| Schedule of Deferred Tax Assets and Liabilities |
As of December 31, 2018 and 2017, the Company’s deferred tax assets (liabilities) consisted of the effects of temporary differences attributable to the following:
|
|
|
December 31,
|
|
|
|
|
2018
|
|
|
2017
|
|
|
Deferred tax assets (liabilities):
|
|
|
|
|
|
|
|
|
|
Tax credit
|
|
$
|
5,994,401
|
|
|
$
|
4,335,394
|
|
|
Net operating loss carryforwards
|
|
|
36,578,319
|
|
|
|
23,630,008
|
|
|
Property and equipment
|
|
|
144,833
|
|
|
|
99,756
|
|
|
Research and development costs
|
|
|
16,303,445
|
|
|
|
15,372,328
|
|
|
Start-up and organizational costs
|
|
|
696
|
|
|
|
774
|
|
|
Stock-based compensation
|
|
|
4,000,781
|
|
|
|
2,473,591
|
|
|
Other accruals
|
|
|
326,812
|
|
|
|
260,113
|
|
|
Total gross deferred tax assets
|
|
|
63,349,287
|
|
|
|
46,171,964
|
|
|
Less: valuation allowance
|
|
|
(63,349,287
|
)
|
|
|
(46,171,964
|
)
|
|
Deferred tax assets, net
|
|
$
|
—
|
|
|
$
|
—
|
|
|
| Summary of Valuation Allowance |
The change in the Company’s valuation allowance is as follows:
|
|
|
2018
|
|
|
2017
|
|
|
January 1,
|
|
$
|
46,171,964
|
|
|
$
|
39,719,606
|
|
|
Increase in valuation allowance
|
|
|
17,177,323
|
|
|
|
6,452,358
|
|
|
December 31,
|
|
$
|
63,349,287
|
|
|
$
|
46,171,964
|
|
|
| Schedule of Effective Income Tax Rate Reconciliation |
|
|
|
For the Year Ended December 31,
|
|
|
|
|
2018
|
|
|
2017
|
|
|
Tax benefit at federal statutory rate
|
|
|
(21.0
|
)%
|
|
|
(34.0
|
)%
|
|
State income taxes
|
|
|
(7.7
|
)
|
|
|
(10.2
|
)
|
|
Permanent differences:
|
|
|
|
|
|
|
|
|
|
Stock-based compensation
|
|
|
(2.2
|
)
|
|
|
(2.5
|
)
|
|
Meals and entertainment
|
|
|
0.1
|
|
|
|
0.1
|
|
|
Executive compensation
|
|
|
0.2
|
|
|
|
—
|
|
|
True-up of federal deferred taxes
|
|
|
0.1
|
|
|
|
(2.8
|
)
|
|
Change in effective tax rate
|
|
|
—
|
|
|
|
39
|
|
|
Research and development tax credit, federal
|
|
|
(1.9
|
)
|
|
|
(1.4
|
)
|
|
Research and development tax credit, state
|
|
|
(1.4
|
)
|
|
|
(1.6
|
)
|
|
Increase in valuation allowance, federal
|
|
|
24.7
|
|
|
|
1.3
|
|
|
Increase in valuation allowance, state
|
|
|
9.1
|
|
|
|
11.7
|
|
|
Effective income tax rate
|
|
|
0.0
|
%
|
|
|
0.0
|
%
|
|