XML 31 R26.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Interim Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]  
Interim financial data (unaudited)
Interim financial data (unaudited)

Summarized unaudited quarterly financial data is presented below.
 
Quarters Ended
 
March 31
 
June 30
 
September 301
 
December 31
 
Full Year
2019
(in thousands, except per share data)
Total revenue
$
679

 
$
653

 
$
3,061

 
$
1,618

 
$
6,011

Loss from operations  
$
(19,071
)
 
$
(20,515
)
 
$
(91,401
)
 
$
(13,087
)
 
$
(144,074
)
Net loss  
$
(23,251
)
 
$
(23,315
)
 
$
(82,503
)
 
$
(24,654
)
 
$
(153,723
)
Net loss attributable to common shares  
$
(25,966
)
 
$
(26,077
)
 
$
(85,295
)
 
$
(27,534
)
 
$
(164,872
)
Basic and diluted net income/(loss) per common share
$
(0.47
)
 
$
(0.46
)
 
$
(1.50
)
 
$
(0.46
)
 
$
(2.89
)

1 
In the third quarter of 2019, the Company recorded non-cash impairment charges of $43.8 million and $22.5 million, respectively, to reduce the carrying value of its IPR&D intangible assets and goodwill to zero. The Company also recognized a corresponding income tax benefit of $12.7 million related to the decrease in its deferred tax liability related to the IPR&D intangible assets. See note 8 for more information.
 
Quarters Ended
 
March 31
 
June 30
 
September 301
 
December 31
 
Full Year
2018
(in thousands, except per share data)
Total revenue
$
1,436

 
$
1,244

 
$
1,587

 
$
1,678

 
$
5,945

Loss from operations
$
(18,405
)
 
$
(22,046
)
 
$
(32,426
)
 
$
(16,903
)
 
$
(89,780
)
Net loss
$
(17,429
)
 
$
3,091

 
$
(24,473
)
 
$
(18,249
)
 
$
(57,060
)
Net income/(loss) attributable to common shares
$
(19,765
)
 
$
550

 
$
(27,040
)
 
$
(20,896
)
 
$
(67,151
)
Basic and diluted net income/(loss) per common share
$
(0.36
)
 
$
0.01

 
$
(0.49
)
 
$
(0.38
)
 
$
(1.21
)


1 
In the third quarter of 2018, the Company recorded a $14.8 million non-cash impairment charge to reduce the carrying value of its IPR&D intangible assets, as well as a corresponding income tax benefit of $4.3 million related to the decrease in the related deferred tax liability.