Annual report pursuant to Section 13 and 15(d)

QUARTERLY FINANCIAL DATA (UNAUDITED)

v3.19.1
QUARTERLY FINANCIAL DATA (UNAUDITED)
 12 Months Ended
Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]  
QUARTERLY FINANCIAL DATA (UNAUDITED)
NOTE 13 — QUARTERLY FINANCIAL DATA (UNAUDITED)
 
The following table contains quarterly financial information for 2018 and 2017. We believe that the following information reflects all normal recurring adjustments necessary for a fair statement of the information for the periods presented. The operating results for any quarter are not necessarily indicative of results for any future period.
 
 
 
Quarters Ended
 
 
 
December 31,
2018
 
 
September 30,
2018
 
 
June 30,
2018
 
 
March 31,
2018
 
Foundation revenues
(1)(2)
 
$
369,000
 
 
$
1,687,000
 
 
$
259,000
 
 
$
481,000
 
License revenues
(1)
 
 
—
 
 
 
—
 
 
 
—
 
 
 
—
 
Royalties
(1)
 
 
113,000
 
 
 
22,000
 
 
 
17,000
 
 
 
50,000
 
Research and development
 
 
9,470,000
 
 
 
13,150,000
 
 
 
7,916,000
 
 
 
8,162,000
 
General and administrative
 
 
7,631,000
 
 
 
4,970,000
 
 
 
4,627,000
 
 
 
2,878,000
 
Loss from operations
(2)
 
 
(18,010,000
)
 
 
(16,916,000
)
 
 
(12,557,000
)
 
 
(10,683,000
)
Net loss
(2)
 
 
(17,479,000
)
 
 
(16,419,000
)
 
 
(12,243,000
)
 
 
(10,530,000
)
Basic and diluted loss per common share
 
 
(0.36
)
 
 
(0.34
)
 
 
(0.26
)
 
 
(0.22
)
Weighted average number of common shares outstanding – basic and diluted
 
 
47,944,486
 
 
 
47,794,394
 
 
 
47,303,518
 
 
 
47,060,523
 
 
 
 
Quarters Ended
 
 
 
December 31,
2017
 
 
September 30,
2017
 
 
June 30,
2017
 
 
March 31,
2017
 
Foundation revenues
(1)
 
$
—
 
 
$
—
 
 
$
—
 
 
$
—
 
License revenues
(1)
 
 
150,000
 
 
 
151,000
 
 
 
150,000
 
 
 
151,000
 
Royalties
(1)
 
 
65,000
 
 
 
68,000
 
 
 
67,000
 
 
 
35,000
 
Research and development
 
 
5,706,000
 
 
 
3,277,000
 
 
 
5,808,000
 
 
 
2,198,000
 
General and administrative
 
 
3,113,000
 
 
 
2,166,000
 
 
 
2,642,000
 
 
 
3,022,000
 
Loss from operations
 
 
(8,750,000
)
 
 
(5,362,000
)
 
 
(8,440,000
)
 
 
(5,284,000
)
Net loss
 
 
(8,450,000
)
 
 
(5,343,000
)
 
 
(8,279,000
)
 
 
(5,247,000
)
Basic and diluted loss per common share
 
 
(0.19
)
 
 
(0.13
)
 
 
(0.21
)
 
 
(0.13
)
Weighted average number of common shares outstanding – basic and diluted
 
 
45,598,667
 
 
 
40,377,890
 
 
 
40,270,879
 
 
 
40,254,679
 
 
 
(1)
Effective January 1, 2018, we adopted ASU 2014-09,
Revenue from Contracts with Customers
, as amended (ASC 606)), using the modified retrospective transition method. The ASC 606 revenue recognition standard replaced the prior revenue recognition standard ASC 605,
Revenue Recognition
. The statement of operations for each of the quarterly periods in 2018 are presented under ASC 606, while the statement of operations for each of the quarterly periods of 2017 are presented under ASC 605.
 
 
(2)
We have adjusted the amounts originally reported for the quarters ended March 31, 2018 and June 30, 2018 to correct for an error in the determination of the cumulative effect related to the adoption of ASC 606 as of January 1, 2018. The adjusted amounts for March 31, 2018 reflect a $2,067,000 reduction in foundation revenues and corresponding increases in the loss from operations and net loss of  $2,067,000 and an increase in the diluted loss per share of  $0.04, as compared to the originally reported amounts. The adjusted amounts for June 30, 2018 reflect a $543,000 reduction in foundation revenues and corresponding increases in the loss from operations and net loss of  $543,000 and an increase in the diluted loss per share of  $0.01, as compared to the originally reported amounts.