| 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:
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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) |
2020 |
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Total revenues(1) |
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$ |
804 |
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$ |
444 |
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$ |
557 |
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$ |
27,580 |
Operating costs and expenses |
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(6,420) |
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(3,595) |
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(3,246) |
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(3,708) |
(Loss) income from operations |
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(5,616) |
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(3,151) |
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(2,689) |
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23,872 |
Other income (expense), net |
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(668) |
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(382) |
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1,612 |
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(1,181) |
Net (loss) income before income tax |
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(6,284) |
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(3,533) |
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(1,077) |
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22,691 |
Income tax benefit (expense) |
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1,526 |
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— |
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— |
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(25) |
Net (loss) income |
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$ |
(4,758) |
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$ |
(3,533) |
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$ |
(1,077) |
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$ |
22,666 |
Basic net (loss) income per share attributable to common stockholders |
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$ |
(0.49) |
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$ |
(0.33) |
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$ |
(0.10) |
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$ |
1.40 |
Diluted net (loss) income per share attributable to common stockholders (2) |
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$ |
(0.49) |
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$ |
(0.33) |
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$ |
(0.10) |
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$ |
1.32 |
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2019 |
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Total revenues(3) |
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$ |
8,131 |
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$ |
962 |
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$ |
8,855 |
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$ |
422 |
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) |
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) |
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) |
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) |
Income tax benefit |
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— |
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— |
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— |
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— |
Net income (loss) |
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$ |
3,233 |
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$ |
(4,072) |
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$ |
3,178 |
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$ |
(4,321) |
Basic net income (loss) per share attributable to common stockholders |
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$ |
0.22 |
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$ |
(0.47) |
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$ |
0.21 |
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$ |
(0.49) |
Diluted net income (loss) per share attributable to common stockholders (2) |
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$ |
0.21 |
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$ |
(0.47) |
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$ |
0.20 |
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$ |
(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. |
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