Quarterly Consolidated Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2014

Quarterly Consolidated Financial Data (Unaudited)

Quarterly Consolidated Financial Data (Unaudited)

12. Quarterly Consolidated Financial Data (Unaudited)

	Quarter Ended
	March 31, 2014			June 30, 2014			September 30, 2014			December 31, 2014
	(dollars in thousands, except share and per share data)
Revenues	$	—		$	—		$	—		$	—
Costs and expenses:
Research and Development	13,299			24,479			20,946			24,550
Purchased in-process research and development	—			—			—
General and administrative	3,178			2,279			2,506			3,041
Loss from operations	(16,477		)	(26,758		)	(23,452		)	(27,591		)
Other income
Amortization of deferred financing costs	—			—			—			(411		)
Interest and investment income/(expense), net(includes interest expense of $2,500 on Senior Convertible Debentures for year 2014)	29			(1		)	19			(2,511		)
Tax credits	—			83			—			—
Change in fair value of derivative instruments—warrants	223			756			425			(42		)
Total other income/(loss)	252			838			444			(2,964		)
Net Loss	$	(16,225	)	$	(25,920	)	$	(23,008	)	(30,555		)
Weighted average common shares outstanding—basic and diluted (a)	92,056,124			94,069,703			94,738,048			96,190,332
Net loss per Common Share, basic and diluted(a):	$	(0.18	)	$	(0.28	)	$	(0.24	)	(0.32		)

(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, 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 (loss)/income	(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.