Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2013
Income Tax Disclosure [Abstract]  
Income Tax Expense

Total income tax expense for the years ended December 31 is allocated as follows:

 

     December 31,  
     2013     2012  

Current

    $ 18,000      $ 32,921   

Deferred

      (13,229,355 )      (6,289,888 ) 

Valuation allowance

      13,229,355        6,289,888   
  

 

 

    

 

 

  

Provision for income taxes

    $ 18,000      $ 32,921   
  

 

 

    

 

 

  
Reconciliation of Statutory Federal Income Tax Rate and the Effective Income Tax Rate

A reconciliation of the difference between the statutory federal income tax rate and the effective income tax rate for the years ended December 31 is as follows:

 

     December 31,  
     2013     2012  

Income tax benefit at statutory federal rate

      35.00 %      34.00 % 

Permanent differences

      (1.20 )      (0.61 ) 

Return-to-provision—R&D Credit

      2.61        1.91   

R&D Credit—current year

      3.72        —     

Reserve for uncertain tax positions

      (6.53 )      —     

Change in effective state tax rates

      6.58        —     

State income tax expense

      10.12        4.34   

Change in valuation allowance

      (50.37 )      (39.84 ) 
  

 

 

    

 

 

  

Provision for income taxes

      (0.07 )%      (0.20 )% 
  

 

 

    

 

 

  

 
Deferred Tax Assets and Liabilities

The following summarizes the significant components of the Company’s deferred tax assets and liabilities as of December 31, 2013 and 2012, respectively:

 

     December 31,  
     2013     2012  

Deferred tax assets:

     

Net operating loss carryforwards

    $ 22,346,862      $ 8,329,939   

Accrued expenses

      —          215,865   

Accrued employee benefits

      377,049        282,268   

Capitalized research and development costs

      31,891        27,516   

Research and development credit

      1,874,939        1,928,714   

Nonqualified stock options

      53,686        —     

Deferred revenue

      —          643,669   

Deferred tax liabilities:

     

Depreciation

      102,916        130,017   
  

 

 

    

 

 

  

Net deferred tax asset

      24,787,343        11,557,988   

Valuation allowance

      (24,787,343 )      (11,557,988 ) 
  

 

 

    

 

 

  

Net deferred tax asset

    $ —        $ —     
  

 

 

    

 

 

  
Summary of Gross Unrecognized Tax Benefits

The following summarizes the significant components of gross unrecognized tax benefits as of December 31, 2013 and 2012, respectively:

 

     December 31,  
     2013      2012  

Balance at January1,

    $ —         $ —     

Current Year Uncertain Tax Positions:

      

Gross Increases

      6,649         —     

Prior Year Uncertain Tax Positions:

      

Gross Increases

      1,709,255         —     
  

 

 

     

 

 

  

Balance at December 31,

    $ 1,715,904       $ —