Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Summary of Net Deferred Tax Asset

Our net deferred tax asset consisted of the following at December 31, 2014 and 2013:

	December 31,
	2014			2013
Deferred tax asset:
Net operating loss carryforwards	$	41,512,011		$	36,837,171
Deferred compensation		1,082,211			881,025
Depreciation and amortization		1,161,055			886,149
License impairment		—			437,187
Research and development credits		3,761,004			194,132
Accrued expenses		47,356			97,326
Impairment of investments		730,830			—
Other		248,933			137,611
Total deferred tax assets		48,543,400			39,470,601
Less: Valuation allowance		(48,543,400	)		(39,470,601	)
Net deferred tax asset	$	—		$	—

Summary of Income Tax Provision (Benefit) from Income Taxes

The income tax provision (benefit) from income taxes consists of the following at December 31, 2014 and 2013:

	Years Ended December 31,
	2014			2013
Federal
Current	$	—		$	—
Deferred		(6,333,053	)		(1,306,714	)
State
Current
Deferred		(2,739,746	)		(224,232	)
Total		(9,072,799	)		(1,530,946	)
Change in valuation allowance		9,072,799			1,530,946
Income tax provision (benefit)	$	—		$	—

Summary of Provision for Income Taxes Using Statutory Federal Tax Rate

The provision for income taxes using the statutory federal tax rate as compared to the Company’s effective tax rate is summarized as follows:

	December 31,
	2014			2013
Expected U.S. federal statutory rate		(34.0	)%		(34.0	)%
State income taxes, net of federal benefit		(14.6	)%		(5.8	)%
Deferred tax true-up		—	%		18.7	%
R&D credit		—	%		(1.4	)%
Other permanent differences		—	%		0.3	%
		(48.6	)%		(22.2	)%
Change in valuation allowance		48.6	%		22.2	%
Totals		0	%		0	%