Income taxes (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of effective income tax rate reconciliation

The following table presents a reconciliation of income tax expense (benefit) computed at the statutory federal income tax rate to the effective income tax rate as reflected in the consolidated financial statements:



	Year Ended December 31, 2015		Period from February 26, 2014 (Inception) to December 31, 2014
Federal income tax expense at statutory rate	35.0	%	35.0	%
State income tax, net of federal benefit	3.4	%	3.7	%
Permanent differences	(0.2	)%	(0.3	)%
Stock-based compensation	(6.3	)%	(5.3	)%
Research credits	1.8	%	1.2	%
Prior year true ups	0.4	%	n/a
Change in valuation allowance	(34.1	)%	(34.3	)%
Effective tax rate	0.0	%	0.0	%

Schedule of deferred tax assets and liabilities

The following table presents the significant components of the Company's deferred tax assets and liabilities:



	December 31, 2015			December 31, 2014
Deferred tax assets:
U.S. and state net operating loss carryforwards	$	11,118,289		$	2,708,861
Accruals and other temporary differences	510,897			23,829
Amortization	33,824			36,742
Stock-based compensation	473,801			57,120
Tax credit carryforward	671,012			87,762
Total deferred tax assets	12,807,823			2,914,314
Less valuation allowance	(12,688,401		)	(2,751,295		)
Deferred tax assets	119,422			163,019
Deferred tax liabilities:
Stock-based compensation	(110,366		)	(162,779		)
Depreciation	(9,056		)	(240		)
Accruals and other temporary differences	—			—
Deferred tax liabilities	(119,422		)	(163,019		)
Net deferred tax assets	$	—		$	—