Quarterly Consolidated Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2013

Quarterly Consolidated Financial Data (Unaudited)

Quarterly Consolidated Financial Data (Unaudited)

12. Quarterly Consolidated Financial Data (Unaudited)

	Quarter Ended
	March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013
	(dollars in thousands, except per share data)
Revenues	$	—		$	—		$	—		$	—
Costs and expenses:
Research and Development	14,344			9,055			10,782			16,449
General and administrative	3,278			2,803			2,692			2,908
Loss from operations	(17,622		)	(11,858		)	(13,474		)	(19,357		)
Other income
Interest and investment income	17			16			14			11
Interest expense	—			—			—			(21		)
Change in fair value of derivative instruments—warrants	(1,093		)	1,803			(77		)	(484		)
Total Other Income/(Loss)	(1,076		)	1,819			(63		)	(494		)
Net Loss	$	(18,698	)	$	(10,039	)	$	(13,537	)	$	(19,851	)
Weighted average common shares outstanding—basic and diluted	72,789,006			87,482,939			90,182,115			90,182,115
Net loss per common share—basic and diluted(a):	$	(0.26	)	$	(0.11	)	$	(0.15	)	$	(0.22	)

(a)   Basic and diluted EPS are computed independently for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not agree to the total for the year.

	Quarter Ended
	March 31, 2012			June 30, 2012			September 30, 2012			December 31, 2012
	(dollars in thousands, except share and per share data)
Revenues	$	—		$	—		$	—		$	—
Costs and expenses:
Research and Development	5,338			7,626			7,245			9,085
Purchased in-process research and development	—			—			1,000			—
General and administrative	1,732			1,919			1,843			2,447
Loss from operations	(7,070		)	(9,545		)	(10,088		)	(11,532		)
Other income	—			256			—			250
Interest and investment income	39			48			63			68
Change in fair value of derivative instruments—warrants	8			(1,317		)	140			(764		)
Total Other Income/ (Loss)	47			(1,013		)	203			(446		)
Net Loss	$	(7,023	)	$	(10,558	)	$	(9,885	)	$	(11,978	)
Weighted average common shares outstanding—basic and diluted (a)	54,298,079			60,416,068			65,806,178			66,194,306
Net loss per Common Share, basic and diluted(a):	$	(0.13	)	$	(0.17	)	$	(0.15	)	$	(0.18	)

(a) Basic and diluted EPS are computed independently for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not agree to the total for the year.