Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Schedule of Unaudited Quarterly Financial Data

The following table summarizes the unaudited quarterly financial data for the last two years:

	2020
	March 31		June 30		September 30		December 31
	(in thousands, except share and per share data)
Revenues:
Product sales, net	$	858	$	609	$	3,331	$	8,167
Collaboration revenue	982		211,627		502		1,471
Total Revenues	1,840		212,236		3,833		9,638
Operating expenses:
Cost of goods sold	$	31	$	398	$	275	$	1,688
Research and development	34,702		34,987		35,283		41,964
Selling, general and administrative	41,553		47,681		48,826		61,555
Total operating expenses	76,286		83,066		84,384		105,207
Gain (loss) from operations:	(74,446)		129,170		(80,551)		(95,569)
Interest expense	(4,171)		(4,640)		(4,928)		(8,931)
Other income, net	368		81		42		24
Net gain (loss)	$	(78,249)	$	124,611	$	(85,437)	$	(104,476)
Net gain (loss) per common share – basic (1)	$	(2.84)	$	4.50	$	(3.07)	$	(3.89)
Net gain (loss) per common share – diluted (1)	$	(2.84)	$	4.32	$	(3.07)	$	(3.89)
Weighted-average shares outstanding - basic	27,519,229		27,665,728		27,830,281		26,882,830
Weighted-average shares outstanding - diluted	27,519,229		28,854,445		27,830,281		26,882,830

	2019
	March 31		June 30		September 30		December 31
	(in thousands, except share and per share data)
Revenues:
Collaboration revenue	$	145,419	$	982	$	981	$	982
Total Revenues	145,419		982		981		982
Operating expenses:
Research and development	$	46,308	$	42,788	$	48,281	$	38,234
General and administrative	12,182		13,492		18,468		21,712
Total operating expenses	58,490		56,280		66,749		59,946
Gain (loss) from operations:	86,929		(55,298)		(65,768)		(58,964)
Interest expense	—		—		(3,996)		(4,124)
Other income, net	450		1,077		1,387		1,142
Net income (loss)	$	87,379	$	(54,221)	$	(68,377)	$	(61,946)
Net gain (loss) per common share - basic (1)	$	3.26	$	(2.01)	$	(2.52)	$	(2.26)
Net gain (loss) per common share - diluted (1)	$	3.07	$	(2.01)	$	(2.52)	$	(2.26)
Weighted-average shares outstanding - basic	26,842,785		26,968,818		27,171,769		27,371,067
Weighted-average shares outstanding - diluted	28,449,767		26,968,818		27,171,769		27,371,067

________________________________________________

(1)Due to the use of weighted average shares outstanding for each quarter for calculating net loss per common share, the sum of the quarterly net loss per common share amounts may not equal the net loss per common share amount for the full year.