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

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

	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	$	—		$	—

	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	%