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Summary of Quarterly Consolidated Financial Data (Unaudited) | 12 Months Ended
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Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract] |
Summary of Quarterly Consolidated Financial Data (Unaudited) |
1 3. | Summary of Quarterly Consolidated Financial Data (Unaudited)
The following is a summary of the unaudited quarterly results of operations for the years ended December 31, 2020 and 2019:
|  | 2020 |
|  | First Quarter |  |  | Second Quarter |  |  | Third Quarter |  |  | Fourth Quarter |
|  | (In thousands, except per share amounts) |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net product sales |  | $ | 25,400 |  |  | $ | 22,668 |  |  | $ | 19,965 |  |  | $ | 20,605 |
Cost of product sales |  |  | (10,622 | ) |  |  | (9,005 | ) |  |  | (7,170 | ) |  |  | (9,392 | )
Gross Profit |  |  | 14,778 |  |  |  | 13,663 |  |  |  | 12,795 |  |  |  | 11,213 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Research and development |  |  | 36,894 |  |  |  | 44,004 |  |  |  | 49,182 |  |  |  | 44,453 |
General and administrative |  |  | 10,422 |  |  |  | 9,819 |  |  |  | 9,482 |  |  |  | 12,503 |
Sales and marketing |  |  | 20,196 |  |  |  | 15,589 |  |  |  | 12,515 |  |  |  | 15,553 |
Loss from operations |  |  | (52,734 | ) |  |  | (55,749 | ) |  |  | (58,384 | ) |  |  | (61,296 | )
Other income (expense), net |  |  | 1,155 |  |  |  | 559 |  |  |  | 156 |  |  |  | (985 | )
Net loss |  | $ | (51,579 | ) |  | $ | (55,190 | ) |  | $ | (58,228 | ) |  | $ | (62,281 | )
Basic and diluted net loss per share |  | $ | (0.57 | ) |  | $ | (0.61 | ) |  | $ | (0.64 | ) |  | $ | (0.68 | )
|  | 2019 |
|  | First Quarter |  |  | Second Quarter |  |  | Third Quarter |  |  | Fourth Quarter |
|  | (In thousands, except per share amounts) |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net product sales |  | $ | 31,602 |  |  | $ | 36,659 |  |  | $ | 42,624 |  |  | $ | 35,083 |
Cost of product sales |  |  | (14,962 | ) |  |  | (13,588 | ) |  |  | (17,195 | ) |  |  | (15,874 | )
Gross Profit |  |  | 16,640 |  |  |  | 23,071 |  |  |  | 25,429 |  |  |  | 19,209 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Research and development |  |  | 42,972 |  |  |  | 41,425 |  |  |  | 34,708 |  |  |  | 48,277 |
General and administrative |  |  | 9,648 |  |  |  | 9,778 |  |  |  | 8,597 |  |  |  | 9,874 |
Sales and marketing |  |  | 28,720 |  |  |  | 23,647 |  |  |  | 16,977 |  |  |  | 20,420 |
Loss from operations |  |  | (64,700 | ) |  |  | (51,779 | ) |  |  | (34,853 | ) |  |  | (59,362 | )
Other income, net |  |  | 1,688 |  |  |  | 1,557 |  |  |  | 1,258 |  |  |  | 1,442 |
Net loss |  | $ | (63,012 | ) |  | $ | (50,222 | ) |  | $ | (33,595 | ) |  | $ | (57,920 | )
Basic and diluted net loss per share |  | $ | (0.80 | ) |  | $ | (0.63 | ) |  | $ | (0.42 | ) |  | $ | (0.65 | )

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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