Quarterly Financial Information (unaudited)

12 Months Ended

Dec. 31, 2011

Quarterly Financial Information (unaudited) [Abstract]

Quarterly Financial Information (unaudited)

14. Quarterly Financial Information (unaudited)

The following is a summary of the quarterly results of operations for the years ended December 31, 2011 and 2010:

	Consolidated Statements of Operations
	Quarter Ended
	March 31			June 30			September 30			December 31
	(In thousands, except per share amounts)
2011
Total revenues (1)	$	15,595		$	16,525		$	16,229		$	9,847
Total operating costs and expenses		22,716			24,394			23,147			21,894
Other income (expense), net		801			(261	)		375			312
Net loss		(6,335	)		(8,130	)		(6,543	)		(11,735	)
Basic and diluted net loss per share of common stock	$	(0.22	)	$	(0.27	)	$	(0.20	)	$	(0.34	)
2010
Total revenues (1)	$	7,202		$	5,942		$	10,897		$	9,601
Total operating costs and expenses		23,140			24,372			27,542			25,691
Other (expense) income, net (2)		(5,847	)		2,866			3,013			(1,657	)
Net loss		(21,785	)		(15,580	)		(13,633	)		(17,758	)
Basic and diluted net loss per share of common stock	$	(1.36	)	$	(0.93	)	$	(0.69	)	$	(0.84	)

(1) Revenue in the first three quarters of 2011 includes the recognition of $14.9 million of the non-recurring license fee received as consideration for the collaboration with Servier entered into in December 2010. Revenue in the third quarter of 2010 includes a non-recurring fee of $4.0 million related to the sale of the Company's CIMZIA® royalty interest to an undisclosed buyer.

(2) Other expense of $5.8 million and $1.7 million in the first and fourth quarters of 2010, respectively, and other income of $2.9 million and $3.0 million in the second and third quarters of 2010, respectively primarily relates to a loss on the revaluation of the warrant liabilities.