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SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | 12 Months Ended
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Dec. 31, 2016
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) |
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | 11. SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
|  | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter |
|  | (In thousands, except per share amounts) |
Year Ended December 31, 2016: |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues(1) |  | $ | 749 |  | $ | 211 |  | $ | 5,108 |  | $ | 94 |
Operating expenses |  |  | 9,826 |  |  | 9,122 |  |  | 8,985 |  |  | 8,875 |
Net loss |  |  | (8,842 | ) |  | (8,637 | ) |  | (3,576 | ) |  | (8,482 | )
Basic and diluted net loss per share |  | $ | (0.06 | ) | $ | (0.05 | ) | $ | (0.02 | ) | $ | (0.05 | )
Year Ended December 31, 2015: |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues(2) |  | $ | 537 |  | $ | 251 |  | $ | 35,363 |  | $ | 220 |
Operating expenses |  |  | 9,993 |  |  | 9,730 |  |  | 8,343 |  |  | 8,864 |
Net (loss) income |  |  | (9,315 | ) |  | (9,356 | ) |  | 27,185 |  |  | (8,468 | )
Basic and diluted net (loss) income per share |  | $ | (0.06 | ) | $ | (0.06 | ) | $ | 0.17 |  | $ | (0.05 | )
(1) | The third quarter of 2016 includes the full recognition of the $5,000,000 upfront payment from Janssen Pharmaceuticals as license fee revenue. See Note 4 on License Agreements.
(2) | The third quarter of 2015 includes the full recognition of the $35,000,000 upfront payment from Janssen as collaboration revenue. See Note 4 on License Agreements.
Basic and diluted net income (loss) per share are computed independently for each of the quarters presented. Therefore, the sum of the quarters may not be equal to the full year net income (loss) per share amounts.

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