The following table contains quarterly financial information for 2017 and 2016. 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.

	2017
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Total
Collaboration revenue - related party ⁽¹⁾	$	3,015		$	3,014		$	23,015		$	3,056		$	32,100
Total operating expenses		28,905			31,430			30,329			32,831			123,495
Loss from operations		(25,890	)		(28,416	)		(7,314	)		(29,775	)		(91,395	)
Net loss		(25,474	)		(28,018	)		(6,935	)		(28,953	)		(89,380	)
Net loss per share applicable to common stockholders - basic and diluted	$	(0.63	)	$	(0.69	)	$	(0.17	)	$	(0.72	)	$	(2.21	)

	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	)

(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 $120,000, 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 $10,000 from NHS related to achievement of a milestone within this agreement, which was recognized in full as related party collaboration revenue during 2016. During the quarter ended September 30, 2017, the Company received $20,000 from NHS related to achievement of a milestone within this agreement, which was recognized in full as related party collaboration revenue during 2017.