FINANCIAL INFORMATION BY QUARTER (UNAUDITED)

12 Months Ended

Dec. 31, 2013

Quarterly Financial Information Disclosure [Abstract]

FINANCIAL INFORMATION BY QUARTER (UNAUDITED)

13. FINANCIAL INFORMATION BY QUARTER (UNAUDITED)

	2013 for Quarter Ended
	December 31,			September 30,			June 30,			March 31,
	(in thousands)
Revenues from license fees, grants and research contracts	$	2,626		$	4,168		$	2,951		$	4,474
Operating expenses:
Research and development		25,076			21,087			12,984			13,762
General and administrative		10,399			8,014			7,054			6,127
Operating loss		(32,849	)		(24,933	)		(17,087	)		(15,415	)
Other income (loss):
Interest income (expense) and other, net		45			63			(19	)		237
Gain (loss) on change in warrant valuation		23,984			(17,160	)		(1,945	)		(26,906	)
Net loss	$	(8,820	)	$	(42,030	)	$	(19,051	)	$	(42,084	)
Net loss per share—basic and diluted	$	(0.23	)	$	(1.24	)	$	(0.60	)	$	(1.32	)
Shares used in per share calculations—basic and diluted		37,596			33,943			31,984			31,813

	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 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