Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.3.1.900
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2015
Income Taxes  
Schedule of significant components of the Company's deferred tax assets

                                                                                                                                                                                    

 

 

December 31,

 

 

 

2015

 

2014

 

Deferred tax assets:

 

 

 

 

 

 

 

Net operating loss carryforwards

 

$

11,649,441

 

$

9,245,934

 

Research and development credits

 

 

6,824,974

 

 

5,101,755

 

Research and development expenses capitalized for tax purposes

 

 

61,073,917

 

 

43,038,057

 

Deferred rent

 

 

103,454

 

 

129,998

 

Depreciation

 

 

552,235

 

 

476,799

 

Other temporary differences

 

 

653,078

 

 

458,413

 

​  

​  

​  

​  

Total deferred tax assets

 

 

80,857,099

 

 

58,450,956

 

Deferred tax liabilities:

 

 

 

 

 

 

 

Prepaid expenses

 

 

(81,706

)

 

(90,385

)

​  

​  

​  

​  

Total deferred tax liabilities

 

 

(81,706

)

 

(90,385

)

​  

​  

​  

​  

Net deferred tax assets

 

 

80,775,393

 

 

58,360,571

 

Less valuation allowance

 

 

(80,775,393

)

 

(58,360,571

)

​  

​  

​  

​  

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,

 

 

 

2015

 

2014

 

Percent of pre-tax income:

 

 

 

 

 

 

 

U.S. federal statutory income tax rate

 

 

34.0 

%

 

34.0 

%

Permanent Differences

 

 

0.1 

%

 

(0.6 

)%

State taxes, net of federal benefit

 

 

6.6 

%

 

6.5 

%

Research and development credit

 

 

3.9 

%

 

3.9 

%

Other

 

 

0.3 

%

 

 

Change in valuation allowance

 

 

(44.9 

)%

 

(43.8 

)%

​  

​  

​  

​  

Effective income tax rate

 

 

0.0 

%

 

0.0 

%

​  

​  

​  

​  

​  

​  

​  

​