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Selected Quarterly Financial Data (unaudited)
 12 Months Ended
Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Information [Text Block]
18. Selected Quarterly Financial Data (unaudited)
 
The following table summarizes the unaudited statements of operations for each quarter of 2014 and 2013 (in thousands except share and per share amounts):
 
 
 
 
 
Quarters Ended
  
 
March 31
 
June 30
 
September 30
 
December 31
2014
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
Revenue
 
$
17,269
 
 
$
49,168
 
 
$
3,904
 
 
$
12
 
Operating Expenses:
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
Research and development
 
 
12,987
 
 
 
18,990
 
 
 
5,675
 
 
 
3,998
 
General and administrative
 
 
7,501
 
 
 
7,968
 
 
 
4,007
 
 
 
4,201
 
Income (loss) from operations
 
 
(3,219
) 
 
 
22,210
 
 
 
(5,778
) 
 
 
(8,187
) 
Interest, net
 
 
85
 
 
 
168
 
 
 
161
 
 
 
164
 
Other
 
 
(7
) 
 
 
(22
) 
 
 
(58
) 
 
 
(58
) 
Net income (loss)
 
$
(3,141
) 
 
$
22,356
 
 
$
(5,675
) 
 
$
(8,081
) 
Basic net income (loss) per share(1)
 
$
(0.09
) 
 
$
0.54
 
 
$
(0.14
) 
 
$
(0.19
) 
Diluted net income (loss) per share(1)
 
$
(0.09
) 
 
$
0.52
 
 
$
(0.14
) 
 
$
(0.19
) 
Weighted average common shares outstanding – basic
 
 
36,193,942
 
 
 
41,398,251
 
 
 
41,564,840
 
 
 
41,736,930
 
Weighted average common shares outstanding – diluted
 
 
36,193,942
 
 
 
43,196,754
 
 
 
41,564,840
 
 
 
41,736,930
 
 
 
 
 
 
 
Quarters Ended
  
 
March 31
 
June 30
 
September 30
 
December 31
2013
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
Revenue
 
$
14,514
 
 
$
16,483
 
 
$
16,600
 
 
$
17,274
 
Operating Expenses:
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
Research and development
 
 
12,259
 
 
 
18,607
 
 
 
13,501
 
 
 
13,533
 
General and administrative
 
 
6,256
 
 
 
6,211
 
 
 
6,143
 
 
 
6,704
 
Loss from operations
 
 
(4,001
) 
 
 
(8,335
) 
 
 
(3,044
) 
 
 
(2,963
) 
Interest, net
 
 
139
 
 
 
126
 
 
 
111
 
 
 
89
 
Other
 
 
—
 
 
 
(18
) 
 
 
(108
) 
 
 
(28
) 
Net loss
 
$
(3,862
) 
 
$
(8,227
) 
 
$
(3,041
) 
 
$
(2,902
) 
Basic and diluted net loss per share(1)
 
$
(0.11
) 
 
$
(0.23
) 
 
$
(0.08
) 
 
$
(0.08
) 
Weighted average common shares
outstanding – basic and diluted(2)
 
 
35,930,265
 
 
 
35,991,402
 
 
 
36,077,440
 
 
 
36,146,061
 
 
(1)
Per common share amounts for the quarters and full years have been calculated separately. Accordingly, the sum of quarterly amounts may not equal the annual amount because of differences in the weighted average common shares outstanding during each period, principally due to the effect of share issuances by the Company during the year.
 
(2)
Diluted weighted average common shares outstanding are identical to basic weighted average common shares outstanding and diluted net loss per share is identical to basic net loss per share for all quarters of 2013 because common share equivalents are excluded from the calculations of diluted weighted average common shares outstanding for those quarters, as their effect is anti-dilutive.