| Quarterly Financial Information |
The following table summarizes the unaudited statements of operations for each quarter of 2014 and 2013 (in thousands, except per share amounts):
|
|
|
March 31
|
|
|
June 30
|
|
|
September 30
|
|
|
December 31
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaboration revenue
|
|
$
|
11,731
|
|
|
$
|
4,929
|
|
|
$
|
4,803
|
|
|
$
|
5,653
|
|
|
Research and development
|
|
|
16,903
|
|
|
|
9,883
|
|
|
|
9,586
|
|
|
|
9,852
|
|
|
General and administrative
|
|
|
2,757
|
|
|
|
2,676
|
|
|
|
2,459
|
|
|
|
2,733
|
|
|
Restructuring gain
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(267
|
)
|
|
Total expenses
|
|
|
19,660
|
|
|
|
12,559
|
|
|
|
12,045
|
|
|
|
12,318
|
|
|
Other income
|
|
|
(707
|
)
|
|
|
615
|
|
|
|
2,335
|
|
|
|
983
|
|
|
Net loss
|
|
|
(8,636
|
)
|
|
|
(7,015
|
)
|
|
|
(4,907
|
)
|
|
|
(5,682
|
)
|
|
Basic and diluted net loss per share
|
|
$
|
(0.59
|
)
|
|
$
|
(0.47
|
)
|
|
$
|
(0.23
|
)
|
|
$
|
(0.26
|
)
|
|
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
|
)
|
|