| 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, 2011 and 2010:
| |
|
Consolidated Statements of Operations |
|
| |
|
Quarter Ended |
|
| |
|
March 31 |
|
|
June 30 |
|
|
September 30 |
|
|
December 31 |
|
| |
|
(In thousands, except per share amounts) |
|
2011 |
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues (1) |
|
$ |
15,595 |
|
|
$ |
16,525 |
|
|
$ |
16,229 |
|
|
$ |
9,847 |
|
Total operating costs and expenses |
|
|
22,716 |
|
|
|
24,394 |
|
|
|
23,147 |
|
|
|
21,894 |
|
Other income (expense), net |
|
|
801 |
|
|
|
(261 |
) |
|
|
375 |
|
|
|
312 |
|
Net loss |
|
|
(6,335 |
) |
|
|
(8,130 |
) |
|
|
(6,543 |
) |
|
|
(11,735 |
) |
Basic and diluted net loss per share of common stock |
|
$ |
(0.22 |
) |
|
$ |
(0.27 |
) |
|
$ |
(0.20 |
) |
|
$ |
(0.34 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues (1) |
|
$ |
7,202 |
|
|
$ |
5,942 |
|
|
$ |
10,897 |
|
|
$ |
9,601 |
|
Total operating costs and expenses |
|
|
23,140 |
|
|
|
24,372 |
|
|
|
27,542 |
|
|
|
25,691 |
|
Other (expense) income, net (2) |
|
|
(5,847 |
) |
|
|
2,866 |
|
|
|
3,013 |
|
|
|
(1,657 |
) |
Net loss |
|
|
(21,785 |
) |
|
|
(15,580 |
) |
|
|
(13,633 |
) |
|
|
(17,758 |
) |
Basic and diluted net loss per share of common stock |
|
$ |
(1.36 |
) |
|
$ |
(0.93 |
) |
|
$ |
(0.69 |
) |
|
$ |
(0.84 |
) |
(1) |
Revenue in the first three quarters of 2011 includes the recognition of $14.9 million of the non-recurring license fee received as consideration for the collaboration with Servier entered into in December 2010. Revenue in the third quarter of 2010 includes a non-recurring fee of $4.0 million related to the sale of the Company's CIMZIA® royalty interest to an undisclosed buyer. |
(2) |
Other expense of $5.8 million and $1.7 million in the first and fourth quarters of 2010, respectively, and other income of $2.9 million and $3.0 million in the second and third quarters of 2010, respectively primarily relates to a loss on the revaluation of the warrant liabilities. |
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