Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.1.9
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2014
Income Taxes  
Schedule of significant components of the Company's deferred tax assets

 

                                                                                                                                                                                    

 

 

December 31,

 

 

 

2014

 

2013

 

Deferred tax assets:

 

 

 

 

 

 

 

Net operating losse carryforwards

 

$

9,245,934

 

$

5,159,176

 

Research and development credits

 

 

5,101,755

 

 

2,801,924

 

Research and development expenses capitalized for tax purposes

 

 

43,038,057

 

 

26,936,217

 

Deferred rent

 

 

129,998

 

 

140,873

 

Depreciation

 

 

476,799

 

 

652,104

 

Other temporary differences

 

 

458,413

 

 

628,296

 

​  

​  

​  

​  

Total deferred tax assets

 

 

58,450,956

 

 

36,318,590

 

Deferred tax liabilities:

 

 

 

 

 

 

 

Prepaid expenses

 

 

(90,385

)

 

(80,311

)

​  

​  

​  

​  

Total deferred tax liabilities

 

 

(90,385

)

 

(80,311

)

​  

​  

​  

​  

Net deferred tax assets

 

 

58,360,571

 

 

36,238,279

 

Less valuation allowance

 

 

(58,360,571

)

 

(36,238,279

)

​  

​  

​  

​  

Net deferred tax asset

 

$

 

$

—  

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

Schedule of reconciliation of income tax expense computed at the statutory federal income tax rate to income taxes as reflected in the financial statements

 

                                                                                                                                                                                    

 

 

December 31,

 

 

 

2014

 

2013

 

Percent of pre-tax income:

 

 

 

 

 

 

 

U.S. federal statutory income tax rate

 

 

34.0 

%

 

34.0 

%

Permanent Differences

 

 

(0.6 

)%

 

(0.5 

)%

State taxes, net of federal benefit

 

 

6.5 

%

 

6.5 

%

Research and development credit

 

 

3.9 

%

 

1.9 

%

Change in valuation allowance

 

 

(43.8 

)%

 

(41.9 

)%

​  

​  

​  

​  

Effective income tax rate

 

 

0.0 

%

 

0.0 

%  

​  

​  

​  

​  

​  

​  

​  

​  

​