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Selected Quarterly Financial Information
 12 Months Ended
Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]  
Selected Quarterly Financial Information

18. Selected Quarterly Financial Information (Unaudited)

The following amounts are in thousands, except per share amounts:

 

Quarterly Results of Operations

 

Quarters ended

 

 

 

March 31,

2016

 

 

June 30,

2016

 

 

September 30,

2016

 

 

December 31,

2016

 

Revenue

 

$

265

 

 

$

307

 

 

$

395

 

 

$

488

 

Total operating expenses  (1)(2)(3)

 

$

(15,773

)

 

$

(62,189

)

 

$

(14,902

)

 

$

(23,875

)

Net loss

 

$

(15,392

)

 

$

(61,660

)

 

$

(14,301

)

 

$

(22,394

)

Basic and diluted net loss per share

 

$

(0.57

)

 

$

(1.76

)

 

$

(0.35

)

 

$

(0.54

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarterly Results of Operations

 

Quarters ended

 

 

 

March 31,

2015

 

 

June 30,

2015

 

 

September 30,

2015

 

 

December 31,

2015

 

Revenue

 

$

203

 

 

$

203

 

 

$

953

 

 

$

960

 

Total operating expenses (4)(5)

 

$

(9,764

)

 

$

(10,085

)

 

$

(15,154

)

 

$

(15,139

)

Net loss

 

$

(9,509

)

 

$

(9,766

)

 

$

(14,084

)

 

$

(14,094

)

Basic and diluted net loss per share

 

$

(0.38

)

 

$

(0.38

)

 

$

(0.55

)

 

$

(0.55

)

 

(1)

We performed a two-step goodwill impairment analysis and recorded a $49.1 million and a $0.4 million goodwill impairment charge in the second and third quarter of 2016, respectively, in our consolidated statements of operations and comprehensive loss.

(2)

In the fourth quarter of 2016, we performed our annual assessment of our ADVM-043 and ADVM-053 IPR&D assets. We recorded a $11.2 million IPR&D impairment charge.

(3)

In the first quarter of 2016, two officers of the company resigned and we recorded $2.2 million additional stock-based compensation expense related to acceleration of their stock-based awards due to modification of equity awards.

(4)

In connection with the restructuring, the Company recorded estimated restructuring charges of approximately $2.6 million related to one-time termination severance payments and other employee-related benefits, including approximately $1.0 million of stock-based compensation expense related to the acceleration of RSUs in December 2015.

(5)

In July 2015, the Company’s then Chief Executive officer resigned and some of his stock-based awards were forfeited and cancelled, which that resulted in a $2.4 million of additional stock-based compensation expense recorded in general and administrative expenses in the Company’s consolidated financial statements.

 

 

 

 

Basic and diluted net loss per share is computed independently for each of the quarters presented. Therefore, the sum of quarterly basic and diluted per share amounts may not equal annual basic and diluted net loss per share amounts.