| Quarterly Financial Information (unaudited) |
13. |
Quarterly Financial Information (unaudited) |
The following is a summary of the quarterly results of operations for the years ended December 31, 2013 and 2012:
| |
|
Consolidated Statements of Operations |
|
| |
|
Quarter Ended |
|
| |
|
March 31 |
|
|
June 30 |
|
|
September 30 |
|
|
December 31 |
|
| |
|
(In thousands, except per share amounts) |
|
2013 |
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues |
|
$ |
9,453 |
|
|
$ |
7,151 |
|
|
$ |
6,312 |
|
|
$ |
12,535 |
|
Total operating costs and expenses |
|
|
(20,777 |
) |
|
|
(21,230 |
) |
|
|
(23,535 |
) |
|
|
(28,114 |
) |
Other (expense) income, net (1)
|
|
|
(13,563 |
) |
|
|
(3,169 |
) |
|
|
(12,416 |
) |
|
|
(36,719 |
) |
Income tax benefit |
|
|
- |
|
|
|
- |
|
|
|
15 |
|
|
|
(1 |
) |
Net (loss) income |
|
$ |
(24,887 |
) |
|
$ |
(17,248 |
) |
|
$ |
(29,624 |
) |
|
$ |
(52,299 |
) |
Basic and diluted net (loss) income per share of common stock |
|
$ |
(0.30 |
) |
|
$ |
(0.21 |
) |
|
$ |
(0.34 |
) |
|
$ |
(0.55 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues |
|
$ |
9,865 |
|
|
$ |
9,275 |
|
|
$ |
7,251 |
|
|
$ |
7,391 |
|
Total operating costs and expenses |
|
|
(24,227 |
) |
|
|
(22,765 |
) |
|
|
(23,404 |
) |
|
|
(20,010 |
) |
Other income (expense), net (1)
|
|
|
(16,063 |
) |
|
|
(2,665 |
) |
|
|
(10,772 |
) |
|
|
14,985 |
|
Income tax expense |
|
|
- |
|
|
|
- |
|
|
|
74 |
|
|
|
- |
|
Net loss |
|
$ |
(30,425 |
) |
|
$ |
(16,155 |
) |
|
$ |
(26,851 |
) |
|
$ |
2,366 |
|
Basic and diluted net loss per share of common stock |
|
$ |
(0.69 |
) |
|
$ |
(0.24 |
) |
|
$ |
(0.39 |
) |
|
$ |
0.03 |
|
(1) |
Fluctuations in 2013 and 2012 primarily relate to (losses) gains on the revaluation of the contingent warrant liabilities. |
|