Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

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.