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Selected Quarterly Financial Data
 12 Months Ended
Dec. 31, 2012
Selected Quarterly Financial Data

14. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

The following table presents the unaudited quarterly results of operations of the Company for the years ended December 31, 2012 and 2011, respectively. The unaudited financial information is prepared on the same basis as the audited consolidated financial statements. The Company’s operating results for any quarter are not necessarily indicative of results for any future quarters or for a full year. All share and per share amounts have been retroactively adjusted to reflect the Company’s September 21, 2012 two-for-one forward stock split.

 

     Quarters Ended  
     March 31,     June 30,     September 30,     December 31,  

2012:

         

Collaboration revenue

    $ 36,825      $ 42,912      $ 64,798      $ 37,161   

Operating expenses

    $ (35,717 )    $ (43,887 )    $ (64,390 )    $ (63,916 ) 

Income (loss) from operations

    $ 1,108      $ (975 )    $ 408      $ (26,755 ) 

Net income (loss)

    $ 440      $ (5,500 )    $ (4,537 )    $ (31,660 ) 

Basic net income (loss) per common share

    $ 0.01      $ (0.08 )    $ (0.06 )    $ (0.43 ) 

Diluted net income (loss) per common share

    $ 0.01      $ (0.08 )    $ (0.06 )    $ (0.43 ) 

Weighted-average common shares used in the calculation of basic net income (loss) per common share

      71,907        72,770        73,697        74,489   

Weighted-average common shares used in the calculation of diluted net income (loss) per common share

      77,299        72,770        73,697        74,489   

2011:

         

Collaboration revenue

    $ 14,709      $ 15,799      $ 14,940      $ 14,941   

Operating expenses

    $ (23,774 )    $ (26,175 )    $ (26,430 )    $ (26,940 ) 

Loss from operations

    $ (9,065 )    $ (10,376 )    $ (11,490 )    $ (11,999 ) 

Net loss

    $ (8,452 )    $ (9,474 )    $ (10,044 )    $ (10,871 ) 

Basic and diluted net loss per common share

    $ (0.12 )    $ (0.14 )    $ (0.14 )    $ (0.15 ) 

Weighted-average common shares used in the calculation of basic and diluted net loss per common share

      69,325        69,776        69,818        70,749   

Net income (loss) per common share amounts for the 2012 and 2011 quarters and full years have been computed separately. Accordingly, quarterly amounts may not add to the annual amounts because of differences in the weighted average shares outstanding during each quarter due to the effect of potentially dilutive securities only in the periods in which such effect would be dilutive.