SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

12 Months Ended

Dec. 31, 2012

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

16. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

        Selected quarterly data for 2012 and 2011 is as follows:

	2012
	First			Second			Third			Fourth
Revenue	$	114,000		$	108,780		$	110,383		$	1,967,573
Research and development expenses		5,153,217			5,398,305			3,822,736			2,514,591
General and administrative expenses		1,831,852			1,948,995			1,546,864			2,901,812
Licensing expense		30,000			0			50,000			15,000
Operating loss		(6,931,935	)		(7,269,453	)		(5,334,966	)		(3,635,228	)
Net loss		(10,264,477	)		(7,344,116	)		(6,121,815	)		(3,987,331	)
Loss per share:
Basic and diluted	$	(0.53	)	$	(0.36	)	$	(0.27	)	$	(0.16	)

	2011
	First			Second			Third			Fourth
Revenue	$	57,000		$	81,003		$	182,784		$	114,373
Research and development expenses		14,864,420			11,116,323			11,500,053			6,701,465
General and administrative expenses		1,593,557			1,989,103			1,675,268			1,723,562
Licensing expense		0			0			50,000			0
Operating loss		(16,442,921	)		(13,064,942	)		(13,028,207	)		(8,340,710	)
Net loss		(17,250,676	)		(14,975,231	)		(12,733,691	)		(6,648,906	)
Loss per share:
Basic and diluted	$	(1.22	)	$	(0.96	)	$	(0.73	)	$	(0.36	)