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Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended
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Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract] |
Summary of Quarterly Results of Operations | A summary of our quarterly results follows:
(in millions, except per share data) | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter
Year Ended December 31, 2020: |  |  |  |  |  |  |
Total revenues | $ | 237.1 |  |  | $ | 302.4 |  |  | $ | 258.5 |  |  | $ | 247.9 |
Total operating expenses (1) | $ | 178.2 |  |  | $ | 225.8 |  |  | $ | 302.8 |  |  | $ | 176.1 |
Net income (loss) (1) | $ | 37.4 |  |  | $ | 79.6 |  |  | $ | (57.6) |  |  | $ | 347.9 |
Net income (loss) per share, basic (1) | $ | 0.40 |  |  | $ | 0.86 |  |  | $ | (0.62) |  |  | $ | 3.72 |
Net income (loss) per share, diluted (1) | $ | 0.39 |  |  | $ | 0.81 |  |  | $ | (0.62) |  |  | $ | 3.58 |
Weighted average common shares outstanding, basic | 92.6 |  |  | 93.0 |  |  | 93.3 |  |  | 93.5 |
Weighted average common shares outstanding, diluted | 97.0 |  |  | 98.2 |  |  | 93.3 |  |  | 97.2 |
Year Ended December 31, 2019: |  |  |  |  |  |  |
Total revenues | $ | 138.4 |  |  | $ | 183.5 |  |  | $ | 222.1 |  |  | $ | 244.1 |
Total operating expenses (2) | $ | 239.4 |  |  | $ | 149.1 |  |  | $ | 132.0 |  |  | $ | 195.3 |
Net (loss) income (2) | $ | (102.1) |  |  | $ | 51.3 |  |  | $ | 53.8 |  |  | $ | 34.0 |
Net (loss) income per share, basic (2) | $ | (1.12) |  |  | $ | 0.56 |  |  | $ | 0.59 |  |  | $ | 0.37 |
Net (loss) income per share, diluted (2) | $ | (1.12) |  |  | $ | 0.54 |  |  | $ | 0.56 |  |  | $ | 0.35 |
Weighted average common shares outstanding, basic | 91.1 |  |  | 91.4 |  |  | 91.9 |  |  | 92.2 |
Weighted average common shares outstanding, diluted | 91.1 |  |  | 94.8 |  |  | 96.1 |  |  | 97.2 |
(1) In connection with the payment of the upfront fee pursuant to our collaboration and license agreement with Idorsia, we recorded a charge of $46.0 million, accounted for as IPR&D, in the second quarter of 2020. In connection with the payment of the upfront fee pursuant to our collaboration with Takeda, we recorded a charge of $118.5 million, accounted for as IPR&D, in the third quarter of 2020. (2) 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.

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- Definition Tabular disclosure of quarterly financial data. Includes, but is not limited to, financial information for fiscal quarters, cumulative effect of a change in accounting principle and earnings per share data. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121640914&loc=d3e1280-108306 + Details
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