Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Components of Deferred Tax Assets and Liabilities

The principal components of the Company’s deferred tax assets and liabilities are as follows:


		December 31,
		2017				2016
Deferred tax assets/liabilities:
Net operating loss carryovers		$	40,879,826			$	47,860,522
Share-based compensation			1,702,036				2,168,126
R&D tax credits			1,750,785				1,783,716
Accrued compensation and severance			659,458				902,688
Depreciation			(201,288	)			(386,758	)
Deferred rent			200,968				392,715
Intangible assets			154,669				221,783

			45,146,454				52,942,793
Valuation allowance			(45,146,454	)			(52,942,793	)

Net deferred tax assets (liabilities)		$	—			$	—

Summary of Reconciliation of Statutory U.S. Federal Rate to Company's Effective Tax Rate

A reconciliation of the statutory U.S. Federal rate to the company’s effective tax rate is as follows:


		Year Ended December 31,
		2017				2016				2015
Federal income tax benefit at statutory rate			(34.00	)%			(34.00	)%			(34.00	)%
State income tax, net of federal benefit			(9.95	)			(5.49	)			(5.49	)
Permanent items including change in fair value of warrants			(22.03	)			(1.54	)			1.99
Change in valuation allowance			(50.33	)			42.12				39.70
R&D tax credits			(3.02	)			(1.03	)			(0.99	)
Deferred re-measurement			118.03				—				—
Other			(1.30	)			(0.06	)			(1.21	)

Effective income tax (benefit) expense rate			0	%			0	%			0	%