| Quarterly financial information (unaudited) |
The following is a summary of the quarterly results of operations for the years ended December 31, 2014 and 2013:
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|
Consolidated Statements of Operations |
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| |
|
Quarter Ended |
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| |
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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) |
|
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 |
) |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
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| (2) |
Fluctuations in 2014 and 2013 primarily relate to (losses) gains on the revaluation of the contingent warrant liabilities. |
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