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SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables) | 12 Months Ended
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Dec. 31, 2016
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) |
Schedule of 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.

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=68076893&loc=d3e1280-108306 + Details
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