Annual report pursuant to Section 13 and 15(d)

Quarterly Financial Information (unaudited)

v2.4.1.9
Quarterly Financial Information (unaudited)
12 Months Ended
Dec. 31, 2014
Quarterly Financial Information (unaudited) [Abstract]  
Quarterly Financial Information (unaudited)
14. Quarterly Financial Information (unaudited)

The following is a summary of the quarterly results of operations for the years ended December 31, 2014 and 2013:

   
Consolidated Statements of Operations
 
   
Quarter Ended
 
   
March 31
   
June 30
   
September 30
   
December 31
 
   
(In thousands, except per share amounts)
 
2014
               
Total revenues
 
$
3,410
   
$
5,973
   
$
5,136
   
$
4,347
 
Total operating costs and expenses (1)
   
(26,884
)
   
(24,750
)
   
(25,589
)
   
(23,475
)
Other income (expense), net (2)
   
18,787
     
6,880
     
6,054
     
11,810
 
Income tax benefit
   
-
     
-
     
-
     
-
 
Net loss
 
$
(4,687
)
 
$
(11,897
)
 
$
(14,399
)
 
$
(7,318
)
Basice net loss per share of common stock
 
$
(0.04
)
 
$
(0.11
)
 
$
(0.13
)
 
$
(0.07
)
Diluted net loss  per share of common stock
 
$
(0.21
)
 
$
(0.17
)
 
$
(0.17
)
 
$
(0.12
)
                                 
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 (2)
   
(13,563
)
   
(3,169
)
   
(12,416
)
   
(36,719
)
Income tax benefit (expense)
   
-
     
-
     
15
     
(1
)
Net loss
 
$
(24,887
)
 
$
(17,248
)
 
$
(29,624
)
 
$
(52,299
)
Basic and diluted net loss per share of common stock
 
$
(0.30
)
 
$
(0.21
)
 
$
(0.34
)
 
$
(0.55
)

(1) 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. Refer to Note 2, Basis of Presentation and Significant Accounting Policies - Correction of an Immaterial Error
(2) Fluctuations in 2014 and 2013 primarily relate to (losses) gains on the revaluation of the contingent warrant liabilities.