Annual report pursuant to Section 13 and 15(d)

Quarterly Financial Information (unaudited)

v2.4.0.6
Quarterly Financial Information (unaudited)
 12 Months Ended
Dec. 31, 2012
Quarterly Financial Information (unaudited) [Abstract]  
Quarterly Financial Information (unaudited)
14.
Quarterly Financial Information (unaudited)

The following is a summary of the quarterly results of operations for the years ended December 31, 2012 and 2011:
 
Consolidated Statements of Operations
 
 
Quarter Ended
 
 
March 31
 
 
June 30
 
 
September 30
 
 
December 31
 
 
(In thousands, except per share amounts)
 
2012
 
 
 
 
 
 
 
 
 
 
 
 
Total revenues
 
$
9,865
 
 
$
9,275
 
 
$
7,251
 
 
$
7,391
 
Total operating costs and expenses
 
 
(24,227
 )
 
 
(22,765
 )
 
 
(23,404
 )
 
 
(19,834
 )
Other (expense) income, net (1)
 
 
(16,063
 )
 
 
(2,665
 )
 
 
(10,772
 )
 
 
14,985
 
Income tax benefit
 
 
-
 
 
 
-
 
 
 
74
 
 
 
-
 
Net (loss) income
 
 
(30,425
 )
 
 
(16,155
 )
 
 
(26,851
 )
 
 
2,542
 
Basic and diluted net (loss) income per share of common stock
 
$
(0.69
 )
 
$
(0.24
 )
 
$
(0.39
 )
 
$
0.03
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total revenues (2)
 
$
15,595
 
 
$
16,525
 
 
$
16,229
 
 
$
9,847
 
Total operating costs and expenses
 
 
(22,716
 )
 
 
(24,394
 )
 
 
(23,147
 )
 
 
(21,894
 )
Other income (expense), net
 
 
801
 
 
 
(261
 )
 
 
375
 
 
 
312
 
Income tax expense
 
 
(15
 )
 
 
-
 
 
 
-
 
 
 
-
 
Net loss
 
 
(6,335
 )
 
 
(8,130
 )
 
 
(6,543
 )
 
 
(11,735
 )
Basic and diluted net loss per share of common stock
 
$
(0.22
 )
 
$
(0.27
 )
 
$
(0.20
 )
 
$
(0.34
 )

(1)
Fluctuations in 2012 primarily relate to (losses) gains on the revaluation of the contingent warrant liabilities.
 
(2)
Revenue in the first three quarters of 2011 includes the recognition of $14.9 million of the non-recurring license fee received as consideration for the collaboration with Servier entered into in December 2010.