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Quarterly Data (Tables)
 12 Months Ended
Dec. 31, 2018
Supplementary Data — Quarterly Financial Data (unaudited).  
Schedule of unaudited consolidated quarterly financial information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

December 31,

 

September 30,

 

June 30,

 

March 31,

 

 

2018 (B)

 

2018 (B)

 

2018

 

2018

 

 

(in thousands, except per share amounts)

Operating expenses:

    

 

 

    

 

 

 

 

 

    

 

 

General and administrative

 

$

1,468

 

$

2,364

 

$

2,574

 

$

2,087

Research and development

 

 

1,833

 

 

3,542

 

 

3,960

 

 

4,977

Total operating expenses

 

 

3,301

 

 

5,906

 

 

6,534

 

 

7,064

Loss from operations

 

 

(3,301)

 

 

(5,906)

 

 

(6,534)

 

 

(7,064)

Interest expense

 

 

(178)

 

 

(172)

 

 

(144)

 

 

(160)

Other expense

 

 

(177)

 

 

(1)

 

 

 —

 

 

 —

Loss before income taxes

 

 

(3,656)

 

 

(6,079)

 

 

(6,678)

 

 

(7,224)

Provision (benefit) for income taxes

 

 

 —

 

 

 —

 

 

 —

 

 

 —

Net loss

 

 

(3,656)

 

 

(6,079)

 

 

(6,678)

 

 

(7,224)

Other comprehensive loss, net of tax

 

 

 —

 

 

—

 

 

—

 

 

—

Comprehensive loss

 

$

(3,656)

 

$

(6,079)

 

$

(6,678)

 

$

(7,224)

Net loss per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted  (A)

 

$

(0.26)

 

$

(0.43)

 

$

(0.47)

 

$

(0.58)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

December 31,

 

September 30,

 

June 30,

 

March 31,

 

 

2017

 

2017

 

2017

 

2017

 

 

(in thousands, except per share amounts)

Operating expenses:

    

 

 

    

 

 

 

 

 

    

 

 

General and administrative

 

$

1,487

 

$

2,050

 

$

4,678

 

$

2,223

Research and development

 

 

5,080

 

 

6,489

 

 

5,837

 

 

5,280

Total operating expenses

 

 

6,567

 

 

8,539

 

 

10,515

 

 

7,503

Loss from operations

 

 

(6,567)

 

 

(8,539)

 

 

(10,515)

 

 

(7,503)

Interest (expense) income

 

 

(179)

 

 

(132)

 

 

13

 

 

12

Other expense

 

 

 —

 

 

 —

 

 

—

 

 

(5)

Loss before income taxes

 

 

(6,746)

 

 

(8,671)

 

 

(10,502)

 

 

(7,496)

Provision (benefit) for income taxes

 

 

 —

 

 

 —

 

 

 —

 

 

 —

Net loss

 

 

(6,746)

 

 

(8,671)

 

 

(10,502)

 

 

(7,496)

Other comprehensive loss, net of tax

 

 

 —

 

 

—

 

 

—

 

 

—

Comprehensive loss

 

$

(6,746)

 

$

(8,671)

 

$

(10,502)

 

$

(7,496)

Net loss per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted  (A)

 

$

(0.63)

 

$

(0.82)

 

$

(0.99)

 

$

(0.79)

(A)

Net loss per share for the year may not equal the sum of the four historical quarters loss per share due to changes in weighted-average shares outstanding. 

(B)

On September 18, 2018, the Company’s Board of Directors approved a workforce reduction involving 5 employees (or 33% of the workforce at that time) to lower costs and conserve cash resources in light of the previously announced request by the FDA for additional pre-clinical data required in order to schedule an End of Phase 2 (EOP2) meeting for gemcabene in the Company’s target indications. Related expenses recognized during the year ended December 31, 2018 totaled approximately $1.6 million, largely in the third quarter, of which approximately $0.6 million was recorded as general and administrative expense and $1.0 million was recorded as research and development expense.