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SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables)
 12 Months Ended
Dec. 31, 2015
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED)  
Schedule of selected quarterly financial information (unaudited)

 

                                                                                                                                                                                    

 

 

First
Quarter

 

Second
Quarter

 

Third
Quarter

 

Fourth
Quarter

 

 

 

(In thousands, except per share amounts)

 

Year Ended December 31, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues(1)

 

$
537

 

$
251

 

$
35,363

 

$
220

 

Operating expenses

 

 
9,993

 

 
9,730

 

 
8,343

 

 
8,864

 

Net (loss) income

 

 
(9,315

)

 
(9,356

)

 
27,185

 

 
(8,468

)

Basic and diluted net (loss) income per share

 

$
(0.06

)

$
(0.06

)

$
0.17

 

$
(0.05

)

Year Ended December 31, 2014:

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$
474

 

$
341

 

$
160

 

$
178

 

Operating expenses

 

 
9,205

 

 
9,004

 

 
10,067

 

 
9,189

 

Net loss

 

 
(8,440

)

 
(8,734

)

 
(9,549

)

 
(8,947

)

Basic and diluted net loss per share

 

$
(0.06

)

$
(0.06

)

$
(0.06

)

$
(0.06

)

 

 

(1)          

The third quarter of 2015 includes the full recognition of the $35,000,000 upfront payment from Janssen as collaboration revenue. See Note 4 on Collaboration and License Agreement.