	Quarter Ended
	March 31,			June 30,			September 30,			December 31,
	2015			2015			2015			2015
	(dollars in thousands, except share and per share data)
Revenues	$	—		$	—		$	—		$	—

Costs and Expenses:
Research and development	18,198			19,525			20,424			19,881
Purchased in-process research and development	—			—			—			—
Selling, general and administrative	4,606			7,394			2,728			7,066

Loss from Operations	(22,804		)	(26,919		)	(23,152		)	(26,947		)
Other Income /(Loss):
Interest and investment income/(expense), net	(4,317		)	(5,207		)	(4,291		)	(3,469		)
Tax credits	—			—			—			—
Change in fair value of derivative instruments—warrants	(268		)	(1,542		)	1,446			(30		)

Total Other (Loss)/ Income	(4,585		)	(6,749		)	(2,845		)	(3,499		)

Net loss	$	(27,389	)	$	(33,668	)	$	(25,997	)	$	(30,446	)


Weighted Average Common Shares Outstanding—basic and diluted (a)	96,683,525			100,343,637			111,328,339			113,678,306


Net Loss per Common Share—basic and diluted (a)	$	(0.28	)	$	(0.34	)	$	(0.23	)	$	(0.27	)

(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, 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.