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SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
 12 Months Ended
Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]  
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

NOTE 14 – SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

 

Summarized quarterly financial data for fiscal years 2019 and 2018 is as follows:

 

                                 

 

 

2019

 

(In thousands, except per share)

 

First
Quarter

 

 

Second Quarter(1)

 

 

Third
Quarter(2)

 

 

Fourth Quarter

 

Revenues

 

$

3,947

 

 

$

6,079

 

 

$

23,719

 

 

$

15,902

 

Gross profit

 

$

3,184

 

 

$

4,830

 

 

$

22,275

 

 

$

13,023

 

Net loss

 

$

(39,506

)

 

$

(55,237

)

 

$

(31,967

)

 

$

(49,435

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss per common share, basic and diluted

 

$

(0.16

)

 

$

(0.23

)

 

$

(0.13

)

 

$

(0.19

)

 

                                 

 

 

2018

 

(In thousands, except per share)

 

First
Quarter

 

 

Second Quarter

 

 

Third
Quarter

 

 

Fourth Quarter

 

Revenues

 

$

3,773

 

 

$

3,763

 

 

$

3,474

 

 

$

5,089

 

Gross profit

 

$

3,139

 

 

$

3,309

 

 

$

2,775

 

 

$

4,139

 

Net loss

 

$

(24,402

)

 

$

(33,219

)

 

$

(35,605

)

 

$

(39,391

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss per common share, basic and diluted

 

$

(0.11

)

 

$

(0.15

)

 

$

(0.16

)

 

$

(0.17

)

 

 

(1)

During the second quarter of 2019, we recorded $10.1 million in loss on extinguishment of debt related to the repayment of the Credit Agreement. Refer to discussion in Note 8-Debt.

 

(2)

During the third quarter of 2019, we recorded $15.5 million in license revenue related to the Theramex License Agreement. Refer to discussion in Note 2-Summary of Significant Accounting Policies.