Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Taxes

Schedule of reconciliation of difference between federal statutory rate and effective income tax rate

	Year ended December 31, 2016						Year ended December 31, 2015						Year ended December 31, 2014
	Amount			Tax Rate			Amount			Tax Rate			Amount			Tax Rate
Federal statutory rate	$	(28,224,013	)		34.00	%	$	(13,081,107	)		34.00	%	$	(5,339,964	)		34.00	%
Permanent differences		3,990,847			(4.73	)%		6,077,476			(15.80	)%		1,110,536			(7.06	)%
State taxes		(2,453,391	)		2.97	%		(1,275,192	)		3.31	%		—			0.00	%
Research and development credit		(8,890,651	)		10.55	%		(219,873	)		0.57	%		(42,958	)		0.27	%
Valuation allowance		35,502,582			(42.70	)%		8,471,572			(21.38	)%		4,271,416			(27.20	)%
Other		74,626			(0.09	)%		27,124			(0.70	)%		970			(0.01	)%
Effective income tax rate	$	—			0.00	%	$	—			0.00	%	$	—			0.00	%

Schedule of significant components of deferred taxes

	December 31,
	2016						2015
	Assets			Liabilities			Assets			Liabilities
Current:
Accrued Expenses	$	2,994,611		$	—		$	1,553,014		$	—
Other		45,194			—			26,252			—
Subtotal		3,039,805			—			1,579,266			—
Valuation allowance		(3,039,805	)		—			(1,579,266	)		—
Net current deferred taxes	$	0		$	0		$	0		$	0
Long Term:
Net operating loss carryforwards	$	13,063,481		$	—		$	8,785,945		$	—
Capital loss carryforward		113,010			—			—			—
Research & development credit		13,733,227			—			262,831			—
Capitalized research and development		11,796,974			—			—			—
Amortization		1,422,863			—			1,438,858			—
Stock options and warrants		6,263,828			—			1,856,913			—
Fixed assets		—			(16,887	)		—			(10,094	)
Subtotal		46,393,383			(16,887	)		12,344,547			(10,094	)
Valuation allowance		(46,376,496	)					(12,334,453	)
Total long-term deferred taxes	$	16,887		$	(16,887	)	$	10,094		$	(10,094	)
Net deferred tax assets/(liabilities)	$	—		$	—		$	—		$	—

Summary of changes to the valuation allowance

Valuation allowance at December 31, 2014	$	5,441,262
Additions for 2015		8,192,872
Change in tax rates		279,585
Valuation allowance at December 31, 2015		13,913,719
Additions for 2016		35,502,582
Change in tax rates		—
Valuation allowance at December 31, 2016	$	49,416,301