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Quarterly Financial Information (unaudited) | 12 Months Ended
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Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Financial Information (unaudited) | 16. Quarterly Financial Information (unaudited) The following is a summary of the quarterly results of operations for the years ended December 31, 2015 and 2014:
|  | Consolidated Statements of Operations |
|  | Quarter Ended |
|  | March 31 |  |  | June 30 |  |  | September 30 |  |  | December 31 |
|  | (In thousands, except per share amounts) |
2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total revenues (1) |  | $ | 2,651 |  |  | $ | 2,539 |  |  | $ | 2,074 |  |  | $ | 48,183 |
Restructuring costs |  |  | — |  |  |  | — |  |  |  | (2,561 | ) |  |  | (1,138 | )
Operating costs and expenses |  |  | (25,224 | ) |  |  | (24,752 | ) |  |  | (23,191 | ) |  |  | (18,305 | )
(Loss) income from operations |  |  | (22,573 | ) |  |  | (22,213 | ) |  |  | (23,678 | ) |  |  | 28,740 |
Other income (expense), net (2) |  |  | 855 |  |  |  | (1,546 | ) |  |  | 23,198 |  |  |  | (3,389 | )
Net (loss) income |  | $ | (21,718 | ) |  | $ | (23,759 | ) |  | $ | (480 | ) |  | $ | 25,351 |
Basic net (loss) income per share of common stock |  | $ | (0.19 | ) |  | $ | (0.20 | ) |  | $ | (0.00 | ) |  | $ | 0.21 |
Diluted net (loss) income per share of common stock (3) |  | $ | (0.19 | ) |  | $ | (0.20 | ) |  | $ | (0.00 | ) |  | $ | 0.21 |
2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total revenues |  | $ | 3,410 |  |  | $ | 5,973 |  |  | $ | 5,136 |  |  | $ | 4,347 |
Restructuring costs |  |  | (84 | ) |  |  | — |  |  |  | — |  |  |  | — |
Operating costs and expenses (4) |  |  | (26,800 | ) |  |  | (24,750 | ) |  |  | (25,589 | ) |  |  | (23,475 | )
Loss from operations |  |  | (23,474 | ) |  |  | (18,777 | ) |  |  | (20,453 | ) |  |  | (19,128 | )
Other income (expense), net (2) |  |  | 18,787 |  |  |  | 6,880 |  |  |  | 6,054 |  |  |  | 11,810 |
Net loss |  | $ | (4,687 | ) |  | $ | (11,897 | ) |  | $ | (14,399 | ) |  | $ | (7,318 | )
Basic net loss per share of common stock |  | $ | (0.04 | ) |  | $ | (0.11 | ) |  | $ | (0.13 | ) |  | $ | (0.07 | )
Diluted net loss per share of common stock |  | $ | (0.21 | ) |  | $ | (0.17 | ) |  | $ | (0.17 | ) |  | $ | (0.12 | )
(1) | In the fourth quarter of 2015, the total revenues include upfront and milestone payments relating to various out-licensing arrangements, including a $37.0 million upfront payment from Novartis, a $5.0 million upfront payment from Novo Nordisk and a $3.8 million payment from Pfizer.
(2) | Fluctuations in 2015 and 2014 primarily relate to (losses) gains on the revaluation of the contingent warrant liabilities and a $3.5 million gain from the sale of the Company’s manufacturing facility during the three months ended December 31, 2015 (see Note 6).
(3) | For the quarter ended December 31, 2015, the Company’s diluted net income per share of common stock was computed by giving effect to all potentially dilutive common stock equivalents outstanding during the period.
(4) | In 2014, the Company corrected an immaterial error driven by certain stock-based compensation expense in the fourth quarter of 2014, resulting in a decrease to operating expenses and net loss by $1.6 million and a decrease to basic and diluted loss per share of $0.01 and $0.02, respectively, for the three months ended December 31, 2014.

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=51655806&loc=d3e765-108305 Reference 2: 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=51825399&loc=d3e1280-108306 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=51655806&loc=d3e725-108305 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
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