Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Summary of Quarterly Results of Operations

A summary of our quarterly results follows:

(in thousands, except per share data)	First Quarter			Second Quarter			Third Quarter		Fourth Quarter
Year Ended December 31, 2019:
Total revenues	$	138,403		$	183,580		$	222,094	$	244,010
Total operating expenses ⁽¹⁾	$	239,400		$	149,119		$	131,996	$	195,289
Net (loss) income ⁽¹⁾	$	(102,115	)	$	51,338		$	53,789	$	34,000
Net (loss) income per share, basic ⁽¹⁾	$	(1.12	)	$	0.56		$	0.59	$	0.37
Net (loss) income per share, diluted ⁽¹⁾	$	(1.12	)	$	0.54		$	0.56	$	0.35
Weighted average common shares outstanding, basic		91,056			91,389			91,859		92,182
Weighted average common shares outstanding, diluted		91,056			94,779			96,074		97,229
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Year Ended December 31, 2018:
Total revenues	$	71,086		$	96,905		$	151,757	$	131,492
Total operating expenses	$	108,533		$	98,757		$	97,434	$	109,621
Net (loss) income	$	(41,818	)	$	(5,913	)	$	50,764	$	18,078
Net (loss) income per share, basic	$	(0.47	)	$	(0.07	)	$	0.56	$	0.20
Net (loss) income per share, diluted	$	(0.47	)	$	(0.07	)	$	0.52	$	0.19
Weighted average common shares outstanding, basic		89,526			90,100			90,555		90,742
Weighted average common shares outstanding, diluted		89,526			90,100			96,798		95,724

(1) In connection with the payment of the upfront fee pursuant to our collaboration and license agreement with Voyager, we recorded a charge of $113.1 million, accounted for as IPR&D, in the first quarter of 2019. In the second quarter of 2019, we entered into an amendment to the collaboration and license agreement with Voyager, pursuant to which we paid Voyager $5.0 million upfront, accounted for as IPR&D, to obtain outside the U.S. rights to the Friedreich’s ataxia program. In connection with the payment of the upfront fee pursuant to our collaboration with Xenon, we recorded a charge of $36.2 million, accounted for as IPR&D, in the fourth quarter of 2019.