Quarterly Financial Data

12 Months Ended

Dec. 31, 2013

Quarterly Financial Data

11. QUARTERLY FINANCIAL DATA (UNAUDITED)

The following information has been derived from unaudited consolidated financial statements that, in the opinion of management, include all recurring adjustments necessary for a fair statement of such information.

	Three Months Ended
	March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013
	(In thousands, except per share data)
Revenues	$	18,642		$	8,687		$	8,991		$	10,847
Operating expenses		28,446			29,999			41,225			40,439
Net loss		(9,013	)		(18,169	)		(29,686	)		(32,357	)
Net loss per common share — basic and diluted	$	(0.15	)	$	(0.29	)	$	(0.48	)	$	(0.51	)
Weighted average common shares — basic and diluted		59,173			61,661			62,416			62,909

	Three Months Ended
	March 31, 2012			June 30, 2012			September 30, 2012			December 31, 2012
	(In thousands, except per share data)
Revenues	$	20,587		$	20,884		$	16,759		$	8,495
Operating expenses		31,480			32,951			34,906			96,844
Net loss		(11,368	)		(12,956	)		(19,502	)		(62,188	)
Net loss per common share — basic and diluted	$	(0.25	)	$	(0.25	)	$	(0.38	)	$	(1.20	)
Weighted average common shares — basic and diluted		46,210			51,280			51,542			51,821

The increase in operating expenses for the three months ended December 31, 2012 resulted from a $65.0 million charge to operating expenses in connection with the restructuring of the Company’s license agreement with Tekmira in November 2012. This increase in operating expenses was offset by a gain in other income of $16.1 million and a tax benefit of $10.6 million recorded as part of the Company’s accounting for the Regulus initial public offering.