Summary of Unaudited Quarterly Results of Operations |
The following is a summary of the unaudited quarterly results of operations for the years ended December 31, 2020 and 2019:
|
|
2020 |
|
|
|
First
Quarter |
|
|
Second
Quarter |
|
|
Third
Quarter |
|
|
Fourth
Quarter |
|
|
|
(In thousands, except per share amounts) |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net product sales |
|
$ |
25,400 |
|
|
$ |
22,668 |
|
|
$ |
19,965 |
|
|
$ |
20,605 |
|
Cost of product sales |
|
|
(10,622 |
) |
|
|
(9,005 |
) |
|
|
(7,170 |
) |
|
|
(9,392 |
) |
Gross Profit |
|
|
14,778 |
|
|
|
13,663 |
|
|
|
12,795 |
|
|
|
11,213 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
36,894 |
|
|
|
44,004 |
|
|
|
49,182 |
|
|
|
44,453 |
|
General and administrative |
|
|
10,422 |
|
|
|
9,819 |
|
|
|
9,482 |
|
|
|
12,503 |
|
Sales and marketing |
|
|
20,196 |
|
|
|
15,589 |
|
|
|
12,515 |
|
|
|
15,553 |
|
Loss from operations |
|
|
(52,734 |
) |
|
|
(55,749 |
) |
|
|
(58,384 |
) |
|
|
(61,296 |
) |
Other income (expense), net |
|
|
1,155 |
|
|
|
559 |
|
|
|
156 |
|
|
|
(985 |
) |
Net loss |
|
$ |
(51,579 |
) |
|
$ |
(55,190 |
) |
|
$ |
(58,228 |
) |
|
$ |
(62,281 |
) |
Basic and diluted net loss per share |
|
$ |
(0.57 |
) |
|
$ |
(0.61 |
) |
|
$ |
(0.64 |
) |
|
$ |
(0.68 |
) |
|
|
2019 |
|
|
|
First
Quarter |
|
|
Second
Quarter |
|
|
Third
Quarter |
|
|
Fourth
Quarter |
|
|
|
(In thousands, except per share amounts) |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net product sales |
|
$ |
31,602 |
|
|
$ |
36,659 |
|
|
$ |
42,624 |
|
|
$ |
35,083 |
|
Cost of product sales |
|
|
(14,962 |
) |
|
|
(13,588 |
) |
|
|
(17,195 |
) |
|
|
(15,874 |
) |
Gross Profit |
|
|
16,640 |
|
|
|
23,071 |
|
|
|
25,429 |
|
|
|
19,209 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
42,972 |
|
|
|
41,425 |
|
|
|
34,708 |
|
|
|
48,277 |
|
General and administrative |
|
|
9,648 |
|
|
|
9,778 |
|
|
|
8,597 |
|
|
|
9,874 |
|
Sales and marketing |
|
|
28,720 |
|
|
|
23,647 |
|
|
|
16,977 |
|
|
|
20,420 |
|
Loss from operations |
|
|
(64,700 |
) |
|
|
(51,779 |
) |
|
|
(34,853 |
) |
|
|
(59,362 |
) |
Other income, net |
|
|
1,688 |
|
|
|
1,557 |
|
|
|
1,258 |
|
|
|
1,442 |
|
Net loss |
|
$ |
(63,012 |
) |
|
$ |
(50,222 |
) |
|
$ |
(33,595 |
) |
|
$ |
(57,920 |
) |
Basic and diluted net loss per share |
|
$ |
(0.80 |
) |
|
$ |
(0.63 |
) |
|
$ |
(0.42 |
) |
|
$ |
(0.65 |
) |
|