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Quarterly Financial Data (unaudited)
12 Months Ended
Dec. 31, 2014
Quarterly Financial Data [Abstract]  
Quarterly Financial Data (unaudited)

15. Quarterly Financial Data (unaudited)

The following table presents certain unaudited quarterly financial information. This information has been prepared on the same basis as the audited financial statements and includes all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the unaudited quarterly results of operations set forth herein. Net loss per share for all periods presented has been retroactively adjusted to reflect the 1-for-3.1345 reverse stock split effected on January 17, 2014.

(in thousands, except share and per share data)

 

 

2014

 

 

March 31,

 

 

June 30,

 

 

September 30,

 

 

December 31,

 

Operating expenses

$

10,339

 

 

$

13,661

 

 

$

15,835

 

 

$

16,943

 

Net loss

 

(13,630

)

 

 

(13,585

)

 

 

(15,849

)

 

 

(16,738

)

Net loss attributable to common stockholders

 

(18,438

)

 

 

(13,585

)

 

 

(15,849

)

 

 

(16,738

)

Net loss per share applicable to

   common stockholders, basic and diluted

$

(0.85

)

 

$

(0.45

)

 

$

(0.50

)

 

$

(0.52

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

 

March 31,

 

 

June 30,

 

 

September 30,

 

 

December 31,

 

Operating expenses

$

6,747

 

 

$

8,247

 

 

$

7,761

 

 

$

9,525

 

Net loss

 

(6,735

)

 

 

(8,590

)

 

 

(8,428

)

 

 

(11,317

)

Net loss attributable to common stockholders

 

(8,205

)

 

 

(10,829

)

 

 

(12,590

)

 

 

(18,665

)

Net loss per share applicable to

   common stockholders, basic and diluted

$

(2.84

)

 

$

(3.32

)

 

$

(3.48

)

 

$

(4.98

)

 Subsequent to the filing of its Form 10-Q for the third quarter of 2014, the Company determined that the reclassification of deferred offering costs, related to its initial public offering in February 2014, from other assets to additional paid-in capital, was not appropriately reflected in the Statements of Cash Flows for the three, six and nine months ended March 31, 2014, June 30, 2014, and September 30, 2014.  The Company assessed the materiality of this error, based on quantitative and qualitative factors, and concluded that it was not material to the previously issued interim financial statements taken as a whole. As such, it has corrected its Statement of Cash Flows for the year ended December 31, 2014 and will do so for the three, six and nine months ended March 31, 2014, June 30, 2014, and September 30, 2014, in its Form 10-Q filings during 2015. The revisions had no impact on net cash used in investing activities, net increase in cash and cash equivalents, or net loss per share in any period.  The following table reflects the revisions to the Statements of Cash Flows (in thousands):

 

2014

 

 

 

Three Months Ended
March 31,

 

 

Six Months Ended
June 30,

 

 

Nine Months Ended
September 30,

 

 

 

Previously Reported

 

 

As Adjusted

 

 

Previously Reported

 

 

As Adjusted

 

 

Previously Reported

 

 

As Adjusted

 

 

Net cash used in operating activities

$

(8,336

)

 

$

(10,621

)

 

$

(18,865

)

 

$

(21,150

)

 

$

(29,895

)

 

$

(32,180

)

 

Net cash provided by financing activities

 

121,754

 

 

 

124,039

 

 

 

121,764

 

 

 

124,049

 

 

 

182,274

 

 

 

184,559