| Selected Quarterly Financial Data (unaudited) |
16. Selected Quarterly Financial Data (unaudited)
The following table contains selected quarterly financial information for 2020 and 2019 (in thousands, except for net loss per share and average number of common shares). The Company believes that the following information reflects all normal recurring adjustments necessary for a fair statement of the information for the periods presented. The operating results for any quarter are not necessarily indicative of results for any future period.
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Three Months Ended
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March 31, 2020
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June 30, 2020
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September 30, 2020
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December 31, 2020
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Revenue
|
|
$
|
2,379
|
|
|
$
|
3,188
|
|
|
$
|
3,828
|
|
|
|
5,698
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|
|
Operating expenses:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Research and development
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|
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14,569
|
|
|
|
14,796
|
|
|
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17,674
|
|
|
|
29,026
|
|
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General and administrative
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|
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5,149
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5,133
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|
|
|
5,151
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|
|
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5,892
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|
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Total operating expenses
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19,718
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19,929
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|
|
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22,825
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|
|
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34,918
|
|
|
Loss from operations
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|
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(17,339
|
)
|
|
|
(16,741
|
)
|
|
|
(18,997
|
)
|
|
|
(29,220
|
)
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|
Interest income
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|
|
384
|
|
|
|
32
|
|
|
|
4
|
|
|
|
6
|
|
|
Interest expense
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|
|
(271
|
)
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|
|
(487
|
)
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|
|
(493
|
)
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|
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(541
|
)
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Change in fair value of warrant liability
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—
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|
|
|
—
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|
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—
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|
|
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(375
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)
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Net loss applicable to common stockholders
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$
|
(17,226
|
)
|
|
$
|
(17,196
|
)
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|
$
|
(19,486
|
)
|
|
|
(30,130
|
)
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Net loss per share applicable to common stockholders - basic and diluted
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$
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(0.39
|
)
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$
|
(0.38
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)
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$
|
(0.43
|
)
|
|
|
(0.62
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)
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Weighted-average number of common shares used in net loss per share applicable to common stockholders - basic and diluted
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|
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43,923,999
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|
|
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45,699,277
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|
|
|
45,781,638
|
|
|
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48,774,598
|
|
|
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Three Months Ended
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|
|
|
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March 31, 2019
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June 30, 2019
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|
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September 30, 2019
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December 31, 2019
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|
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Revenue
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|
$
|
454
|
|
|
$
|
462
|
|
|
$
|
558
|
|
|
$
|
508
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Research and development
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12,562
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|
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15,475
|
|
|
|
15,931
|
|
|
|
14,277
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|
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General and administrative
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|
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4,865
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|
|
|
5,195
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|
|
|
5,016
|
|
|
|
6,402
|
|
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Total operating expenses
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17,427
|
|
|
|
20,670
|
|
|
|
20,947
|
|
|
|
20,679
|
|
|
Loss from operations
|
|
|
(16,973
|
)
|
|
|
(20,208
|
)
|
|
|
(20,389
|
)
|
|
|
(20,171
|
)
|
|
Interest income
|
|
|
520
|
|
|
|
776
|
|
|
|
617
|
|
|
|
462
|
|
|
Interest expense
|
|
|
(8
|
)
|
|
|
(23
|
)
|
|
|
(21
|
)
|
|
|
(20
|
)
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Net loss applicable to common stockholders
|
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$
|
(16,461
|
)
|
|
$
|
(19,455
|
)
|
|
$
|
(19,793
|
)
|
|
$
|
(19,729
|
)
|
|
Net loss per share applicable to common stockholders - basic and diluted
|
|
$
|
(0.49
|
)
|
|
$
|
(0.47
|
)
|
|
$
|
(0.47
|
)
|
|
$
|
(0.46
|
)
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Weighted-average number of common shares used in net loss per share applicable to common stockholders - basic and diluted
|
|
|
33,766,333
|
|
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|
41,673,275
|
|
|
|
42,439,338
|
|
|
|
42,885,208
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|
|