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Consolidated Quarterly Financial Data - Unaudited
 12 Months Ended
Dec. 31, 2018
Condensed Financial Information Disclosure [Abstract]  
Consolidated Quarterly Financial Data - Unaudited
CONSOLIDATED QUARTERLY FINANCIAL DATA - UNAUDITED
The following tables provide unaudited consolidated quarterly financial data for 2018 and 2017 (in thousands, except per share data):
 
March 31, 2018
 
June 30, 2018
 
September 30, 2018
 
December 31, 2018
Total revenues
$
117,387

 
$
146,254

 
$
122,238

 
$
88,122

Gross profit
53,475

 
69,478

 
75,749

 
59,406

Operating expenses (2)
104,239

 
27,591

 
95,084

 
78,241

Net loss from continuing operations
$
(58,098
)
 
$
(25,817
)
 
$
(64,678
)
 
$
(20,746
)
Net income (loss) from discontinued operations
$
3,856

 
$
5,736

 
$
95,517

 
$
(1,531
)
Net (loss) income
$
(54,242
)
 
$
(20,081
)
 
$
30,839

 
$
(22,277
)
 
 
 
 
 
 
 
 
Basic net (loss) income per share:
 
 
 
 
 
 
 
Loss from continuing operations
$
(1.70
)
 
$
(0.75
)
 
$
(1.88
)
 
$
(0.60
)
Income (loss) from discontinued operations
0.11

 
0.17

 
2.77

 
(0.04
)
Total
$
(1.59
)
 
$
(0.58
)
 
$
0.89

 
$
(0.64
)
 
 
 
 
 
 
 
 
Diluted net (loss) income per share:
 
 
 
 
 
 
 
Loss from continuing operations
$
(1.70
)
 
$
(0.75
)
 
$
(1.88
)
 
$
(0.60
)
Income (loss) from discontinued operations
0.11

 
0.17

 
2.77

 
(0.04
)
Total
$
(1.59
)
 
$
(0.58
)
 
$
0.89

 
$
(0.64
)
 
March 31, 2017
 
June 30, 2017
 
September 30, 2017
 
December 31, 2017
Total revenues
$
112,541

 
$
130,371

 
$
124,331

 
$
128,525

Gross profit (loss) (1)
84,968

 
98,270

 
(226,000
)
 
57,938

Operating expenses (3)
125,112

 
95,003

 
28,236

 
70,663

Net (loss) income from continuing operations
$
(35,925
)
 
$
(14,252
)
 
$
(155,713
)
 
$
738

Net (loss) income from discontinued operations
$
(635
)
 
$
186

 
$
3,652

 
$
2,722

Net (loss) income
$
(36,560
)
 
$
(14,066
)
 
$
(152,061
)
 
$
3,460

 
 
 
 
 
 
 
 
Basic net (loss) income per share:
 
 
 
 
 
 
 
(Loss) income from continuing operations
$
(1.04
)
 
$
(0.41
)
 
$
(4.41
)
 
$
0.02

(Loss) income from discontinued operations
(0.02
)
 
0.01

 
0.10

 
0.08

Total
$
(1.06
)
 
$
(0.40
)
 
$
(4.31
)
 
$
0.10

 
 
 
 
 
 
 
 
Diluted net (loss) income per share:
 
 
 
 
 
 
 
(Loss) income from continuing operations
$
(1.04
)
 
$
(0.41
)
 
$
(4.41
)
 
$
0.02

(Loss) income from discontinued operations
(0.02
)
 
0.01

 
0.10

 
0.08

Total
$
(1.06
)
 
$
(0.40
)
 
$
(4.31
)
 
$
0.10

The sum of quarterly (loss) income per share totals differ from annual (loss) income per share totals due to rounding.

(1) 
Gross profit (loss) for the third quarter of 2017 included an impairment charge of $319.2 million relating to the Makena base technology intangible asset.

(2) 
Operating expenses for the second quarter of 2018 include the reversal of $49.8 million relating to the fair value of a contingent consideration liability that was no longer expected to be paid.

(3) 
Operating expenses for the first quarter of 2017 include $60.0 million of acquired IPR&D expense related to the one-time upfront payment under the terms of the Palatin License Agreement. Operating expenses for the third quarter of 2017 include the reversal of $49.9 million relating to the fair value of a contingent consideration liability that was no longer expected to be paid.