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Selected Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]  
Selected Quarterly Financial Data (Unaudited)

10. Selected Quarterly Financial Data (Unaudited)

The following financial information reflects all normal recurring adjustments, which are, in the opinion of management, necessary for a fair statement of the results of the interim periods. Summarized quarterly data for the years ended December 31, 2017 and 2016 are as follows (in thousands, except per share data):

 

 

 

Fiscal Year 2017 Quarters

 

 

 

 

 

 

 

1st

 

 

2nd

 

 

3rd

 

 

4th

 

 

Total

 

Revenues(1)

 

$

15,286

 

 

$

30,475

 

 

$

35,578

 

 

$

43,562

 

 

$

124,901

 

Gross profit(2)

 

$

13,023

 

 

$

28,251

 

 

$

33,443

 

 

$

41,107

 

 

$

115,824

 

Net loss

 

$

(87,843

)

 

$

(67,441

)

 

$

(65,248

)

 

$

(68,871

)

 

$

(289,403

)

Basic and diluted net loss per share(3)

 

$

(0.72

)

 

$

(0.55

)

 

$

(0.53

)

 

$

(0.55

)

 

$

(2.36

)

 

 

 

Fiscal Year 2016 Quarters

 

 

 

 

 

 

 

1st

 

 

2nd

 

 

3rd

 

 

4th

 

 

Total

 

Revenues(1)

 

$

4

 

 

$

97

 

 

$

5,268

 

 

$

11,962

 

 

$

17,331

 

Gross profit(2)

 

$

—

 

 

$

(429

)

 

$

4,423

 

 

$

10,258

 

 

$

14,252

 

Net loss

 

$

(49,762

)

 

$

(71,322

)

 

$

(71,613

)

 

$

(78,696

)

 

$

(271,393

)

Basic and diluted net loss per share(3)

 

$

(0.45

)

 

$

(0.63

)

 

$

(0.61

)

 

$

(0.65

)

 

$

(2.34

)

 

(1)

The Company commenced commercial sales of NUPLAZID in May 2016. The quarters after March 31, 2016 reflect net product revenue related to NUPLAZID.

(2)

Determined by subtracting cost of product sales from product sales, net.

(3)

Net loss per common share, basic and diluted, are computed independently for each quarter and the full year based upon respective average shares outstanding. Therefore, the sum of the quarterly net loss per common share amounts may not equal the annual amounts reported.