14. Selected Quarterly Information (Unaudited)

(in thousands, except per share amount)


Year Ended December 31, 2011	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Revenue	$	67		$	200		$	200		$	200
Total operating expenses		27,993			13,048			14,409			16,617
Loss from operations		(27,926	)		(12,848	)		(14,209	)		(16,417	)
Change in fair value of warrants		(11,080	)		2,115			13,388			3,160
Net (loss)		(39,008	)		(10,724	)		(802	)		(13,244	)
Loss per share, basic and diluted	$	(0.65	)	$	(0.16	)	$	(0.01	)	$	(0.19	)


Year Ended December 31, 2010	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Revenue	$	—		$	—		$	—		$	—
Total operating expenses		4,569			5,116			8,500			6,361
Loss from operations		(4,569	)		(5,116	)		(8,500	)		(6,361	)
Change in fair value of warrants		(13,093	)		14,142			(3,712	)		(6,226	)
Net income (loss)		(17,653	)		9,039			(12,205	)		(11,851	)
Earnings (loss) per share, basic	$	(0.44	)	$	0.21		$	(0.26	)	$	(0.25	)
Earnings (loss) per share, diluted	$	(0.44	)	$	0.19		$	(0.26	)	$	(0.25	)

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

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