Quarterly Data (Unaudited)

12 Months Ended

Dec. 31, 2015

Quarterly Data (Unaudited)

Quarterly Data (Unaudited)

15. Quarterly Data (Unaudited)

        The following tables summarize the quarterly results of operations for each of the quarters in 2015 and 2014. These quarterly results are unaudited, but in the opinion of management, have been prepared on the same basis as our audited financial information and include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the information set forth herein.

	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015
Total revenue	$	—		$	—		$	—		$	—
Operating expenses	$	6,977		$	7,982		$	8,965		$	9,165
Net loss	$	(8,538	)	$	(8,486	)	$	(9,411	)	$	(3,899	)
Basic net loss per common share	$	(0.40	)	$	(0.38	)	$	(0.42	)	$	(0.17	)
Diluted net loss per common share	$	(0.40	)	$	(0.38	)	$	(0.42	)	$	(0.17	)

	March 31, 2014		June 30, 2014			September 30, 2014			December 31, 2014
Total revenue	$	—	$	—		$	—		$	—
Operating expenses	$	2,448	$	3,495		$	6,049		$	6,524
Net income (loss)	$	839	$	(3,718	)	$	(6,353	)	$	(6,845	)
Basic net income (loss) per common share	$	0.10	$	(0.46	)	$	(0.34	)	$	(0.37	)
Diluted net income (loss) per common share	$	0.01	$	(0.46	)	$	(0.34	)	$	(0.37	)

        The net loss and basic and diluted net loss per share for the quarter ended December 31, 2015 includes a tax benefit of $5,972 from the sale of New Jersey state net operating losses. Net income and basic and diluted net income per share for the quarter ended March 31, 2014 includes a tax benefit of $3,653 from the sale of New Jersey state net operating losses (see Note 11).