Selected Quarterly Financial Data

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Data

NOTE 15. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

The following table presents the unaudited quarterly results of operations of the Company for the years ended December 31, 2014 and 2013, 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.

	Quarters Ended
	March 31,			June 30,			September 30,			December 31,
2014:
Collaboration revenue	$	87,189		$	148,090		$	200,478		$	274,730
Operating expenses	$	(95,654	)	$	(93,139	)	$	(108,595	)	$	(131,253	)
Income (loss) from operations	$	(8,465	)	$	54,951		$	91,883		$	143,477
Net income (loss)	$	(13,665	)	$	47,919		$	77,993		$	164,205
Basic net income (loss) per common share	$	(0.18	)	$	0.63		$	1.01		$	2.11
Diluted net income (loss) per common share	$	(0.18	)	$	0.60		$	0.96		$	1.96
Weighted-average common shares used in the calculation of basic net income (loss) per common share		76,245			76,577			77,056			77,822
Weighted-average common shares used in the calculation of diluted net income (loss) per common share		76,245			80,491			81,223			85,756
2013:
Collaboration revenue	$	46,154		$	70,149		$	60,027		$	96,612
Operating expenses	$	(68,476	)	$	(70,095	)	$	(68,025	)	$	(88,587	)
Income (loss) from operations	$	(22,322	)	$	54		$	(7,998	)	$	8,025
Net income (loss)	$	(27,170	)	$	(4,898	)	$	(13,313	)	$	2,768
Basic net income (loss) per common share	$	(0.36	)	$	(0.07	)	$	(0.18	)	$	0.04
Diluted net income (loss) per common share	$	(0.36	)	$	(0.07	)	$	(0.18	)	$	0.03
Weighted-average common shares used in the calculation of basic net income (loss) per common share		74,824			75,013			75,255			75,560
Weighted-average common shares used in the calculation of diluted net income (loss) per common share		74,824			75,013			75,255			79,912

Net income (loss) per common share amounts for the 2014 and 2013 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.