19. Quarterly Financial Data (Unaudited)

The following table sets forth selected quarterly data for the years presented, in thousands, except per share data.

	Quarter Ended			Quarter Ended			Quarter Ended			Quarter Ended			Year Ended
2016	December 31,			September 30,			June 30,			March 31,			December 31,
Revenues	$	4,019		$	2,243		$	902		$	988		$	8,152
Operating costs and expenses	$	21,823		$	14,491		$	45,613		$	23,002		$	104,929
Net income (loss) attributable to Sorrento	$	(17,859)		$	15,891		$	(43,305)		$	(15,650)		$	(60,923)
Net income (loss) per share - basic and diluted	$	(0.30)		$	0.24		$	(0.93)		$	(0.41)		$	(1.21)
Weighted-average shares - basic		58,634			66,193			46,498			37,965			50,360
Weighted-average shares - diluted		58,634			66,527			46,498			37,965			50,360

	Quarter Ended			Quarter Ended			Quarter Ended			Quarter Ended			Year Ended
2015	December 31,			September 30,			June 30,			March 31,			December 31,
Revenues	$	1,337		$	1,103		$	1,173		$	977		$	4,590
Operating costs and expenses	$	18,997		$	36,738		$	11,706		$	11,154		$	78,595
Net loss attributable to Sorrento	$	(26,599	)	$	(2,079	)	$	(10,958	)	$	(10,438	)	$	(50,074	)
Net loss per share - basic and diluted	$	(0.62	)	$	(0.03	)	$	(0.30	)	$	(0.29	)	$	(1.24	)
Weighted-average shares		37,770			37,328			36,315			36,206			36,909

The quarters ended March 31, June 30, and September 2016 have been restated to correct the effects of an immaterial error in the interim periods related to the re-measurement of acquisition consideration payable.

As a result of the restatement, an adjustment of $2.7 million to gain on contingent liabilities has been reflected in operating costs and expenses in the above table for the three months ended March 31, 2016. As a result of the adjustment, operating costs and expenses decreased from $25.7 million to $23.0 million, net loss decreased from $18.4 million to $15.7 million, and net loss per share decreased from ($0.48) to ($0.41) for the quarter ended March 31, 2016. The adjustment includes the effects of a $991 thousand adjustment related to the prior year as discussed in footnote 3.

As a result of the restatement, an adjustment of $1.7 million to gain on contingent liabilities and $0.1 million of research and development expenses have been reflected in operating costs and expenses in the above table for the three months ended June 30, 2016. As a result of the adjustment, operating costs and expenses decreased from $47.3 million to $45.6 million, Net loss decreased from $44.9 million to $43.3 million, and net loss per share decreased from ($0.97) to ($0.93) for the quarter ended June 30, 2016.

As a result of the restatement, an adjustment of $1.7 million of a gain on contingent liabilities and $0.2 million of research and development expenses have been reflected in operating costs and expenses in the above table for the three months ended September 30, 2016. As a result of the adjustment, operating costs and expenses decreased from $16.0 million to $14.5 million, Net income increased from $14.4 million to $15.9 million, and net loss per share increased from $0.22 to $0.24 for the quarter ended September 30, 2016.