INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2014

Income Taxes Tables

Company's net deferred tax asset

	December 31,
	2014			2013
Deferred Tax Assets/(Liabilities):
Net operating loss carryforwards	$	34,500,000		$	32,487,000
Research credit carryforwards		3,048,000			2,488,000
Acquired intangible assets, net		(3,697,000	)		(3,697,000	)
Restricted stock and warrants		731,000			374,000
Other temporary differences		50,000			207,000
Total deferred tax assets, net		34,632,000			31,859,000
Valuation allowance		(34,632,000	)		(31,859,000	)
Net deferred tax asset	$	—		$	—

Income taxes computed using the federal statutory income tax rate

	Years Ended December 31,
	2014			2013
	%			%
Income taxes benefit (expense) at statutory rate		34.00			34.00
State income tax, net of federal benefit		2.76			(4.40	)
Permanent Differences:
Non-cash interest expense warrant		(8.07	)		—
Gain/loss or revaluation of derivative warrant liability		2.07			7.80
Stock-based compensation expense		(0.88	)		(1.30	)
Other		0.01			(1.70	)
R&D credits		1.21			(4.70	)
Change in valuation allowance		(31.13	)		(29.70	)
		(0.03	)		—