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Selected Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2016
Quarterly Financial Data [Abstract]  
Selected Quarterly Financial Data (Unaudited)

14.

Selected Quarterly Financial Data (Unaudited)

The following table contains quarterly financial information for 2016 and 2015. The Company believes that the following information reflects all normal recurring adjustments necessary for a fair statement of the information for the periods presented. The operating results for any quarter are not necessarily indicative of results for any future period.

 

 

 

2016

 

 

 

First

Quarter

 

 

Second

Quarter

 

 

Third

Quarter

 

 

Fourth

Quarter

 

 

Total

 

Collaboration revenue - related party (1)

 

$

2,710

 

 

$

3,004

 

 

$

13,015

 

 

$

3,037

 

 

$

21,766

 

Total operating expenses

 

 

22,626

 

 

 

31,144

 

 

 

32,110

 

 

 

28,725

 

 

 

114,605

 

Loss from operations

 

 

(19,916

)

 

 

(28,140

)

 

 

(19,095

)

 

 

(25,688

)

 

 

(92,839

)

Net loss

 

 

(19,704

)

 

 

(27,913

)

 

 

(18,688

)

 

 

(25,274

)

 

 

(91,579

)

Net loss per share applicable to common

   stockholders - basic and diluted

 

$

(0.50

)

 

$

(0.70

)

 

$

(0.46

)

 

$

(0.63

)

 

$

(2.30

)

 

 

 

2015

 

 

 

First

Quarter

 

 

Second

Quarter

 

 

Third

Quarter

 

 

Fourth

Quarter

 

 

Total

 

Collaboration revenue - related party  (1)

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Total operating expenses

 

 

8,167

 

 

 

12,340

 

 

 

14,561

 

 

 

19,788

 

 

 

54,856

 

Loss from operations

 

 

(8,167

)

 

 

(12,340

)

 

 

(14,561

)

 

 

(19,788

)

 

 

(54,856

)

Net loss

 

 

(7,971

)

 

 

(12,555

)

 

 

(14,620

)

 

 

(19,634

)

 

 

(54,780

)

Net loss per share applicable to common

   stockholders - basic and diluted

 

$

(1.15

)

 

$

(1.45

)

 

$

(0.38

)

 

$

(0.50

)

 

$

(2.33

)

 

 

(1)

In January 2016, the Company entered into a Collaboration and License Agreement with NHS for the development and commercialization of certain of its product candidates. In exchange for the license, NHS paid the Company an upfront cash payment of $120 million, which the Company received in February 2016 and is being recognized as revenue over the ten year performance period. During the quarter ended September 30, 2016, the Company received $10 million from NHS related to achievement of a milestone within this agreement, which was recognized in full as related party collaboration revenue during 2016.