Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Components of Deferred Tax Assets

The components of the Company’s deferred tax assets and deferred tax liabilities are as follows:

	December 31, 2020			December 31, 2019
Deferred tax assets:
Net federal operating loss carryforward	$	52,329,877		$	32,299,085
Net foreign operating loss carryforward		86,829			59,557
Net state operating loss carryforward		32,410,604			20,000,317
Non-cash compensation		7,329,228			3,485,519
Research and development credits		13,028,222			10,366,683
Interest Expense		1,765,452			985,431
Charitable Contribution		5,408			5,408
Fixed Assets		7,883			11,401
Lease Liability		612,973		—
Accrued expenses		968,709			1,200,754
Deferred tax asset, excluding valuation allowance		108,545,185			68,414,155
Deferred tax liabilities:
Deferred finance costs	—				(121,875	)
Lease Asset		(591,607	)	—
Deferred tax liability, excluding valuation allowance		(591,607	)		(121,875	)

Less valuation allowance		(107,953,578	)		(68,292,280	)
Net deferred tax assets	$	—		$	—

Schedule of Income Tax Rate Reconciliation

A reconciliation of income tax expense (benefit) at the statutory federal income tax rate and income taxes as reflected in the consolidated financial statements is as follows:

	December 31, 2020			December 31, 2019			December 31, 2018
U.S. federal statutory income tax rate		21.0	%		21.0	%		21.0	%
State taxes, net of federal benefit	13.7				13.5			13.1
Stock based compensation - Excess tax benefit	1.8				1.2			1.1
Other permanent differences		(0.6	)		(0.1	)		(1.3	)
Tax credit	2.5				4.2			6.3
Change in valuation allowance		(38.4	)		(39.8	)		(40.2	)
Effective tax rate		—	%		—	%		—	%