13. Supplementary Data — Quarterly Financial Data (unaudited)

The following table presents certain unaudited quarterly financial information for each of the eight fiscal quarters in the period ended December 31, 2016. This quarterly information has been prepared on the same basis as the audited financial statements and includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the information for the periods presented. The results for these quarterly periods are not necessarily indicative of the operating results for a full year or any future period.


	Three Months Ended
	December 31,		September 30,		June 30,		March 31,
	2016 (B)		2016		2016		2016
	(in thousands, except per share amounts)
Operating expenses:
General and administrative	$	2,389	$	1,466	$	1,051	$	1,050
Research and development		4,839		1,936		789		1,176
Total operating expenses		7,228		3,402		1,840		2,226
Loss from operations		(7,228)		(3,402)		(1,840)		(2,226)
Interest income (expense)		13		(475)		449		127
Other income (expense)		1		(1)		—		(4)
Loss before income taxes		(7,214)		(3,878)		(1,391)		(2,103)
Provision (benefit) for income taxes		—		—		—		—
Net loss		(7,214)		(3,878)		(1,391)		(2,103)
Other comprehensive loss, net of tax		—		—		—		—
Comprehensive loss	$	(7,214)	$	(3,878)	$	(1,391)	$	(2,103)
Net loss	$	(7,214)	$	(3,878)	$	(1,391)	$	(2,103)
Adjustment to redemption value on Series A convertible preferred stock		—		(67)		(150)		(149)
Net loss attributable to common stockholders	$	(7,214)	$	(3,945)	$	(1,541)	$	(2,252)
Net loss per share:
Basic and diluted (A)	$	(0.78)	$	(0.56)	$	(0.42)	$	(0.65)

	Three Months Ended
	December 31,		September 30,		June 30,		March 31,
	2015		2015		2015		2015
	(in thousands, except per share amounts)
Operating expenses:
General and administrative	$	1,047	$	997	$	658	$	475
Research and development		1,464		1,369		952		206
Acquired in–process research and development		—		—		—		908
Total operating expenses		2,511		2,366		1,610		1,589
Loss from operations		(2,511)		(2,366)		(1,610)		(1,589)
Interest income (expense)		137		(209)		—		(690)
Loss on convertible note extinguishment		(198)		—		—		—
Other income (expense)		2		6		(1)		—
Loss before income taxes		(2,570)		(2,569)		(1,611)		(2,279)
Provision (benefit) for income taxes		—		—		—		—
Net loss		(2,570)		(2,569)		(1,611)		(2,279)
Other comprehensive loss, net of tax		—		—		—		—
Comprehensive loss	$	(2,570)	$	(2,569)	$	(1,611)	$	(2,279)
Net loss	$	(2,570)	$	(2,569)	$	(1,611)	$	(2,279)
Adjustment to redemption value on Series A convertible preferred stock		(150)		(152)		(149)		(2,517)
Premium upon substantial modification of convertible notes with certain stockholders		(1,047)		—		—		—
Net loss attributable to common stockholders	$	(3,767)	$	(2,721)	$	(1,760)	$	(4,796)
Net loss per share:
Basic and diluted (A)	$	(1.14)	$	(0.87)	$	(0.60)	$	(2.27)

^(A)

Net loss per share for the year does not equal the sum of the four historical quarters loss per share due to changes in weighted-average shares outstanding.

^(B)

Activity for the quarterly period ending December 31, 2016 reflects activity post IPO depicting a ramp-up of research and development expenses given the additional IPO proceeds and an increase in general and administrative expenses attributed to becoming a public company.