| Quarterly Results (Unaudited) |
14. Quarterly Results (Unaudited)
Selected quarterly financial data for 2017
and 2016 are contained in the Condensed Interim Financial Data table below.
| ($ in thousands except per share amounts) |
|
4th Q |
|
|
3rd Q |
|
|
2nd Q |
|
|
1st Q |
|
| 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
| Research and development |
|
|
1,103 |
|
|
|
1,393 |
|
|
|
1,255 |
|
|
|
2,071 |
|
| General and administrative |
|
|
728 |
|
|
|
717 |
|
|
|
(55 |
) |
|
|
1,050 |
|
| Total costs and expenses |
|
|
1,831 |
|
|
|
2,110 |
|
|
|
1,200 |
|
|
|
3,121 |
|
| Operating loss |
|
|
(1,831 |
) |
|
|
(2,110 |
) |
|
|
(1,200 |
) |
|
|
(3,121 |
) |
| Other income (expense), net |
|
|
(152 |
) |
|
|
150 |
|
|
|
198 |
|
|
|
573 |
|
| Income tax benefit |
|
$ |
6,880 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
| Net (loss) income |
|
|
4,897 |
|
|
|
(1,960 |
) |
|
|
(1,002 |
) |
|
|
(2,548 |
) |
| Basic earnings (loss) per common share |
|
$ |
0.20 |
|
|
$ |
(0.08 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.11 |
) |
| Earnings (loss) per common share assuming dilution |
|
$ |
0.20 |
|
|
$ |
(0.08 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.11 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
| Research and development |
|
|
93,876 |
(1) |
|
|
2,093 |
|
|
|
2,368 |
|
|
|
3,342 |
|
| General and administrative |
|
|
510 |
|
|
|
(199 |
) |
|
|
1,836 |
|
|
|
1,992 |
|
| Total costs and expenses |
|
|
94,386 |
|
|
|
1,894 |
|
|
|
4,204 |
|
|
|
5,334 |
|
| Operating loss |
|
|
(94,386 |
) |
|
|
(1,894 |
) |
|
|
(4,204 |
) |
|
|
(5,334 |
) |
| Other income (expense), net |
|
|
(762 |
) |
|
|
13 |
|
|
|
977 |
|
|
|
1,322 |
|
| Income tax benefit |
|
$ |
29,394 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
| Net loss |
|
|
(65,754 |
) |
|
|
(1,881 |
) |
|
|
(3,227 |
) |
|
|
(4,012 |
) |
| Basic loss per common share |
|
$ |
(3.06 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.17 |
) |
| Loss per common share assuming dilution |
|
$ |
(3.06 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.17 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
|
Includes impairment charge for the company’s IPR&D asset of $92,369,000 |
|