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SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Summarized quarterly financial data for fiscal years 2020 and 2019 is as follows

Summarized quarterly financial data for fiscal years 2020 and 2019 is as follows:


	2020
(In thousands, except per share)	First Quarter			Second Quarter			Third Quarter ^(1)(2)(3)(4)			Fourth Quarter ⁽⁵⁾
Revenues	$	12,251		$	10,701		$	19,343		$	22,577
Gross profit	$	9,536		$	6,301		$	16,064		$	16,996
Net loss	$	(56,849	)	$	(51,976	)	$	(32,611	)	$	(42,088	)

Loss per common share, basic and diluted	$	(0.21	)	$	(0.19	)	$	(0.12	)	$	(0.15	)


	2019
(In thousands, except per share)	First Quarter			Second Quarter ⁽⁶⁾			Third Quarter ⁽⁷⁾			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	)

(1)

During the third quarter of 2020, we recorded $2 million in license revenue related to the Knight License Agreement. Refer to discussion in Note 2-Summary of Significant Accounting Policies.

(2) During the third quarter of 2020, we recorded the fair value of the Lender Warrants based on Amendment No. 5 of approximately $7.4 million as a debt discount, which is being amortized to interest expense using the effective interest method over the term of the Financing Agreement. Refer to discussion in Note 8-Debt.

(3) During the third quarter of 2020, we wrote off approximately $0.6 million in costs related to trademarks and patents. Refer to discussion in Note 6-Intangible Assets, Net.

(4) During the third quarter of 2020, we recorded approximately $5.7 million in inventory charge, primarily related to BIJUVA. Refer to discussion in Note 2-Summary of Significant Accounting Policies.

(5) During the fourth quarter of 2020, we wrote off approximately $0.5 million in costs related to trademarks and patents. Refer to discussion in Note 6-Intangible Assets, Net.

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

(7) During the third quarter of 2019, we recorded approximately $15. 5 million in license revenue related to the Theramex License Agreement. Refer to discussion in Note 2-Summary of Significant Accounting Policies.

(1) During the third quarter of 2020, we recorded $2 million in license revenue related to the Knight License Agreement. Refer to discussion in Note 2-Summary of Significant Accounting Policies.

(3) During the third quarter of 2020, we wrote off approximately $0.6 million in costs related to trademarks and patents. Refer to discussion in Note 6-Intangible Assets, Net.

(5) During the fourth quarter of 2020, we wrote off approximately $0.5 million in costs related to trademarks and patents. Refer to discussion in Note 6-Intangible Assets, Net.

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