Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2016

16. Quarterly Financial Data (Unaudited)

The following tables summarize the unaudited quarterly statements of operations for the Company for the years ended December 31, 2016 and 2015. The tables include all necessary adjustments, consisting only of normal recurring adjustments necessary in the opinion of management for a fair statement of the results for interim periods.

As discussed in Note 3 of the Form 10-Q filed for the quarter ended September 30, 2016, the Company corrected an immaterial error in the condensed consolidated financial statements for the three months ended September 30, 2016.



		Quarter Ended (Unaudited)
2016		March 31,		June 30,		September 30,		December 31,
Revenue	$	106,000	$	103,000	$	29,000	$	22,000
Total operating expenses		4,624,000		3,692,000		3,436,000		11,886,000
Loss from operations		(4,518,000)		(3,589,000)		(3,407,000)		(11,864,000)
Other income (expense), net		1,406,000		(262,000)		1,032,000		1,808,000
Net loss		(3,112,000)		(3,851,000)		(2,375,000)		(9,500,000)
Accretion of Series B redeemable convertible preferred stock		(1,725,000)		(133,000)		-		-
Excess of fair value of consideration transferred on conversion of Series B redeemable convertible preferred stock		-		(2,366,000)		(1,214,000)		-
Net loss attributable to common stockholders		(4,837,000)		(6,350,000)		(3,589,000)		(9,500,000)

Net loss per share of common stock
Basic		(0.82)		(0.73)		(0.32)		(0.70)
Diluted		(0.82)		(0.78)		(0.32)		(0.76)


		Quarter Ended (Unaudited)
2015		March 31,		June 30,		September 30,		December 31,
Revenue	$	102,000	$	102,000	$	143,000	$	128,000
Total operating expenses		2,369,000		2,694,000		2,571,000		3,068,000
Loss from operations		(2,267,000)		(2,592,000)		(2,428,000)		(2,940,000)
Other income (expense), net		(12,226,000)		13,361,000		7,867,000		636,000
Income tax benefit		-		-		-		73,000
Net (loss) income		(14,493,000)		10,769,000		5,439,000		(2,231,000)
Accretion of Series B redeemable convertible preferred stock		(338,000)		(1,828,000)		(7,163,000)		(949,000)
Net (loss) income attributable to common stockholders		(14,831,000)		8,941,000		(1,724,000)		(3,180,000)

Net (loss) income per share of common stock
Basic		(3.49)		1.27		(0.30)		(0.54)
Diluted		(3.49)		(0.33)		(0.30)		(0.54)