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Selected Quarterly Financial Data
 12 Months Ended
Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]  
Selected Quarterly Financial Data

14.

Selected Quarterly Financial Data (Unaudited)

The following tables present certain selected unaudited consolidated quarterly financial information for each of the eight quarters ended December 31, 2020. This consolidated quarterly information has been prepared on the same basis as the consolidated financial statements and includes all adjustments necessary to state fairly the information for the periods presented. The selected consolidated quarterly financial results from operations for the years ended December 31, 2020 and 2019 are set forth therein.

 

 

 

Fiscal 2020 Quarter Ended

 

 

 

March 31,

2020 (2)

 

 

June 30,

2020

 

 

September 30,

2020

 

 

December 31,

2020

 

 

 

(in thousands, except per share amounts)

 

Collaboration revenue

 

$

—

 

 

$

—

 

 

$

100

 

 

$

200

 

Operating expenses

 

$

16,135

 

 

$

16,449

 

 

$

14,544

 

 

$

18,113

 

Net loss (1)

 

$

(31,912

)

 

$

(16,462

)

 

$

(14,505

)

 

$

(18,023

)

Basic and diluted net loss per share

 

$

(3.14

)

 

$

(1.58

)

 

$

(1.39

)

 

$

(1.63

)

 

 

 

Fiscal 2019 Quarter Ended

 

 

 

March 31,

2019

 

 

June 30,

2019

 

 

September 30,

2019

 

 

December 31,

2019 (2)

 

 

 

(in thousands, except per share amounts)

 

Operating expenses

 

$

13,502

 

 

$

15,207

 

 

$

13,264

 

 

$

25,019

 

Net loss (1)

 

$

(13,032

)

 

$

(14,878

)

 

$

(12,903

)

 

$

(47,462

)

Basic and diluted net loss per share

 

$

(7.00

)

 

$

(7.97

)

 

$

(6.91

)

 

$

(7.88

)

 

 

(1)

Net loss from continuing operations and net loss attributable to holders of common stock and preferred stock with characteristics of common stock are the same as net loss for all periods presented.

 

(2)

Net loss for the quarters ended March 31, 2020 and December 31, 2019 included a $16.2 million and $20.9 million non-cash charge, respectively, relating to changes in fair value of warrant liabilities (see Note 11) and a $1.5 million and $10.5 million non-cash charge, respectively, relating to the Company’s obligation to issue securities pursuant to an amendment to the Asset Purchase Agreement with Gilead (see Note 8).