| Quarterly Financial Information (unaudited) |
17. Quarterly Financial Information (unaudited)
The following is a summary of the quarterly results of operations for the years ended December 31, 2019 and 2018:
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Consolidated Statements of Operations Data
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Quarter 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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(In thousands, except per share amounts)
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2019
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Total revenues(1)
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$
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8,131
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$
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962
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$
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8,855
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$
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422
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Operating costs and expenses
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(6,195)
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(5,673)
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(5,964)
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(4,423)
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Income (loss) from operations
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1,936
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(4,711)
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2,891
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(4,001)
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Other income (expense), net
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1,297
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639
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287
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(320)
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Net income (loss) before income tax
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3,233
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(4,072)
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3,178
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(4,321)
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Income tax (expense) benefit
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—
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—
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—
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—
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Net income (loss)
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$
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3,233
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$
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(4,072)
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$
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3,178
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$
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(4,321)
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Basic net income (loss) per share attributable to common stockholders
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$
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0.22
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$
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(0.47)
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$
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0.21
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$
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(0.49)
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Diluted net income (loss) per share attributable to common stockholders (2)
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$
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0.21
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$
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(0.47)
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$
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0.20
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$
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(0.49)
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2018
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Total revenues(3)
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$
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463
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$
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2,255
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$
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896
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$
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1,685
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Restructuring (charge) credit
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—
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(459)
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(909)
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(543)
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Operating costs and expenses
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(5,600)
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(4,787)
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(5,294)
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(4,564)
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Loss from operations
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(5,137)
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(2,991)
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(5,307)
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(3,422)
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Other income, net
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1,331
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1,044
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729
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312
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Net loss before income tax
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(3,806)
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(1,947)
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(4,578)
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(3,110)
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Income tax benefit
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—
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—
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—
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98
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Net loss
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$
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(3,806)
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$
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(1,947)
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$
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(4,578)
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$
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(3,012)
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Basic net loss per share attributable to common stockholders
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$
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(0.46)
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$
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(0.23)
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$
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(0.55)
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$
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(0.35)
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Diluted net loss per share attributable to common stockholders
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$
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(0.46)
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$
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(0.23)
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$
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(0.55)
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$
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(0.35)
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(1)
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Total revenues mainly include $14.0 million of revenue recognized in the first and the third quarter in 2019 under the license agreement and common stock purchase agreement with Rezolute, and $2.5 million in milestone revenue earned in the third quarter of 2019 under our license agreement with Janssen.
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(2)
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For the quarters ended March 31, 2019 and September 30, 2019, the Company’s diluted net income per share of common stock was computed by giving effect to all potentially dilutive common stock equivalents outstanding during each of these periods.
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(3)
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Total revenues include upfront fees, milestone payments and royalties relating to various out-licensing arrangements, which includes $1.8 million of revenue recognized in the second quarter of 2018 under the license agreement and common stock purchase agreement with Rezolute, and $0.8 million in milestone revenue earned in the fourth quarter of 2018 under our license agreement with Janssen.
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