Quarterly Financial Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information (Unaudited)

Schedule of unaudited quarterly information

These operating results are not necessarily indicative of results for any future period (in thousands, except per share data):

	Year Ended December 31, 2015
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Revenue	$	226	$	398	$	768	$	524
Operating expenses		12,452		14,551		15,763		16,587
Net loss		(12,202)		(14,051)		(14,859)		(10,690)	(1)
Net loss per share attributable to common stockholders:
Basic		(0.69)		(0.78)		(0.81)		(0.58)
Diluted		(0.69)		(0.78)		(0.81)		(0.58)

	Year Ended December 31, 2014
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Revenue	$	176	$	25,154	$	215	$	30,301
Operating expenses		5,867		8,435		9,765		13,265
Net income (loss)		(6,380)		16,429		(9,557)		9,731
Net income (loss) per share attributable to common stockholders:
Basic		(0.67)		1.05		(0.57)		0.56
Diluted		(0.67)		0.88		(0.57)		0.50

(1) In the fourth quarter of 2015 the Company recorded an out-of-period correcting adjustment of $2.9 million to record an income tax benefit related to the carryback of a portion of the current year loss to obtain a tax refund from the prior year which was not properly accounted for in the interim periods of 2015.  The Company has determined that the adjustment is not material to any current or interim periods.