| Selected Quarterly Financial Data (Unaudited) |
15. Selected Quarterly Financial Data (Unaudited)
Prior to its IPO on October 18, 2016, the Company had outstanding participating Preferred Shares. During the fourth quarter of the year ended December 31, 2016, the Company had net income, although for the full year the Company had a net loss. Accordingly, the Company used the two-class method to calculate net income per share for the fourth quarter of 2016. For purposes of calculating basic net income per share for the fourth quarter of 2016, the Company excluded from the numerator $3.1 million of net income attributable to participating securities. The Company calculated diluted net income per share under both the if-converted method and the two-class method and concluded that the two-class method was more dilutive than the if-converted method. Accordingly, the two-class income allocations were reapplied after taking into account the dilutive effect of non-participating securities. This resulted in net income of $3.1 million being allocated to the participating securities and excluded from the numerator of the Common Stock dilutive net income per share calculation.
|
|
2016 |
|
|
|
First
Quarter |
|
|
Second
Quarter |
|
|
Third
Quarter |
|
|
Fourth
Quarter (1) |
|
|
Collaboration revenue |
$ |
476 |
|
|
$ |
795 |
|
|
$ |
1,549 |
|
|
$ |
2,344 |
|
|
Total operating expenses |
|
12,128 |
|
|
|
17,353 |
|
|
|
16,159 |
|
|
|
27,654 |
|
|
Loss from operations |
|
(11,652 |
) |
|
|
(16,558 |
) |
|
|
(14,610 |
) |
|
|
(25,310 |
) |
|
Net (loss) income |
|
(8,442 |
) |
|
|
(17,164 |
) |
|
|
(14,694 |
) |
|
|
17,098 |
|
|
Net (loss) income attributable to common shareholders |
|
(8,439 |
) |
|
|
(17,157 |
) |
|
|
(14,680 |
) |
|
|
17,099 |
|
|
Net (loss) income per share attributable to common
shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(1.53 |
) |
|
$ |
(3.15 |
) |
|
$ |
(2.77 |
) |
|
$ |
0.43 |
|
|
Diluted |
$ |
(1.53 |
) |
|
$ |
(3.15 |
) |
|
$ |
(2.77 |
) |
|
$ |
0.40 |
|
|
Weighted-average common shares outstanding used in net (loss) income per share attributable to common shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
5,528,079 |
|
|
|
5,448,855 |
|
|
|
5,292,348 |
|
|
|
32,987,335 |
|
|
Diluted |
|
5,528,079 |
|
|
|
5,448,855 |
|
|
|
5,292,348 |
|
|
|
34,989,218 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 |
|
|
|
First
Quarter |
|
|
Second
Quarter |
|
|
Third
Quarter |
|
|
Fourth
Quarter |
|
|
Collaboration revenue |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
247 |
|
|
Total operating expenses |
|
3,736 |
|
|
|
3,625 |
|
|
|
6,202 |
|
|
|
12,413 |
|
|
Loss from operations |
|
(3,736 |
) |
|
|
(3,625 |
) |
|
|
(6,202 |
) |
|
|
(12,166 |
) |
|
Net loss |
|
(3,522 |
) |
|
|
(3,666 |
) |
|
|
(6,354 |
) |
|
|
(12,286 |
) |
|
Net loss attributable to common shareholders |
$ |
(3,237 |
) |
|
$ |
(3,643 |
) |
|
$ |
(6,353 |
) |
|
$ |
(12,270 |
) |
|
Net loss per share applicable to common shareholders- basic
and diluted |
$ |
(0.91 |
) |
|
$ |
(0.80 |
) |
|
$ |
(1.15 |
) |
|
$ |
(2.22 |
) |
|
Weighted-average common shares outstanding used in net loss per
share attributable to common shareholders - basic and diluted |
|
3,560,000 |
|
|
|
4,538,595 |
|
|
|
5,528,079 |
|
|
|
5,528,079 |
|
|
(1) |
During the fourth quarter the Company recorded an immaterial correction of an error of $1.2 million for rent expense related to the three months ended September 30, 2016. The Company determined that these errors are not material to the respective interim financial statements. |
|