Quarterly Financial Data

12 Months Ended

Jun. 30, 2012

16.

Quarterly Financial Data (unaudited)

The following table summarizes the quarterly results of operations for the years ended June 30, 2012 and 2011:


	Fiscal Year 2012
	First Quarter Ended September 30, 2011 (1)			Second Quarter Ended December 31, 2011 (2)			Third Quarter Ended March 31, 2012			Fourth Quarter Ended June 30, 2012			Year Ended June 30, 2012 (1, 2)
Total revenues	$	1,659		$	630		$	538		$	699		$	3,526
Operating loss		(2,531	)		(17,643	)		(2,727	)		(2,310	)		(25,211	)
Net loss		(2,427	)		(17,460	)		(2,686	)		(2,262	)		(24,835	)

Net loss per share:
Basic and diluted	$	(0.12	)	$	(0.84	)	$	(0.13	)	$	(0.11	)	$	(1.19	)

Weighted average common shares:
Basic and diluted		20,757			20,803			20,803			20,803			20,791


	Fiscal Year 2011
	First Quarter Ended September 30, 2010			Second Quarter Ended December 31, 2010			Third Quarter Ended March 31, 2011			Fourth Quarter Ended June 30, 2011 (3)			Year Ended June 30, 2011 (3)
Total revenues	$	476		$	414		$	360		$	3,715		$	4,965
Operating loss		(3,435	)		(3,121	)		(3,139	)		(308	)		(10,003	)
Net loss		(3,108	)		(2,695	)		(2,685	)		(140	)		(8,628	)

Net loss per share:
Basic and diluted	$	(0.17	)	$	(0.15	)	$	(0.13	)	$	(0.01	)	$	(0.44	)

Weighted average common shares:
Basic and diluted		18,531			18,531			20,177			20,745			19,489

(1)	Results for the first quarter of fiscal 2012 included $1.1 million of revenue related to the termination of a field-of-use license by Intrinsiq (see Note 3)

(2)	Results for the second quarter of fiscal 2012 included a $14.8 million impairment write-down of finite-lived intangible assets (see Note 4).

(3)	Results for the fourth quarter of fiscal 2011 included $3.3 million of revenue related to a material modification of the Pfizer collaborative research and license agreement in June 2011 (see Note 3).

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

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