| Selected Quarterly Financial Information (Unaudited) |
Selected Quarterly Financial Data (Unaudited)
The following table sets forth certain unaudited quarterly financial data for 2017 and 2016. This unaudited information has been prepared on the same basis as the audited information included elsewhere in this Annual Report on Form 10-K and includes all adjustments necessary to present fairly the information set forth therein.
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Three Months Ended |
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March 31, |
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June 30, |
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September 30, |
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December 31, |
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2017 |
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2017 |
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2017 |
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2017 |
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(in thousands, except per share data) |
License and other revenue |
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$ |
— |
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|
$ |
— |
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|
$ |
25,000 |
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|
$ |
— |
|
Product revenue, net |
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— |
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— |
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— |
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|
1,911 |
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Sales force revenue |
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— |
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— |
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|
— |
|
|
278 |
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Grant revenue |
|
384 |
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|
158 |
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|
38 |
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|
45 |
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Operating expenses: |
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Cost of product sales |
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— |
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— |
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— |
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|
636 |
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Research and development |
|
953 |
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|
494 |
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|
965 |
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|
1,961 |
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General and administrative |
|
1,330 |
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|
1,439 |
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|
2,152 |
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|
3,021 |
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Sales and marketing |
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— |
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— |
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— |
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|
973 |
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Change in fair value of warrant liability and unit purchase option liability |
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(4 |
) |
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2 |
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— |
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|
(28 |
) |
Interest (expense) income, net |
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(58 |
) |
|
(26 |
) |
|
29 |
|
|
31 |
|
Net (loss) income after taxes |
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$ |
(1,961 |
) |
|
$ |
(1,799 |
) |
|
$ |
18,721 |
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|
$ |
(3,091 |
) |
Net (loss) income per share of common stock, basic |
|
$ |
(0.19 |
) |
|
$ |
(0.14 |
) |
|
$ |
0.52 |
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|
$ |
(0.11 |
) |
Net (loss) income per share of common stock, diluted |
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$ |
(0.19 |
) |
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$ |
(0.14 |
) |
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$ |
0.52 |
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— |
|
$ |
(0.11 |
) |
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Three Months Ended |
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March 31, |
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June 30, |
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September 30, |
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December 31, |
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|
2016 |
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2016 |
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2016 |
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2016 |
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(in thousands, except per share data) |
Operating expenses: |
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Research and development |
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$ |
2,293 |
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$ |
2,502 |
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$ |
4,582 |
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$ |
773 |
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General and administrative |
|
2,649 |
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1,636 |
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|
1,703 |
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|
1,095 |
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Change in fair value of warrant liability, unit purchase option liability and investor rights obligation |
|
(47 |
) |
|
91 |
|
|
(101 |
) |
|
130 |
|
Interest income (expense), net |
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(151 |
) |
|
(127 |
) |
|
(104 |
) |
|
(83 |
) |
Net loss |
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$ |
(5,140 |
) |
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$ |
(3,524 |
) |
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$ |
(6,169 |
) |
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$ |
(1,639 |
) |
Net loss per share of common stock, basic and diluted |
|
$ |
(0.59 |
) |
|
$ |
(0.41 |
) |
|
$ |
(0.70 |
) |
|
$ |
(0.18 |
) |
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