| Quarterly Financial Information (unaudited) |
16. Quarterly Financial Information (unaudited)
The following is a summary of the quarterly results of operations for the years ended December 31, 2017 and 2016:
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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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2017
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Total revenues(1)
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$
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260
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$
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10,890
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$
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36,183
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$
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5,357
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Restructuring (charge) credit
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(2,020
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)
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(1,460
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)
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29
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4
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Operating costs and expenses
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(9,160
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)
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(8,119
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)
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(7,562
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)
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(7,371
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)
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Income (loss) from operations
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(10,920
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)
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1,311
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28,650
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(2,010
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)
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Other income (expense), net
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205
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(1,026
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)
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(600
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)
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648
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Net income (loss) before income tax
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(10,715
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)
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285
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28,050
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(1,362
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)
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Provision for income tax benefit (expense)
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—
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—
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(1,706
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)
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44
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Net income (loss)
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$
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(10,715
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)
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$
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285
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$
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26,344
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$
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(1,318
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)
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Basic net income (loss) per share available to common stockholders
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$
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(2.37
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)
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$
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0.02
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$
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2.06
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$
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(0.16
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)
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Diluted net income (loss) per share available to common stockholders(3)
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$
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(2.37
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)
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$
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0.02
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$
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1.98
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$
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(0.16
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)
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2016
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Total revenues
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$
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3,962
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$
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443
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$
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635
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$
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524
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Restructuring (charge) credit
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(36
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)
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21
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—
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(4,551
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)
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Operating costs and expenses
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(17,915
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)
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(18,482
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)
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(12,727
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)
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(13,432
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)
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Loss from operations
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(13,989
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)
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(18,018
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)
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(12,092
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)
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(17,459
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)
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Other income (expense), net(2)
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5,624
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2,858
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(433
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)
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(21
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)
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Net loss
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$
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(8,365
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)
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$
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(15,160
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)
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$
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(12,525
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)
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$
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(17,480
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)
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Basic net loss per share of common stock
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$
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(1.40
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)
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$
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(2.52
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)
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$
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(2.08
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)
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$
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(2.89
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)
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Diluted net loss per share of common stock
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$
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(1.40
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)
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$
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(2.52
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)
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$
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(2.08
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)
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$
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(2.89
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)
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(1)
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In the third quarter of 2017, total revenues include upfront and milestone payments relating to various out-licensing arrangements, including $35.4 million of license fee revenue recognized in connection with the license agreements with Novartis, and, in the second quarter of 2017, total revenues include a $10.0 million milestone earned under the license agreement with Novartis International.
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(2)
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Fluctuations in 2016 primarily relate to (losses) gains on the revaluation of the contingent warrant liabilities.
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(3)
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For the quarters ended June 30, 2017 and September 30, 2017, 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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