INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2013

Income Taxes Tables

Company's net deferred tax asset

Significant components of the Company’s net deferred tax asset are as follows:

	December 31,
	2013			2012
Deferred Tax Assets/(Liabilities):
Net operating loss carryforwards	$	32,487,000		$	24,428,000
Research credit carryforwards		2,488,000			1,486,000
Acquired intangible assets, net		(3,697,000	)		(3,724,000	)
Restricted stock and warrants		374,000			222,000
Other temporary differences		207,000			219,000
Total deferred tax assets, net		31,859,000			22,631,000
Valuation allowance		(31,859,000	)		(22,631,000	)
Net deferred tax asset	$	—		$	—

Income taxes computed using the federal statutory income tax rate

Income taxes computed using the federal statutory income tax rate differs from the Company’s effective tax rate primarily due to the following:

	Years Ended December 31,
	2013			2012			2011
Income taxes benefit (expense) at statutory rate		34.0	%		34.0	%		35.0	%
State income tax, net of federal benefit		(4.4	)%		(4.7	)%		(2.2	)%
Permanent Differences:
Gain/loss or revaluation of derivative warrant liability		7.8	%		10.2	%		(6.2	)%
Stock-based compensation expense		(1.3	)%		(2.6	)%		(2.9	)%
Stock issues for services		—	%		—	%		(1.6	)%
Other		(1.7	)%		(2.2	)%		—	%
R&D credits		(4.7	)%		—	%		(0.6	)%
Change in valuation allowance		(29.7	)%		(34.7	)%		(21.5	)%
		—	%		—	%		—	%