| Quarterly Results |
10. Quarterly Results (unaudited)
The following is a summary of our unaudited quarterly results for the years ended December 31, 2019 and 2018.
|
|
|
Quarter Ended |
|
|
|
|
March 31,
2019 |
|
|
June 30,
2019 |
|
|
September 30,
2019 |
|
|
December 31,
2019 |
|
|
|
|
(unaudited) |
|
|
Total operating expenses |
|
$ |
8,841,293 |
|
|
$ |
5,978,919 |
|
|
$ |
4,966,638 |
|
|
$ |
4,657,232 |
|
|
Loss from operations |
|
|
(8,841,293 |
) |
|
|
(5,978,919 |
) |
|
|
(4,966,638 |
) |
|
|
(4,657,232 |
) |
|
Other income |
|
|
348,468 |
|
|
|
295,303 |
|
|
|
318,708 |
|
|
|
211,089 |
|
|
Net and comprehensive loss attributable
to common stockholders |
|
$ |
(8,492,825 |
) |
|
$ |
(5,683,616 |
) |
|
$ |
(4,647,930 |
) |
|
$ |
(4,446,143 |
) |
|
Net and comprehensive loss per share
attributable to common stockholders,
basic and diluted |
|
$ |
(0.21 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.11 |
) |
|
Weighted average number of common shares used
in computing net and comprehensive loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
40,588,004 |
|
|
|
40,588,004 |
|
|
|
40,588,004 |
|
|
|
40,588,004 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
|
|
March 31,
2018 |
|
|
June 30,
2018 |
|
|
September 30,
2018 |
|
|
December 31,
2018 |
|
|
|
|
(unaudited) |
|
|
License revenue, and other |
|
$ |
— |
|
|
$ |
1,333,333 |
|
|
$ |
18,821,953 |
|
|
$ |
2,144 |
|
|
Total operating expenses |
|
|
7,476,648 |
|
|
|
7,369,788 |
|
|
|
7,623,916 |
|
|
|
8,868,322 |
|
|
(Loss) income from operations |
|
|
(7,476,648 |
) |
|
|
(6,036,455 |
) |
|
|
11,198,037 |
|
|
|
(8,866,178 |
) |
|
Other income |
|
|
51,116 |
|
|
|
46,464 |
|
|
|
339,441 |
|
|
|
347,588 |
|
|
Net and comprehensive (loss) income attributable
to common stockholders |
|
$ |
(7,425,532 |
) |
|
$ |
(5,989,991 |
) |
|
$ |
11,537,478 |
|
|
$ |
(8,518,590 |
) |
|
Net and comprehensive (loss) income per share
attributable to common stockholders,
basic and diluted |
|
$ |
(0.27 |
) |
|
$ |
(0.22 |
) |
|
$ |
0.28 |
|
|
$ |
(0.21 |
) |
|
Weighted average number of common shares used
in computing net and comprehensive (loss) income
per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
27,045,509 |
|
|
|
27,340,914 |
|
|
|
40,527,722 |
|
|
|
40,587,928 |
|
|
Diluted |
|
|
27,045,509 |
|
|
|
27,340,914 |
|
|
|
40,961,620 |
|
|
|
40,587,928 |
|
The sum of the quarterly net loss per share attributable to common stockholders may not equal the annual amounts reported because per share amounts are computed independently for each quarter and for full year based on respective weighted-average common shares outstanding and other dilutive potential common stockholders.
The diluted earnings per share (“EPS”) calculation for the three months ended September 30, 2018 includes the dilutive common share impact of 426,860 options to purchase common stock and 7,038 unvested restricted stock. Furthermore, the diluted EPS calculation for the three months ended September 30, 2018 excludes 2.4 million options to purchase common stock that was outstanding but unvested and the effect of weighted average common stock share equivalents of 0.1 million for options to purchase common stock and 0.3 million for warrants to purchase common stock as their effect is anti-dilutive. Holders of non-vested stock-based compensation awards do not have voting rights. Diluted and Basic weighted average number of common shares were the exact same in every other period presented within the table above.
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