Quarterly Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Unaudited Statements of Operations

The following table summarizes the unaudited statements of operations and comprehensive loss for each quarter of 2020 and 2019 (in thousands, except per share amounts):


2020	For the Quarter Ended
		March 31,		June 30,		September 30,		December 31,
Product sales, net (1)	$	23,537	$	13,530	$	26,114	$	10,632
Total costs and expenses		47,214		41,210		51,542		44,448
Loss from operations		(23,677)		(27,680)		(25,428)		(33,816)
Net loss		(29,031)		(33,294)		(38,463)		(37,273)
Basic and diluted net loss per share	$	(0.53)	$	(0.61)	$	(0.66)	$	(0.60)


2019	For the Quarter Ended
		March 31,		June 30,		September 30,		December 31,
Product sales, net	$	21,779	$	26,753	$	29,856	$	33,417
Total costs and expenses		41,018		36,091		40,957		57,121
Loss from operations		(19,239)		(9,338)		(11,101)		(23,704)
Net loss		(24,345)		(14,453)		(16,463)		(29,225)
Basic and diluted net loss per share	$	(0.50)	$	(0.29)	$	(0.33)	$	(0.58)

(1)

The COVID-19 pandemic led to a reduction in the number of elective cataract procedures from mid-March 2020 through late June 2020. In August 2020, the Centers for Medicare and Medicaid Services, the federal agency responsible for administering the Medicare program, confirmed the October 1, 2020 expiration of pass-through reimbursement for OMIDRIA under Medicare Part B, and consequently, our net revenues for September and the fourth quarter of 2020 were significantly reduced. In December 2020, CMS confirmed that OMIDRIA qualifies for separate payment when used on Medicare Part B patients in the ASC setting under CMS’ policy for non-opioid pain management surgical drugs, effective retroactive as of October 1, 2020.