SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Information Disclosure [Abstract]

Summary of Quarterly Results of Operations

The following is a summary of the quarterly results of the Company for the years ended December 31, 2017 and 2016 (unaudited, in thousands, except for per share data):


	Year Ended December 31,												Year Ended December 31
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Year Ended December 31
2016:
Revenues	$	15,000		$	—		$	—		$	—		$	15,000
Operating expenses		35,857			41,828			38,436			46,251			162,372
Net loss		(19,264	)		(40,280	)		(36,887	)		(44,659	)		(141,090	)
Net loss per share:
Basic and Diluted	$	(0.22	)	$	(0.46	)	$	(0.43	)	$	(0.51	)	$	(1.63	)
Shares used in the calculation of net loss per share:
Basic and Diluted		86,497			86,694			86,784			86,874			86,713
2017:
Revenues	$	—		$	6,335		$	60,774		$	94,517		$	161,626
Operating expenses		79,932			63,603			66,769			82,683			292,987
Net (loss) income		(78,326	)		(59,985	)		(11,125	)		6,894			(142,542	)
Net (loss) income per share:
Basic	$	(0.90	)	$	(0.68	)	$	(0.13	)	$	0.08		$	(1.62	)
Diluted	$	(0.90	)	$	(0.68	)	$	(0.13	)	$	0.07		$	(1.62	)
Shares used in the calculation of net (loss) income per share:
Basic		87,283			88,063			88,325			88,665			88,089
Diluted		87,283			88,063			88,325			92,659			88,089