Annual report pursuant to Section 13 and 15(d)

Quarterly Financial Information (unaudited)

v3.8.0.1
Quarterly Financial Information (unaudited)
12 Months Ended
Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]  
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:

 

 

 

Consolidated Statements of Operations Data

 

 

 

Quarter Ended

 

 

 

March 31

 

 

June 30

 

 

September 30

 

 

December 31

 

 

 

(In thousands, except per share amounts)

 

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues(1)

 

$

260

 

 

$

10,890

 

 

$

36,183

 

 

$

5,357

 

Restructuring (charge) credit

 

 

(2,020

)

 

 

(1,460

)

 

 

29

 

 

 

4

 

Operating costs and expenses

 

 

(9,160

)

 

 

(8,119

)

 

 

(7,562

)

 

 

(7,371

)

Income (loss) from operations

 

 

(10,920

)

 

 

1,311

 

 

 

28,650

 

 

 

(2,010

)

Other income (expense), net

 

 

205

 

 

 

(1,026

)

 

 

(600

)

 

 

648

 

Net income (loss) before income tax

 

 

(10,715

)

 

 

285

 

 

 

28,050

 

 

 

(1,362

)

Provision for income tax benefit (expense)

 

 

 

 

 

 

 

 

(1,706

)

 

 

44

 

Net income (loss)

 

$

(10,715

)

 

$

285

 

 

$

26,344

 

 

$

(1,318

)

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

 

$

(2.37

)

 

$

0.02

 

 

$

2.06

 

 

$

(0.16

)

Diluted net income (loss) per share available to common stockholders(3)

 

$

(2.37

)

 

$

0.02

 

 

$

1.98

 

 

$

(0.16

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

3,962

 

 

$

443

 

 

$

635

 

 

$

524

 

Restructuring (charge) credit

 

 

(36

)

 

21

 

 

 

 

 

 

(4,551

)

Operating costs and expenses

 

 

(17,915

)

 

 

(18,482

)

 

 

(12,727

)

 

 

(13,432

)

Loss from operations

 

 

(13,989

)

 

 

(18,018

)

 

 

(12,092

)

 

 

(17,459

)

Other income (expense), net(2)

 

 

5,624

 

 

 

2,858

 

 

 

(433

)

 

 

(21

)

Net loss

 

$

(8,365

)

 

$

(15,160

)

 

$

(12,525

)

 

$

(17,480

)

Basic net loss per share of common stock

 

$

(1.40

)

 

$

(2.52

)

 

$

(2.08

)

 

$

(2.89

)

Diluted net loss per share of common stock

 

$

(1.40

)

 

$

(2.52

)

 

$

(2.08

)

 

$

(2.89

)

 

 

(1)

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.

 

(2)

Fluctuations in 2016 primarily relate to (losses) gains on the revaluation of the contingent warrant liabilities.

 

(3)

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.