| Quarterly Financial Information |
The following table
summarizes the unaudited statements of operations for each quarter
of 2013 and 2012 (in thousands, except per share
amounts):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
March 31 |
|
|
June 30 |
|
|
September 30 |
|
|
December 31 |
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaboration
revenue
|
|
$ |
5,076 |
|
|
$ |
6,340 |
|
|
$ |
9,862 |
|
|
$ |
8,604 |
|
|
Research and
development
|
|
|
10,855 |
|
|
|
13,263 |
|
|
|
18,004 |
|
|
|
13,195 |
|
|
General and
administrative
|
|
|
2,500 |
|
|
|
2,473 |
|
|
|
2,473 |
|
|
|
2,446 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses
|
|
|
13,355 |
|
|
|
15,736 |
|
|
|
20,477 |
|
|
|
15,641 |
|
|
Other income
|
|
|
1,582 |
|
|
|
976 |
|
|
|
561 |
|
|
|
359 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
(6,697 |
) |
|
|
(8,420 |
) |
|
|
(10,054 |
) |
|
|
(6,678 |
) |
|
Basic and diluted net loss
per share
|
|
$ |
(0.46 |
) |
|
$ |
(0.57 |
) |
|
$ |
(0.68 |
) |
|
$ |
(0.45 |
) |
|
|
|
|
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaboration
revenue
|
|
$ |
1,316 |
|
|
$ |
2,429 |
|
|
$ |
6,570 |
|
|
$ |
9,780 |
|
|
Research and
development
|
|
|
5,082 |
|
|
|
6,326 |
|
|
|
12,895 |
|
|
|
15,645 |
|
|
General and
administrative
|
|
|
1,737 |
|
|
|
2,047 |
|
|
|
1,965 |
|
|
|
2,042 |
|
|
Restructuring
gain
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,657 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses
|
|
|
6,819 |
|
|
|
8,373 |
|
|
|
14,860 |
|
|
|
16,030 |
|
|
Other income
(expense)
|
|
|
(1,357 |
) |
|
|
1,729 |
|
|
|
2,370 |
|
|
|
2,147 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
(6,860 |
) |
|
|
(4,215 |
) |
|
|
(5,920 |
) |
|
|
(4,103 |
) |
|
Basic and diluted net loss
per share
|
|
$ |
(0.67 |
) |
|
$ |
(0.29 |
) |
|
$ |
(0.40 |
) |
|
$ |
(0.28 |
) |
|