Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities at December 31, 2014 and 2013 are as follows:

	Years ended December 31,
	2014			2013
Federal & State NOL carryforward	$	6,210,836		$	4,206,982
Federal & State R&D credit carryforward		421,828			249,106
Intangibles – net		1,163,905			1,395,749
Accounts payable and accrued expenses		402,062			336,324
Stock options		1,432,312			735,595
Other assets		—			(3,833	)
Note discounts		(56,094	)		(133,791	)
Fixed assets		(97	)		—
Less valuation allowance		(9,574,752	)		(6,786,132	)
Net deferred tax assets (liabilities)	$	—		$	—

Summary of Statutory Tax Rates and Effective Tax Rates

A reconciliation of the federal statutory tax rate of 34% to the Company’s effective income tax rates are as follows:

	Years ended December 31,
	2014			2013
Statutory tax rate		34.00	%		34.00	%
State taxes, net of federal benefits		5.82	%		—	%
Mark to market items		15.26	%		(42.85	)%
Federal research and development credits		3.07	%		(0.37	)%
Change in valuation allowance		(53.76	)%		8.99	%
Other		(4.39	)%		0.23	%
Effective tax rate		0.00	%		0.00	%