Effective income tax rate	—		%	—		%

Significant Components of Company's Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows at December 31, 2015 and 2014:



	December 31,
	2015			2014
Non-Current Deferred Tax Assets:
Reserves and accruals	$	287,850		$	71,953
Net Operating Loss Carryforwards	26,174,912			22,125,807
Research and development credits	1,381,296			1,345,833
Intangible Assets	(74,113		)	46,784
Fixed Assets	9,080			(10,505		)
Total Non-Current Deferred Tax Assets	27,779,025			23,579,872
Valuation Allowance	(27,779,025		)	(23,579,872		)
Net Deferred Tax Assets	$	—		$	—

Summary of Gross Unrecognized Tax Benefits

The following tables summarize the activities of gross unrecognized tax benefits:



	December 31,
	2015			2014
Beginning balance	673,247			—
Increase related to prior year tax positions	—			628,383
Decreases related to prior year tax positions	(13,207		)	—
Increase related to Current year tax positions	31,657			44,864
Decreases related to current year tax positions	—			—
Ending Balance	$	691,697		$	673,247