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Selected Quarterly Financial Data (Unaudited) (Tables)
12 Months Ended
Dec. 31, 2019
Selected Quarterly Financial Data (Unaudited)  
Schedule of selected quarterly financial data

Selected quarterly financial data for years ended December 31, 2019 and 2018, are as follows (in thousands, except share and per share amounts):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

    

March 31, 2019

    

June 30, 2019

    

September 30, 2019

    

December 31, 2019

Net product sales

 

$

14,634

 

$

15,643

 

$

17,540

 

$

16,832

Gross profit

 

 

8,238

 

 

10,544

 

 

11,093

 

 

9,651

Net loss attributable to common stock

 

$

(7,600)

 

$

(3,763)

 

$

(2,051)

 

$

(3,488)

Weighted average common shares outstanding used to compute net loss per share, basic and diluted (1)

 

 

49,703,563

 

 

49,727,718

 

 

49,730,755

 

 

49,732,654

Net loss per share of common stock, basic and fully diluted (2):

 

$

(0.15)

 

$

(0.08)

 

$

(0.04)

 

$

(0.07)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

    

March 31, 2018

    

June 30, 2018

    

September 30, 2018

    

December 31, 2018

Net product sales

 

$

10,729

 

$

11,363

 

$

12,503

 

$

15,393

Gross profit

 

 

5,508

 

 

4,376

 

 

5,546

 

 

7,631

Net loss attributable to common stock

 

$

(14,436)

 

$

(15,207)

 

$

(12,695)

 

$

(9,337)

Weighted average common shares outstanding used to compute net loss per share, basic and diluted (1)

 

 

28,996,956

 

 

29,008,909

 

 

29,625,792

 

 

41,415,358

Net loss per share of common stock, basic and fully diluted (2):

 

$

(0.50)

 

$

(0.52)

 

$

(0.43)

 

$

(0.23)


(1)

On November 8, 2018, the Company closed an underwritten public offering of 19,999,999 shares of its common stock at a public offering price of $2.30 per share, which includes 2,608,695 shares of its common stock resulting from the underwriters’ exercise of their over-allotment option at the public offering price. In addition, in 2018, the Company sold 651,525 shares of common stock under the Cowen Sales Agreement, at an average sale price of approximately $6.25 per share. These transactions produced a significant increase in the number of shares outstanding which will impact the year-over-year comparability of the Company’s loss per share calculations.

Loss per share is computed independently for each of the quarters presented. Therefore, the sum of the quarterly loss per share may not necessarily equal the total for the year.