Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes

Schedule of components of deferred tax assets

	December 31, 2019		December 31, 2018
Deferred tax assets:
Net federal operating loss carryforward	$	32,299,085	$	18,911,435
Net foreign operating loss carryforward		59,557		40,927
Net state operating loss carryforward		20,000,317		11,842,460
Non-cash compensation		3,485,519		1,625,560
Research and development credits		10,366,683		7,651,781
Deferred finance costs		—		38,578
Interest Expense		985,431		400,946
Charitable Contribution		5,408		5,408
Fixed Assets		11,401		8,595
Accrued expenses		1,200,754		732,958
Deferred tax asset, excluding valuation allowance		68,414,155		41,258,648
Deferred tax liabilities:
Deferred finance costs		(121,875)		—
Deferred tax liability, excluding valuation allowance		(121,875)		—
Less valuation allowance		(68,292,280)		(41,258,648)
Net deferred tax assets	$	—	$	—

Schedule of income tax rate reconciliation

	December 31, 2019		December 31, 2018		December 31, 2017
U.S. federal statutory income tax rate	21.0	%	21.0	%	34.0	%
State taxes, net of federal benefit	13.5		13.1		10.0
Stock based compensation - Excess tax benefit	1.2		1.1		(1.0)
Other permanent differences	(0.1)		(1.3)		(1.9)
Tax credit	4.2		6.3		7.7
US Federal tax rate change - tax reform	—		—		(25.4)
Change in valuation allowance	(39.8)		(40.2)		(23.4)
Effective tax rate	—	%	—	%	—	%