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Selected Quarterly Financial Data
 12 Months Ended
Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]  
Selected Quarterly Financial Data

NOTE 16. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

The following table presents the unaudited quarterly results of operations of the Company for the years ended December 31, 2015 and 2014, 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 15, 2015, two-for-one forward stock split effected through a stock dividend.

 

 

 

Quarters Ended

 

 

 

March 31,

 

 

June 30,

 

 

September 30,

 

 

December 31,

 

2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Collaboration revenue

 

$

129,188

 

 

$

175,657

 

 

$

260,665

 

 

$

377,748

 

Operating expenses

 

$

(128,615

)

 

$

(122,002

)

 

$

(121,680

)

 

$

(156,348

)

Income from operations

 

$

573

 

 

$

53,655

 

 

$

138,985

 

 

$

221,400

 

Net income (loss)

 

$

(3,118

)

 

$

25,826

 

 

$

79,510

 

 

$

142,507

 

Basic net income (loss) per common share

 

$

(0.02

)

 

$

0.16

 

 

$

0.49

 

 

$

0.87

 

Diluted net income (loss) per common share

 

$

(0.02

)

 

$

0.15

 

 

$

0.47

 

 

$

0.85

 

Weighted-average common shares used in the calculation

   of basic net income (loss) per common share

 

 

156,637

 

 

 

158,505

 

 

 

162,390

 

 

 

163,746

 

Weighted-average common shares used in the calculation

   of diluted net income (loss) per common share

 

 

156,637

 

 

 

168,690

 

 

 

168,070

 

 

 

168,368

 

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

 

$

(0.09

)

 

$

0.31

 

 

$

0.51

 

 

$

1.06

 

Diluted net income (loss) per common share

 

$

(0.09

)

 

$

0.30

 

 

$

0.48

 

 

$

0.98

 

Weighted-average common shares used in the calculation

   of basic net income (loss) per common share

 

 

152,489

 

 

 

153,153

 

 

 

154,112

 

 

 

155,644

 

Weighted-average common shares used in the calculation

   of diluted net income (loss) per common share

 

 

152,489

 

 

 

160,983

 

 

 

162,446

 

 

 

171,513

 

 

Net income (loss) per common share amounts for the 2015 and 2014 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.