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SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
 12 Months Ended
Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]  
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

11. SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

 

 

 

First

 

 

Second

 

 

Third

 

 

Fourth

 

 

 

Quarter

 

 

Quarter

 

 

Quarter

 

 

Quarter

 

 

 

(In thousands, except per share amounts)

 

Year Ended December 31, 2017:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

537

 

 

$

174

 

 

$

163

 

 

$

191

 

Operating expenses

 

 

8,031

 

 

 

6,905

 

 

 

7,407

 

 

 

7,977

 

Net loss

 

 

(7,183

)

 

 

(6,405

)

 

 

(6,899

)

 

 

(7,429

)

Basic and diluted net loss per share

 

$

(0.05

)

 

$

(0.04

)

 

$

(0.04

)

 

$

(0.05

)

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

)

 

(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.

 

Basic and diluted net 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 loss per share amounts.