| Quarterly financial information (unaudited) |
The following is a summary of the quarterly results of operations for the years ended December 31, 2015 and 2014:
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Consolidated Statements of Operations
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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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2015
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Total revenues (1)
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$
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2,651
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$
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2,539
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$
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2,074
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$
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48,183
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Restructuring costs
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—
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—
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(2,561
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)
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(1,138
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)
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Operating costs and expenses
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(25,224
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)
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(24,752
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)
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(23,191
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)
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(18,305
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)
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(Loss) income from operations
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(22,573
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)
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(22,213
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)
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(23,678
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)
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28,740
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Other income (expense), net (2)
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855
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(1,546
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)
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23,198
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(3,389
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)
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Net (loss) income
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$
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(21,718
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)
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$
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(23,759
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)
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$
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(480
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)
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$
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25,351
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Basic net (loss) income per share of common stock
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$
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(0.19
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)
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$
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(0.20
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)
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$
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(0.00
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)
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$
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0.21
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Diluted net (loss) income per share of common stock (3)
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$
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(0.19
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)
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$
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(0.20
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)
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$
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(0.00
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)
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$
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0.21
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2014
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Total revenues
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$
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3,410
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$
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5,973
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$
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5,136
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$
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4,347
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Restructuring costs
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(84
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)
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—
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—
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—
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Operating costs and expenses (4)
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(26,800
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)
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(24,750
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)
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(25,589
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)
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(23,475
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)
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Loss from operations
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(23,474
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)
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(18,777
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)
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(20,453
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)
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(19,128
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)
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Other income (expense), net (2)
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18,787
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6,880
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6,054
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11,810
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Net loss
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$
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(4,687
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)
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$
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(11,897
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)
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$
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(14,399
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)
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$
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(7,318
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)
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Basic net loss per share of common stock
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$
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(0.04
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)
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$
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(0.11
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)
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$
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(0.13
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)
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$
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(0.07
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)
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Diluted net loss per share of common stock
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$
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(0.21
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)
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$
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(0.17
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)
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$
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(0.17
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)
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$
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(0.12
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)
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(1)
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In the fourth quarter of 2015, the total revenues include upfront and milestone payments relating to various out-licensing arrangements, including a $37.0 million upfront payment from Novartis, a $5.0 million upfront payment from Novo Nordisk and a $3.8 million payment from Pfizer.
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(2)
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Fluctuations in 2015 and 2014 primarily relate to (losses) gains on the revaluation of the contingent warrant liabilities and a $3.5 million gain from the sale of the Company’s manufacturing facility during the three months ended December 31, 2015 (see Note 6).
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(3)
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For the quarter ended December 31, 2015, 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 the period.
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(4)
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In 2014, the Company corrected an immaterial error driven by certain stock-based compensation expense in the fourth quarter of 2014, resulting in a decrease to operating expenses and net loss by $1.6 million and a decrease to basic and diluted loss per share of $0.01 and $0.02, respectively, for the three months ended December 31, 2014.
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