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Quarterly Financial Data (unaudited) (Tables)
 12 Months Ended
Dec. 31, 2016
Quarterly Financial Data (unaudited)  
Schedule of Quarterly Financial Data (unaudited)

(13)  Quarterly Financial Data (unaudited)

 

The following information has been derived from unaudited consolidated financial statements that, in the opinion of management, include all recurring adjustments necessary for a fair statement of such information.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2016

 

 

    

First Quarter

    

Second Quarter

    

Third Quarter

    

Fourth Quarter

 

Revenue

 

$
7,250

 

$

 —

 

$

 —

 

$

 —

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 
2,568,989

 

 
4,807,177

 

 
4,504,097

 

 
4,904,363

 

General and administrative

 

 
1,680,130

 

 
1,476,357

 

 
1,493,461

 

 
1,780,304

 

Total operating expenses

 

 
4,249,119

 

 
6,283,534

 

 
5,997,558

 

 
6,684,667

 

Loss from operations

 

 
(4,241,869)

 

 
(6,283,534)

 

 
(5,997,558)

 

 
(6,684,667)

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income (expense), net

 

 
12,377

 

 
18,118

 

 
22,747

 

 
26,980

 

Foreign exchange loss

 

 
(23,148)

 

 
(20,250)

 

 
(6,270)

 

 
(139,829)

 

Loss on disposal of equipment

 

 

 —

 

 

 —

 

 

 —

 

 
(99,147)

 

Total other income (expense)

 

 
(10,771)

 

 
(2,132)

 

 
16,477

 

 
(211,996)

 

Loss before income taxes

 

 
(4,252,640)

 

 
(6,285,666)

 

 
(5,981,081)

 

 
(6,896,663)

 

Income tax expense (benefit)

 

 
28,734

 

 
(56,277)

 

 

 —

 

 

 —

 

Net loss

 

$
(4,281,374)

 

$
(6,229,389)

 

$
(5,981,081)

 

$
(6,896,663)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share basic and diluted

 

$
(0.49)

 

$
(0.70)

 

$
(0.67)

 

$
(0.71)

 

Basic and diluted weighted average shares outstanding

 

 
8,823,951

 

 
8,860,592

 

 
8,912,508

 

 
9,678,924

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015

 

 

    

First Quarter (1)

    

Second Quarter (1)

    

Third Quarter

    

Fourth Quarter

 

Revenue

 

$
14,828

 

$
15,390

 

$
199,407

 

$
49,275

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 
853,704

 

 
1,010,989

 

 
2,271,968

 

 
3,309,008

 

General and administrative

 

 
653,773

 

 
631,474

 

 
1,922,755

 

 
2,156,388

 

Total operating expenses

 

 
1,507,477

 

 
1,642,463

 

 
4,194,723

 

 
5,465,396

 

Loss from operations

 

 
(1,492,649)

 

 
(1,627,073)

 

 
(3,995,316)

 

 
(5,416,121)

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income (expense), net

 

 
680

 

 
697

 

 
1,572

 

 
4,403

 

Loss before income taxes

 

 
(1,491,969)

 

 
(1,626,376)

 

 
(3,993,744)

 

 
(5,411,718)

 

Income tax expense

 

 

 —

 

 

 —

 

 

 —

 

 
27,543

 

Net loss

 

$
(1,491,969)

 

$
(1,626,376)

 

$
(3,993,744)

 

$
(5,439,261)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share basic and diluted

 

$
(1.03)

 

$
(1.12)

 

$
(0.66)

 

$
(0.62)

 

Basic and diluted weighted average shares outstanding

 

 
1,449,865

 

 
1,449,865

 

 
6,045,211

 

 
8,787,855