Trevena, Inc. Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

	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	$	—		$	—

	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	%