Annual report pursuant to Section 13 and 15(d)

Quarterly Financial Information (unaudited)

v3.20.4
Quarterly Financial Information (unaudited)
12 Months Ended
Dec. 31, 2020
Quarterly Financial Information (unaudited)  
Quarterly Financial Information (unaudited)

15. Quarterly Financial Information (unaudited)

The following is a summary of the quarterly results of operations for the years ended December 31, 2020 and 2019:

Consolidated Statements of Operations Data

Quarter Ended

    

March 31

    

June 30

    

September 30

    

December 31

(In thousands, except per share amounts)

2020

 

  

 

  

 

  

 

  

Total revenues(1)

$

804

$

444

$

557

$

27,580

Operating costs and expenses

 

(6,420)

 

(3,595)

 

(3,246)

 

(3,708)

(Loss) income from operations

 

(5,616)

 

(3,151)

 

(2,689)

23,872

Other income (expense), net

 

(668)

 

(382)

 

1,612

 

(1,181)

Net (loss) income before income tax

 

(6,284)

 

(3,533)

 

(1,077)

 

22,691

Income tax benefit (expense)

 

1,526

 

 

 

(25)

Net (loss) income

$

(4,758)

$

(3,533)

$

(1,077)

$

22,666

Basic net (loss) income per share attributable to common stockholders

$

(0.49)

$

(0.33)

$

(0.10)

$

1.40

Diluted net (loss) income per share attributable to common stockholders (2)

$

(0.49)

$

(0.33)

$

(0.10)

$

1.32

 

  

 

  

 

  

 

  

2019

 

  

 

  

 

  

 

  

Total revenues(3)

$

8,131

$

962

$

8,855

$

422

Operating costs and expenses

 

(6,195)

 

(5,673)

 

(5,964)

 

(4,423)

Income (loss) from operations

 

1,936

 

(4,711)

 

2,891

 

(4,001)

Other income (expense), net

 

1,297

 

639

 

287

 

(320)

Net income (loss) before income tax

 

3,233

 

(4,072)

 

3,178

 

(4,321)

Income tax benefit

 

 

 

 

Net income (loss)

$

3,233

$

(4,072)

$

3,178

$

(4,321)

Basic net income (loss) per share attributable to common stockholders

$

0.22

$

(0.47)

$

0.21

$

(0.49)

Diluted net income (loss) per share attributable to common stockholders (2)

$

0.21

$

(0.47)

$

0.20

$

(0.49)

(1) Total revenues mainly include $25.0 million of milestone revenue recognized in the fourth quarter in 2020 under the license agreement with Novartis International.
(2) For the quarters ended December 31, 2020, 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.
(3) 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.