QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Schedule of Consolidated Statements of Operations data for each quarter

The following table presents selected consolidated statements of operations data for each quarter for the fiscal years ended December 31, 2020 and 2019 (unaudited, in thousands, except for per share data):

	Fourth Quarter			Third Quarter			Second Quarter		First Quarter
For the year ended December 31, 2020:
Net product sales	$	50,983		$	51,139		$	48,430	$	47,769
Total operating expenses	169,533		1	70,574			71,541		62,836
Operating loss	(118,550)			(19,435)			(23,111)		(15,067)
Total other expense, net	(3,543)			(3,091)			(2,892)		(3,101)
Loss before provision for income taxes	(122,093)			(22,526)			(26,003)		(18,168)
Income tax benefit (provision)	471			(23)			(65)		18,976		2
Net income (loss)	$	(121,622)		$	(22,549)		$	(26,068)	$	808
Net income (loss) per common share
Basic and diluted	$	(2.37)		$	(0.44)		$	(0.58)	$	0.02
For the year ended December 31, 2019:
Net product sales	$	46,688		$	44,373		$	44,707	$	39,570
Total operating expenses	74,855			78,810		3	81,236		77,798		4
Operating loss	(28,167)			(34,437)			(36,529)		(38,228)
Total other income (expense), net	(2,060)			(2,576)			(2,103)		(2,348)
Income (loss) before provision for income taxes	(30,227)			(37,013)			(38,632)		(40,576)
Income tax benefit (provision)	(32)			523			(69)		(401)
Net income (loss)	$	(30,259)		$	(36,490)		$	(38,701)	$	(40,977)
Net loss per common share
Basic and diluted	$	(0.70)		$	(0.85)		$	(0.92)	$	(0.99)

1In November 2020, the Company completed the acquisition of Orphan Technologies Limited (“Orphan”), including Orphan’s rare metabolic disorder drug OT-58. The transaction is treated as an asset acquisition with amounts charged to expense on the date of acquisition. For the year ended December 31, 2020 the Company has incurred $97.1 million in expense charges related to the Orphan acquisition.

2In March 2020, the CARES Act was enacted in response to the COVID-19 pandemic. The Company recorded a discrete income tax benefit of $18.1 million related to this legislation in the first quarter of 2020.

3In August 2019, following a strategic review of the CNSA-001 program in patients with PKU, the Company made the decision to decline to exercise its option to acquire Censa Pharmaceuticals and accordingly discontinue its joint development program for CNSA-001. The Company impaired the $15 million long-term investment during the third quarter of 2019.

4 During the first quarter of 2019, the Company elected to discontinue development of the L-UDCA program, resulting in the removal of the intangible asset of $25.5 million which was originally recorded in 2016, and the reversal of associated contingent consideration of $18.0 million. This resulted in a net $7.5 million non-cash charge to first quarter operations.