Annual report pursuant to Section 13 and 15(d)

Selected Quarterly Financial Data (unaudited)

v3.20.4
Selected Quarterly Financial Data (unaudited)
12 Months Ended
Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]  
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.

 

 

 

Three Months Ended

 

 

 

March 31, 2020

 

 

June 30, 2020

 

 

September 30, 2020

 

 

December 31, 2020

 

Revenue

 

$

2,379

 

 

$

3,188

 

 

$

3,828

 

 

 

5,698

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

14,569

 

 

 

14,796

 

 

 

17,674

 

 

 

29,026

 

General and administrative

 

 

5,149

 

 

 

5,133

 

 

 

5,151

 

 

 

5,892

 

Total operating expenses

 

 

19,718

 

 

 

19,929

 

 

 

22,825

 

 

 

34,918

 

Loss from operations

 

 

(17,339

)

 

 

(16,741

)

 

 

(18,997

)

 

 

(29,220

)

Interest income

 

 

384

 

 

 

32

 

 

 

4

 

 

 

6

 

Interest expense

 

 

(271

)

 

 

(487

)

 

 

(493

)

 

 

(541

)

Change in fair value of warrant liability

 

 

 

 

 

 

 

 

 

 

 

(375

)

Net loss applicable to common stockholders

 

$

(17,226

)

 

$

(17,196

)

 

$

(19,486

)

 

 

(30,130

)

Net loss per share applicable to common stockholders - basic and diluted

 

$

(0.39

)

 

$

(0.38

)

 

$

(0.43

)

 

 

(0.62

)

Weighted-average number of common shares used in net loss per share applicable to common stockholders - basic and diluted

 

 

43,923,999

 

 

 

45,699,277

 

 

 

45,781,638

 

 

 

48,774,598

 

 

 

 

Three Months Ended

 

 

 

March 31, 2019

 

 

June 30, 2019

 

 

September 30, 2019

 

 

December 31, 2019

 

Revenue

 

$

454

 

 

$

462

 

 

$

558

 

 

$

508

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

12,562

 

 

 

15,475

 

 

 

15,931

 

 

 

14,277

 

General and administrative

 

 

4,865

 

 

 

5,195

 

 

 

5,016

 

 

 

6,402

 

Total operating expenses

 

 

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

)

Net loss applicable to common stockholders

 

$

(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

)

Weighted-average number of common shares used in net loss per share applicable to common stockholders - basic and diluted

 

 

33,766,333

 

 

 

41,673,275

 

 

 

42,439,338

 

 

 

42,885,208