FINANCIAL INFORMATION BY QUARTER (Tables)

12 Months Ended

Dec. 31, 2012

Financial Information by Quarter

	2012 for Quarter Ended
	December 31,			September 30,			June 30,			March 31,
	(in thousands)
Revenues from license fees, grants and research contracts	$	7,336		$	7,574		$	11,207		$	11,212
Operating expenses:
Research and development		12,834			10,914			13,849			14,805
General and administrative		4,868			3,565			2,915			3,281
Operating loss		(10,366	)		(6,905	)		(5,557	)		(6,874	)
Other income (loss):
Interest income (expense) and other, net		83			67			107			96
Gain (loss) on change in warrant valuation		(51,784	)		(42,716	)		13,488			(10,926	)
Net income (loss)	$	(62,067	)	$	(49,554	)	$	8,038		$	(17,704	)
Net income (loss) per share—basic	$	(2.36	)	$	(2.17	)	$	0.36		$	(0.78	)
Net income (loss) per share—diluted	$	(2.36	)	$	(2.17	)	$	0.35		$	(0.78	)
Shares used in per share calculations—basic		26,313			22,824			22,624			22,624
Shares used in per share calculations—diluted		26,313			22,824			22,658			22,624

	2011 for Quarter Ended
	December 31,			September 30,			June 30,			March 31,
	(in thousands)
Revenues from license fees, grants and research contracts	$	13,585		$	7,524		$	11,585		$	14,296
Operating expenses:
Research and development		18,701			15,610			17,750			14,801
General and administrative		3,884			3,185			3,960			5,026
Operating loss		(9,000	)		(11,271	)		(10,125	)		(5,531	)
Other income (loss):
Interest income (expense) and other, net		147			199			151			90
Gain (loss) on change in warrant valuation		7,443			7,052			11,253			7,274
Net income (loss)	$	(1,410	)	$	(4,020	)	$	1,279		$	1,833
Net income (loss) per share—basic	$	(0.06	)	$	(0.18	)	$	0.06		$	0.10
Net income (loss) per share—diluted	$	(0.06	)	$	(0.18	)	$	0.06		$	0.09
Shares used in per share calculations—basic		22,624			22,623			22,348			18,747
Shares used in per share calculations—diluted		22,624			22,623			23,153			20,214