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Selected Quarterly Financial Data (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]  
Schedule of Quarterly Financial Information
Summarized quarterly data for 2015 and 2014 are as follows (in thousands, except per share data):
 
 
 
For the quarters ending
 
 
March 31
 
June 30
 
September 30
 
December 31
2015
 
 
 
 
 
 
 
 
Revenues
 
$
4,200

 
$
3,834

 
$
1,865

 
$
10,860

Operating expenses
 
17,071

 
25,015

 
15,210

 
18,221

Net loss
 
(14,487
)
 
(21,035
)
 
(13,000
)
 
(7,226
)
Basic and diluted net loss per share(1)
 
$
(0.29
)
 
$
(0.41
)
 
$
(0.25
)
 
$
(0.14
)
2014
 
 
 
 
 
 
 
 
Revenues
 
$
1,631

 
$
736

 
$
1,083

 
$
4,219

Operating expenses
 
12,336

 
13,749

 
12,742

 
13,752

Net loss
 
(12,741
)
 
(11,973
)
 
(9,798
)
 
(22,168
)
Basic net loss per share(1)
 
$
(0.30
)
 
$
(0.28
)
 
$
(0.23
)
 
$
(0.47
)
Diluted net loss per share(1)(2)
 
$
(0.30
)
 
$
(0.29
)
 
$
(0.26
)
 
$
(0.47
)
 
(1)
Net loss per share is computed independently for each of the quarters presented. Therefore, the sum of the quarterly per-share calculations will not necessarily equal the annual per share calculation.

(2)
Applicable accounting standards provides that a contract (such as the Post-IPO GSK Note) that is reported as an asset or liability for accounting purposes may require an adjustment to the numerator of the diluted earnings per share calculation for any changes in income or loss that would result if the contract had been reported as an equity instrument during the period. For these periods, adjustments were made to the numerator of the diluted earnings per share calculation to adjust net loss to remove the gain from the change in value of the convertible note payable. Adjustments to the denominator were made to add the number of shares to be issued upon conversion of the convertible note payable.