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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Taxes

Schedule of Gross Deferred Tax Asset and Related Valuation Allowance

		2018			2017
Deferred tax assets:
Net operating loss carryforward		$	41,687,577		$	30,813,509
Capitalized start-up costs			1,501,895			1,695,688
Patent amortization			119,888			135,358
Research and orphan drug credits			28,123,082			21,293,509
Deferred rent			51,400			71,938
Deferred compensation			3,293,221			2,274,885
Other			95,564			69,906
Total gross deferred tax assets			74,872,627			56,354,793
Valuation allowance			(74,872,627)			(56,354,793)
Deferred tax assets			—			—
Deferred tax liabilities:
Total deferred tax liabilities			—			—
Net deferred tax assets		$	—		$	—

Schedule of Reconciliations Between Statutory Federal Income Tax Rate and Effective Income Tax Rate of Income Tax Expense

		2018		2017		2016
U.S. Federal statutory tax rate		21.0	%	34.0	%	34.0	%
State taxes		5.7		4.4		4.6
Research credit		0.8		1.3		1.0
Orphan drug credit		10.4		11.5		9.0
Other		0.6		0.3		—
Stock-based compensation		(0.1)		(0.7)		(0.7)
Change in valuation allowance		(38.4)		(5.1)		(47.9)
Effective change due to corporate tax rate reduction		—		(45.7)		—
Provision for income taxes		—	%	—	%	—	%

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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

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