| Summarized Quarterly Data |
11. Summarized Quarterly Data (Unaudited)
The following financial information reflects all adjustments, which include only normal recurring adjustments, which are, in the opinion of management, necessary for a fair statement of the financial results of the interim periods. Summarized quarterly data for the years ended December 31, 2015 and 2014 are as follows:
|
|
|
For the Quarters Ended |
|
|
|
|
March 31, |
|
|
June 30, |
|
|
September 30, |
|
|
December 31, |
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development expense |
|
$ |
2,419,961 |
|
|
$ |
2,188,138 |
|
|
$ |
1,837,743 |
|
|
$ |
1,708,302 |
|
|
General and administrative expense |
|
$ |
1,025,261 |
|
|
$ |
976,418 |
|
|
$ |
819,703 |
|
|
$ |
842,777 |
|
|
Net loss |
|
$ |
(3,520,748 |
) |
|
$ |
(3,241,163 |
) |
|
$ |
(2,735,400 |
) |
|
$ |
(2,624,152 |
) |
|
Net loss per common share, basic and diluted (1) |
|
$ |
(0.58 |
) |
|
$ |
(0.52 |
) |
|
$ |
(0.42 |
) |
|
$ |
(0.37 |
) |
|
Weighted average shares outstanding,
basic and diluted |
|
|
6,103,783 |
|
|
|
6,212,803 |
|
|
|
6,494,845 |
|
|
|
7,123,163 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development expense |
|
$ |
1,852,116 |
|
|
$ |
2,874,977 |
|
|
$ |
3,088,373 |
|
|
$ |
2,176,388 |
|
|
General and administrative expense |
|
$ |
1,070,479 |
|
|
$ |
616,888 |
|
|
$ |
732,800 |
|
|
$ |
738,012 |
|
|
Net loss |
|
$ |
(2,955,484 |
) |
|
$ |
(3,547,040 |
) |
|
$ |
(3,825,354 |
) |
|
$ |
(2,919,803 |
) |
|
Net loss per common share, basic and diluted (1) |
|
$ |
(0.49 |
) |
|
$ |
(0.59 |
) |
|
$ |
(0.63 |
) |
|
$ |
(0.48 |
) |
|
Weighted average shares outstanding,
basic and diluted |
|
|
6,002,936 |
|
|
|
6,027,672 |
|
|
|
6,054,250 |
|
|
|
6,065,841 |
|
|
(1) |
Net loss per share is computed independently for each of the quarters presented. Therefore, the sum of the quarterly per-share calculations will not necessarily equal the annual per share calculation. |
|