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QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
 12 Months Ended
Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]  
QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
The following table presents selected consolidated statements of operations data for each quarter for the fiscal years ended December 31, 2016 and 2015 (unaudited, in thousands, except for per share data):
 
Fourth
Quarter
 
Third
Quarter
 
Second Quarter
 
First
Quarter
For the year ended December 31, 2016:
 
 
 
 
 
 
 
Net product sales
$
37,327

 
$
33,945

 
$
33,311

 
$
29,008

Total operating expenses
55,549

 
54,317

 
44,690

 
37,249

Operating loss
(18,222
)
 
(20,372
)
 
(11,379
)
 
(8,241
)
Total other income (expense), net1
(5,935
)
 
10,274

 
9,416

 
(14,387
)
Income (loss) before provision for income taxes
(12,287
)
 
(30,646
)
 
(20,795
)
 
6,146

Income tax benefit (provision)
3,684

 
(6,467
)
 
7,392

 
5,070

Net income (loss)
$
(8,603
)
 
$
(37,113
)
 
$
(13,403
)
 
$
11,216

Net income (loss) per common share
 
 
 
 
 
 
 
Basic
$
(0.23
)
 
$
(1.00
)
 
$
(0.37
)
 
$
0.31

Diluted
$
(0.39
)
 
$
(1.00
)
 
$
(0.37
)
 
$
(0.08
)
For the year ended December 31, 2015:
 
 
 
 
 
 
 
Net product sales
$
30,447

 
$
28,005

 
$
24,068

 
$
17,372

Total operating expenses
45,651

 
48,501

 
31,012

 
25,476

Operating loss
(15,204
)
 
(20,496
)
 
(6,944
)
 
(8,104
)
Total other income (expense), net1
2,210

 
164,835

2 
(18,568
)
 
7,738

Income (loss) before provision for income taxes
(12,994
)
 
144,339

 
(25,512
)
 
(366
)
Income tax benefit (provision)
10,525

 
(38,761
)
 
(15
)
 
40,021

Net income (loss)
$
(2,469
)
 
$
105,578

 
$
(25,527
)
 
$
39,655

Net income (loss) per common share
 
 
 
 
 
 
 
Basic
$
(0.07
)
 
$
2.95

 
$
(0.73
)
 
$
1.46

Diluted
$
(0.14
)
 
$
1.78

 
$
(0.73
)
 
$
1.32


1The Company has experienced large changes in its stock price which directly effects the fair value of derivative instruments issued by the Company. These changes in fair value are charged to other income (expense) which correspondingly incurs larges variance from period to period. See Note 5 and 6 to the Consolidated Financial Statements for further discussion.
2On July 2, 2015, the Company sold and transferred the Pediatric PRV to Sanofi for $245.0 million. The gain from the sale of the asset was approximately $140.0 million . See Note 3 to the Consolidated Financial Statements for further details.