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INCOME TAXES | 3 Months Ended
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Mar. 31, 2012
INCOME TAXES | 11. INCOME TAXES
|  | 2011 |  |  | 2010 |
Tax provision (benefit) |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |
Federal |  | $ | — |  |  | $ | — |
State |  |  | — |  |  |  | — |
Total current |  |  | — |  |  |  | — |
Deferred |  |  |  |  |  |  |  |
Federal |  |  | (944,333 | ) |  |  | (1,592,000 | )
State |  |  | (161,963 | ) |  |  | (290,000 | )
Total deferred |  |  | (1,106,296 | ) |  |  | (1,882,000 | )
Change in valuation |  |  | 1,106,296 |  |  |  | 1,882,000 |
Total |  | $ | — |  |  | $ | — |
Deferred tax assets consisted of the following at December 31:
|  | 2011 |  |  | 2010 |
Deferred tax assets |  |  |  |  |  |  |  |
Federal net operating loss |  | $ | 19,447,371 |  |  | $ | 6,116,804 |
Federal research and development tax credit carryforwards |  |  | 1,956,146 |  |  |  | 390,600 |
State net operating loss |  |  | 2,444,816 |  |  |  | 814,492 |
State research and development tax credit carryforwards |  |  | 597,608 |  |  |  | 220,738 |
Capitalized research and development expenses |  |  | 13,007,013 |  |  |  | — |
Capital loss carryforward (expires beginning in 2012) |  |  | 340,000 |  |  |  | — |
Stock-based compensation expense |  |  | 333,206 |  |  |  | 552,859 |
Intangible assets |  |  | 555,198 |  |  |  | — |
Charitable contribution carryforwards |  |  | 44,370 |  |  |  | 49,725 |
Accrued liabilities |  |  | 35,314 |  |  |  | 25,327 |
Total deferred tax assets |  |  | 38,761,042 |  |  |  | 8,170,545 |
Deferred tax liabilities |  |  |  |  |  |  |  |
Depreciable assets |  |  | (346,870 | ) |  |  | (434,056 | )
Total deferred tax liabilities |  |  | (346,870 | ) |  |  | (434,056 | )
Net deferred tax assets |  |  | 38,414,172 |  |  |  | 7,736,489 |
Less valuation allowance |  |  | (38,414,172 | ) |  |  | (7,736,489 | )
Total deferred tax assets |  | $ | — |  |  | $ | — |
As of December 31, 2011, the Company had federal and state net operating loss carryforwards (“NOLs”) of approximately $57,198,000 and $46,533,000 respectively, which expire beginning in 2031 and 2025, respectively. In addition, the Company has federal and state research and development and investment tax credits of approximately $1,956,000 and $905,000, respectively. The amount of NOLs which may be utilized annually in future periods will be limited pursuant to Section 382 of the Internal Revenue Code as a result of substantial changes in the Company’s ownership that have occurred or that may occur in the future. The Company has not quantified the amount of such limitations. Because of the Company’s limited operating history, continuing losses and uncertainty associated with the utilization of the NOLs in the future, management has provided a full allowance against the gross deferred tax asset. The Company did not have unrecognized tax benefits or accrued interest and penalties at any time during the years ended December 31, 2011 or 2010, and does not anticipate having unrecognized tax benefits over the next twelve months. The Company is subject to audit by the IRS and state taxing authorities for tax periods commencing January 1, 2008. Additionally, the Company may be subject to examination by the IRS for years beginning prior to January 1, 2008 as a result of its NOLs. However, any adjustment related to these periods would be limited to the amount of the NOL generated in the year(s) under examination. For the three months ended March 31, 2012, the federal and state NOLs increased by approximately $2,357,000 as a result of the loss recorded.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 + Details
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