21. Quarterly Financial Data (unaudited)

The following table presents our unaudited quarterly financial data. Our quarterly results of operations for these periods are not necessarily indicative of our future results of operations.



	Three Months Ended				Three Months Ended					Three Months Ended				Three Months Ended
(in thousands,	December 31,				September 30,					June 30,				March 31,
except per share data)	2017		2016		2017		2016			2017		2016			2017		2016

Net sales	$	187	$	3,010	$	1,036	$	4,345		$	1,698	$	4,967		$	2,336	$	6,192
License and other revenue		1,277		1,267		1,241		1,350			1,259		1,453			3,230		3,471
Total revenue		1,464		4,277		2,277		5,695			2,957		6,420			5,566		9,663
Cost of sales		222		640		277		880			266		880			567		1,085
Write-down of inventory		(22)		119		933		129			373		2			370		135
Gross profit		1,264		3,518		1,067		4,686			2,318		5,538			4,629		8,443
Operating expenses:
Research and development		10,499		8,539		11,775		9,631			10,056		8,587			8,447		9,083
Selling, general and administrative		7,916		14,620		9,121		48,426			9,902		19,148			10,118		23,686
Gain on settlement of payable		—		—		—		(256)			—		—			—		(3,875)
Total operating expenses		18,415		23,159		20,896		57,801			19,958		27,735			18,565		28,894
Loss from operations		(17,151)		(19,641)		(19,829)		(53,115)			(17,640)		(22,197)			(13,936)		(20,451)
Total other expense		1,476		1,716		1,874		64,049			4,674		14,837			3,315		12,407
Income tax expense (benefit)		(437)		27		—		—			—		—			316		315
Net loss		(18,190)		(21,384)		(21,703)		(117,164)			(22,314)		(37,034)			(17,567)		(33,173)
Deemed dividend on convertible preferred stock and Class E redeemable convertible units		490		469		490		21,264			469		—			469		—
Net loss attributable to common stockholders		(18,680)		(21,853)		(22,193)		(138,428)	(1)		(22,783)		(37,034)			(18,036)		(33,173)
Basic and diluted net loss per share of common stock	$	(0.24)	$	(0.48)	$	(0.42)	$	(4.24)		$	(0.44)	$	(4.46)		$	(0.39)	$	(4.00)
Weighted average basic and diluted shares of common stock outstanding		78,397,156		45,078,666		52,572,880		32,678,259	(2)		51,846,521		8,304,334			46,507,435		8,302,635

(1)

Net loss attributable to common stockholders for the three months ended September 30, 2016 includes the beneficial conversion feature of the Company’s debt upon conversion into shares of the Company’s common stock on August 1, 2016 of $44.2 million, the beneficial conversion feature of certain outstanding warrants which became exercisable into shares of the Company’s common stock on August 1, 2016 of $1.7 million, the deemed dividends on the Company’s convertible preferred stock and Class E redeemable convertible units of $20.9 million and share-based compensation expense related to the Company’s LTIP of $22.6 million.

(2)

Weighted average basic and diluted shares of common stock outstanding for the three months ended September 30, 2016 includes shares issued as a result of the Corporate Conversion (Note 1).