Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information (Unaudited)

Quarterly Financial Information (Unaudited)

M.Quarterly Financial Information (Unaudited)

	Calendar Year 2019
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
	Ended		Ended		Ended		Ended
	March 31, 2019		June 30, 2019		September 30, 2019		December 31, 2019
	(In thousands, except per share data)
Revenues:
License and milestone fees	$	79	$	5,079	$	79	$	29,551
Non-cash royalty revenue related to the sale of future royalties		8,488		10,412		13,202		15,313
Research and development support		17		51		—		—
Total revenues		8,584		15,542		13,281		44,864
Expenses:
Research and development		38,893		28,559		21,015		26,055
General and administrative		10,778		8,700		9,208		9,803
Restructuring charge		559		19,342		1,020		512
Total expenses		50,230		56,601		31,243		36,370
(Loss) income from operations		(41,646)		(41,059)		(17,962)		8,494
Non-cash interest expense on liability related to sale of future royalty		(3,432)		(3,818)		(4,275)		(5,354)
Interest expense on senior convertible notes		(24)		(23)		(24)		(24)
Other income, net		1,351		1,454		511		1,698
Net (loss) income	$	(43,751)	$	(43,446)	$	(21,750)	$	4,814
Basic and diluted net (loss) income per common share	$	(0.30)	$	(0.29)	$	(0.15)	$	0.03

	Calendar Year 2018
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
	Ended		Ended		Ended		Ended
	March 31, 2018		June 30, 2018		September 30, 2018		December 31, 2018
	(In thousands, except per share data)
Revenues:
License and milestone fees	$	11,540	$	1,321	$	672	$	1,747
Non-cash royalty revenue related to the sale of future royalties		7,190		7,242		8,441		9,281
Research and development support		383		388		388		218
Clinical materials revenue		702		336		1,427		2,170
Total revenues		19,815		9,287		10,928		13,416
Expenses:
Research and development		44,831		38,701		47,243		43,681
General and administrative		9,995		8,652		8,347		9,752
Restructuring charge		1,731		686		870		406
Total expenses		56,557		48,039		56,460		53,839
Loss from operations		(36,742)		(38,752)		(45,532)		(40,423)
Non-cash interest expense on liability related to sale of future royalty		(3,046)		(2,611)		(2,546)		(2,428)
Interest expense on senior convertible notes		(24)		(23)		(23)		(25)
Other income (expense), net		1,199		(238)		1,294		1,077
Net loss	$	(38,613)	$	(41,624)	$	(46,807)	$	(41,799)
Basic and diluted net loss per common share	$	(0.30)	$	(0.31)	$	(0.32)	$	(0.28)

	Calendar Year 2017
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
	Ended		Ended		Ended		Ended
	March 31, 2017		June 30, 2017		September 30, 2017		December 31, 2017
	(In thousands, except per share data)
Revenues:
License and milestone fees	$	18,730	$	31,080	$	79	$	29,580
Royalty revenue		—		—		—		—
Non-cash royalty revenue related to the sale of future royalties		7,613		6,439		6,503		7,587
Research and development support		1,478		902		650		452
Clinical materials revenue		678		599		1,248		1,829
Total revenues		28,499		39,020		8,480		39,448
Expenses:
Research and development		32,888		35,319		31,689		39,843
General and administrative		8,119		8,836		7,908		9,048
Restructuring charge		386		—		—		393
Total expenses		41,393		44,155		39,597		49,284
Loss from operations		(12,894)		(5,135)		(31,117)		(9,836)
Non-cash interest expense on liability related to sale of future royalty and convertible senior notes		(3,575)		(3,501)		(3,385)		(3,221)
Interest expense on senior convertible notes		(1,125)		(1,125)		(762)		(28)
Non-cash debt conversion expense		—		—		(22,191)		(724)
Other income, net		249		894		773		691
Net loss	$	(17,345)	$	(8,867)	$	(56,682)	$	(13,118)
Basic and diluted net loss per common share	$	(0.20)	$	(0.10)	$	(0.61)	$	(0.11)