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SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables)
 12 Months Ended
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.