| Quarterly Financial Information (unaudited, in thousands, except per share data) |
12. Quarterly Financial Information (unaudited, in thousands, except per share data)
|
|
|
First Quarter
Ended
March 31,
2014
|
|
Second Quarter
Ended
June 30,
2014
|
|
Third Quarter
Ended
September 30,
2014
|
|
Fourth Quarter
Ended
December 31,
2014
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
$
|
8,411
|
|
$
|
8,305
|
|
$
|
9,047
|
|
$
|
9,685
|
|
|
General and administrative
|
|
|
4,723
|
|
|
4,782
|
|
|
4,341
|
|
|
4,313
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses
|
|
|
13,134
|
|
|
13,087
|
|
|
13,388
|
|
|
13,998
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations
|
|
|
(13,134
|
)
|
|
(13,087
|
)
|
|
(13,388
|
)
|
|
(13,998
|
)
|
|
Interest income
|
|
|
72
|
|
|
65
|
|
|
56
|
|
|
49
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(13,062
|
)
|
$
|
(13,022
|
)
|
$
|
(13,332
|
)
|
$
|
13,949
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share—basic and diluted
|
|
$
|
(0.51
|
)
|
$
|
(0.51
|
)
|
$
|
(0.52
|
)
|
$
|
(0.53
|
)
|
|
Weighted-average number of common shares used in net loss per share—basic and diluted
|
|
|
25,478
|
|
|
25,669
|
|
|
25,811
|
|
|
26,248
|
(a)
|
|
|
|
First Quarter
Ended
March 31,
2013
|
|
Second Quarter
Ended
June 30,
2013
|
|
Third Quarter
Ended
September 30,
2013
|
|
Fourth Quarter
Ended
December 31,
2013
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
$
|
5,296
|
|
$
|
6,045
|
|
$
|
6,789
|
|
$
|
7,800
|
|
|
General and administrative
|
|
|
3,785
|
|
|
4,239
|
|
|
3,855
|
|
|
3,593
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses
|
|
|
9,081
|
|
|
10,284
|
|
|
10,644
|
|
|
11,393
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations
|
|
|
(9,081
|
)
|
|
(10,284
|
)
|
|
(10,644
|
)
|
|
(11,393
|
)
|
|
Interest income
|
|
|
44
|
|
|
34
|
|
|
53
|
|
|
69
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(9,037
|
)
|
$
|
(10,250
|
)
|
$
|
(10,591
|
)
|
$
|
(11,324
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share—basic and diluted
|
|
$
|
(0.44
|
)
|
$
|
(0.49
|
)
|
$
|
(0.44
|
)
|
$
|
(0.45
|
)
|
|
Weighted-average number of common shares used in net loss per share—basic and diluted
|
|
|
20,483
|
|
|
20,729
|
|
|
24,127
|
(b)
|
|
25,277
|
|
|
(a)
|
In November and December 2014, the Company sold 1,346,676 shares of common stock under the Company's at-the-market equity offering program which resulted in net proceeds of $11.6 million.
|
|
(b)
|
In July 2013, the Company closed a public offering in which it sold 4,255,000 shares of its common stock to the public at a price of $15.00 per share, including 555,000 shares issued pursuant to the exercise of the underwriters' option to purchase additional shares, which resulted in net proceeds of approximately $59.8 million.
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