Quarterly Results of Operations (Unaudited)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results of Operations (Unaudited)

19. Quarterly Results of Operations (Unaudited)

The following tables contain selected financial data for each quarter of the years ended December 31, 2020 and 2019. The Company believes that the following information reflects all normal recurring adjustments necessary for a fair presentation of the information for each quarter of the years ended December 31, 2020 and 2019. The operating results for any period are not necessarily indicative of results for any future periods.

	Year Ended December 31, 2020
	First		Second		Third		Fourth
	Quarter		Quarter		Quarter		Quarter
Revenues	$	8,093	$	5,634	$	9,266	$	112,089	(a)
Operating expenses	$	38,094	$	31,518	$	26,286	$	33,799
Net income (loss) - Basic and Diluted	$	(28,922)	$	(25,068)	$	(16,509)	$	78,909
Income (loss) per share - Basic	$	(0.62)	$	(0.54)	$	(0.35)	$	1.60	(b)
Income (loss) per share - Diluted	$	(0.62)	$	(0.54)	$	(0.35)	$	1.59	(c)

(a) Revenues for the fourth quarter of 2020 include $111,551 relating to the Vifor Agreement (see Note 12, Revenue Recognition).

(b) The difference between the sum of net income (loss) per share – basic of $0.09, as calculated on a quarterly basis for 2020, and net income per share – basic of $0.18 for the year ended December 31, 2020, is due to the denominator used for the year ended December 31, 2020, which weights shares outstanding on a cumulative

basis and reflects the issuance of 2,939,552 shares of the Company’s common stock during the year ended December 31, 2020 (see Note 9, Stockholders’ Equity).

(c) The difference between the sum of net income (loss) per share – diluted of $0.08, as calculated on a quarterly basis for 2020, and net income per share – diluted of $0.18 for the year ended December 31, 2020, is due to: i) the issuance of shares of the Company’s common stock as described in b) above; and ii) first, second and third quarter diluted per share amounts did not include stock options and restricted stock units that were dilutive in those periods as those periods were in a net loss position; however, those same stock options and restricted stock units were included in the annual diluted per share amounts since the Company had net income for the year ended December 31, 2020.

	Year Ended December 31, 2019
	First		Second		Third		Fourth
	Quarter		Quarter		Quarter		Quarter
Revenues	$	4,382	$	5,208	$	5,785	$	4,511
Operating expenses	$	27,516	$	29,350	$	40,218	$	34,481
Net loss - Basic and Diluted	$	(21,960)	$	(22,960)	$	(32,842)	$	(28,611)
Loss per share - Basic and Diluted	$	(0.56)	$	(0.58)	$	(0.74)	$	(0.61)