| Selected Quarterly Financial Data (Unaudited) |
16. Selected Quarterly Financial Data (Unaudited)
The following table summarizes the unaudited quarterly financial data for the last two years:
|
|
|
2014
|
|
|
|
|
March 31
|
|
June 30
|
|
September 30
|
|
December 31
|
|
|
|
|
(in thousands, except share and per share data)
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
$
|
5,400
|
|
$
|
6,528
|
|
$
|
7,174
|
|
$
|
6,200
|
|
|
General and administrative
|
|
|
2,490
|
|
|
2,726
|
|
|
2,526
|
|
|
3,180
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses
|
|
|
7,890
|
|
|
9,254
|
|
|
9,700
|
|
|
9,380
|
|
|
Loss from operations:
|
|
|
(7,890
|
)
|
|
(9,254
|
)
|
|
(9,700
|
)
|
|
(9,380
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
—
|
|
|
(1
|
)
|
|
(135
|
)
|
|
(134
|
)
|
|
Change in fair value of warrant liability
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Other income (expense), net
|
|
|
16
|
|
|
17
|
|
|
29
|
|
|
57
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(7,874
|
)
|
$
|
(9,238
|
)
|
$
|
(9,806
|
)
|
$
|
(9,457
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common share (basic and diluted)
|
|
$
|
(0.51
|
)
|
$
|
(0.60
|
)
|
$
|
(0.64
|
)
|
$
|
(0.49
|
)
|
|
Weighted-average shares outstanding (basic and diluted)
|
|
|
15,369,055
|
|
|
15,399,018
|
|
|
15,432,641
|
|
|
19,276,639
|
|
|
|
|
2013
|
|
|
|
|
March 31
|
|
June 30
|
|
September 30
|
|
December 31
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
$
|
2,093
|
|
$
|
3,100
|
|
$
|
3,483
|
|
$
|
7,338
|
|
|
General and administrative
|
|
|
1,251
|
|
|
1,172
|
|
|
1,924
|
|
|
2,398
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses
|
|
|
3,344
|
|
|
4,272
|
|
|
5,407
|
|
|
9,736
|
|
|
Loss from operations:
|
|
|
(3,344
|
)
|
|
(4,272
|
)
|
|
(5,407
|
)
|
|
(9,736
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(828
|
)
|
|
(108
|
)
|
|
—
|
|
|
—
|
|
|
Change in fair value of warrant liability
|
|
|
(42
|
)
|
|
(2,545
|
)
|
|
—
|
|
|
—
|
|
|
Other income (expense), net
|
|
|
(25
|
)
|
|
4
|
|
|
169
|
|
|
46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(4,239
|
)
|
$
|
(6,921
|
)
|
$
|
(5,238
|
)
|
$
|
(9,690
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common share (basic and diluted)
|
|
$
|
(12.24
|
)
|
$
|
(19.82
|
)
|
$
|
(0.34
|
)
|
$
|
(0.63
|
)
|
|
Weighted-average shares outstanding (basic and diluted)
|
|
|
346,478
|
|
|
349,170
|
|
|
15,253,704
|
|
|
15,340,713
|
|
|