| Quarterly Financial Information (Unaudited) |
The following is a summary of the quarterly results of operations for the years ended December 31, 2018 and 2017:
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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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2018
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Total revenues(1)
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$
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463
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$
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2,255
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$
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896
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$
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1,685
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Restructuring (charge) credit
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—
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(459
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)
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(909
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)
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(543
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)
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Operating costs and expenses
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(5,600
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)
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(4,787
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)
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(5,294
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)
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(4,564
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)
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Loss from operations
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(5,137
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)
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(2,991
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)
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(5,307
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)
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(3,422
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)
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Other income, net
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1,331
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1,044
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729
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312
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Net loss before income tax
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(3,806
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)
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(1,947
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)
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(4,578
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)
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(3,110
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)
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Income tax benefit
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—
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—
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—
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98
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Net loss
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$
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(3,806
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)
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$
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(1,947
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)
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$
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(4,578
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)
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$
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(3,012
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)
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Basic net loss per share available to common stockholders
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$
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(0.46
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)
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$
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(0.23
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)
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$
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(0.55
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)
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$
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(0.35
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)
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Diluted net loss per share available to common stockholders
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$
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(0.46
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)
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$
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(0.23
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)
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$
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(0.55
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)
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$
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(0.35
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)
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2017
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Total revenues(2)
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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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(Loss) income 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 (loss) income 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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Income tax (expense) benefit
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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 (loss) income
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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 (loss) income 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 (loss) income 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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(1)
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Total revenues include upfront fees, milestone payments and royalties relating to various out-licensing arrangements, which includes $1.8 million of revenue recognized in the second quarter of 2018 under the license agreement and common stock purchase agreement with Rezolute, and $0.8 million in milestone revenue earned in the fourth quarter of 2018 under our license agreement with Janssen Biotech, Inc.
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(2)
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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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(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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