Balance Sheets - USD ($)
Dec. 31, 2015
Dec. 31, 2014
Current Assets:    
Cash and cash equivalents $ 8,691,155 $ 14,155,809
Prepaid expenses 833,276 931,461
Other current assets   137,812
Total current assets 9,524,431 15,225,082
Other assets 7,997 7,997
Total assets 9,532,428 15,233,079
Current Liabilities:    
Accounts payable and accrued expenses 927,606 1,011,629
Accrued compensation 760,782 697,245
Other current liabilities   12,313
Current portion of long-term debt 146,052 126,806
Total current liabilities 1,834,440 1,847,993
Long-term debt, net of current portion 4,233,059 4,196,422
Total liabilities $ 6,067,499 $ 6,044,415
Commitments and contingencies
Stockholders' equity:    
Preferred stock, $0.0001 par value; authorized shares — 5,000,000 at December 31, 2015 and 2014; issued and outstanding shares — 0 at December 31, 2015 and 2014
Common stock, $0.0001 par value; authorized shares — 50,000,000 at December 31, 2015 and 2014; issued and outstanding shares — 7,201,774 and 6,112,091 at December 31, 2015 and 2014, respectively $ 720 $ 611
Additional paid-in capital 51,524,821 45,127,202
Accumulated deficit (48,060,612) (35,939,149)
Total stockholders' equity 3,464,929 9,188,664
Total liabilities and stockholders' equity $ 9,532,428 $ 15,233,079