| Quarterly Financial Information |
The following table summarizes the unaudited statements of operations for each quarter of 2015 and 2014 (in thousands, except per share amounts):
|
|
|
March 31
|
|
|
June 30
|
|
|
September 30
|
|
|
December 31
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaboration revenue
|
|
$
|
1,374
|
|
|
$
|
4,025
|
|
|
$
|
6,737
|
|
|
$
|
6,024
|
|
|
Research and development
|
|
|
3,673
|
|
|
|
6,545
|
|
|
|
8,303
|
|
|
|
6,587
|
|
|
General and administrative
|
|
|
2,698
|
|
|
|
3,067
|
|
|
|
3,125
|
|
|
|
2,915
|
|
|
Total expenses
|
|
|
6,371
|
|
|
|
9,612
|
|
|
|
11,428
|
|
|
|
9,502
|
|
|
Other income
|
|
|
480
|
|
|
|
(423
|
)
|
|
|
141
|
|
|
|
1,756
|
|
|
Net loss
|
|
|
(4,517
|
)
|
|
|
(6,010
|
)
|
|
|
(4,550
|
)
|
|
|
(1,722
|
)
|
|
Basic and diluted net loss per share
|
|
$
|
(0.20
|
)
|
|
$
|
(0.26
|
)
|
|
$
|
(0.16
|
)
|
|
$
|
(0.06
|
)
|
|
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
|
)
|
|