Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2014

Property and Equipment Estimated Useful Lives

Depreciation and amortization are computed using the straight-line method over the following estimated useful lives:


	ESTIMATED USEFUL LIVES
Furniture and fixtures		2–5 years
Laboratory equipment		1–5 years
Office equipment		1–5 years
Computer equipment		1–5 years
Leasehold improvements		Shorter of lease term or useful life

Computation of Basic and Diluted Income (Loss) Per Common Share

Basic and diluted income (loss) per common share is computed as follows:


	Three Months Ended June 30,					Six Months Ended June 30,
	2014		2013			2014		2013
Net income (loss)	$	7,991,721	$	(3,497,060	)	$	2,889,870	$	(3,037,371	)
Income (loss) per share-basic	$	0.42	$	(3.70	)	$	0.16	$	(3.24	)
Income (loss) per share-diluted	$	0.39	$	(3.70	)	$	0.15	$	(3.24	)
Basic weighted average common shares outstanding		18,807,675		946,363			18,020,121		938,446
Diluted weighted average common shares outstanding		20,238,343		946,363			19,472,995		938,446

Common Stock Equivalents Included in Calculation of Diluted Net Income (Loss) Per Share

The following common stock equivalents are included in the calculation of diluted net income (loss) per share:


	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Warrants		611,698		—		613,345		—
Stock options		818,970		—		839,529		—

Potential Dilutive Securities Outstanding

The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted average shares outstanding, as they would be anti-dilutive:


	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Warrants		1,544		635,255		1,544		635,255
Stock options		919,188		1,495,605		919,188		1,495,605
Converted preferred stock		—		9,305,359		—		9,305,359