| Quarterly Financial Information |
The following table summarizes the unaudited statements of operations for each quarter of 2016 and 2015 (in thousands, except per share amounts):
|
|
|
March 31
|
|
|
June 30
|
|
|
September 30
|
|
|
December 31
|
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaboration revenue
|
|
$
|
2,940
|
|
|
$
|
2,122
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Research and development
|
|
|
4,642
|
|
|
|
4,662
|
|
|
|
3,782
|
|
|
|
1,702
|
|
|
General and administrative
|
|
|
2,299
|
|
|
|
2,475
|
|
|
|
1,864
|
|
|
|
2,295
|
|
|
Restructuring costs (recovery)
|
|
|
431
|
|
|
|
(8
|
)
|
|
|
(31
|
)
|
|
|
1,814
|
|
|
Recovery of lease termination loss
|
|
|
—
|
|
|
|
—
|
|
|
|
(1,250
|
)
|
|
|
—
|
|
|
Litigation settlement
|
|
|
—
|
|
|
|
1,375
|
|
|
|
—
|
|
|
|
—
|
|
|
Asset impairment charge
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
202
|
|
|
Total expenses
|
|
|
7,372
|
|
|
|
8,504
|
|
|
|
4,365
|
|
|
|
6,013
|
|
|
Other income
|
|
|
725
|
|
|
|
(507
|
)
|
|
|
675
|
|
|
|
170
|
|
|
Net loss
|
|
|
(3,707
|
)
|
|
|
(6,889
|
)
|
|
|
(3,690
|
)
|
|
|
(5,843
|
)
|
|
Basic and diluted net loss per share
|
|
$
|
(0.12
|
)
|
|
$
|
(0.23
|
)
|
|
$
|
(0.12
|
)
|
|
$
|
(0.19
|
)
|
|
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
|
|
|