Quarterly Results

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results

16.    Quarterly Results (Unaudited)

The following table is in thousands, except per share amounts:

	Quarter Ended
	March 31			June 30			September 30			December 31
Fiscal 2015
Revenues	$	705		$	1,875		$	1,773		$	673
Loss from operations		(13,003	)		(9,441	)		(7,597	)		(9,983	)
Net loss		(404	)		(12,450	)		(5,438	)		(3,018	)
Basic and diluted net loss per share		(0.02	)		(0.63	)		(0.27	)		(0.15	)
Fiscal 2014
Revenues	$	2,166		$	1,484		$	457		$	1,454
Loss from operations		(8,803	)		(11,349	)		(10,040	)		(7,264	)
Net loss		(10,735	)		(5,962	)		(13,328	)		(6,707	)
Basic and diluted net loss per share		(0.62	)		(0.34	)		(0.77	)		(0.35	)

During the quarter ended December 31, 2014, we reversed approximately $1,009,000 and $1,191,000 of share-based compensation that was recognized during the three quarters ended September 31, 2014 and the three years ended December 31, 2013, respectively, due to a reversal of share-based compensation related to the rescission of equity awards.

During the fiscal year ended December 31, 2015, we concluded that the carrying amounts of our production-related long-lived assets, inventory, and prepayments exceeded their fair values given our continued operating losses, the uncertainty of when we will resume commercial production, the limited ability to sell the capitalized equipment, and our basic ability to continue as a going concern. We recognized non-cash impairment charges in the aggregate amount of $10,844,000. These were offset by the change in the fair value of our contingent consideration liability to the former stockholders of Allegro based on various assumptions. During the fourth quarter of 2015, we updated the discounted cash flow model used to calculate the contingent consideration liability to reflect the impact of our reacquisition of the U.S. commercial rights for ADASUVE from Teva. These changes include updating the US ADASUVE sales estimates and partnership milestones and changing the probability weightings. Additionally, we updated the sales for the ADASUVE Ferrer Territories and changed the timing and amount of certain milestones for sales of ADASUVE outside of the United States and the Ferrer Territories and AZ-002.  These changes resulted in our recognizing a non-operating, non-cash gain of $27,132,000 during the fiscal year ended December 31, 2015. We also reduced our headcount in 2015 due to the decision to suspend our commercial production thus, giving rise to decreased salaries and related benefits during the fiscal year ended December 31, 2015.