| Supplemental Financial Information |
15. Supplemental
Financial Information
Quarterly
Results of Operations (Unaudited)
The
following table presents the unaudited statements of operations data for each of the eight quarters in the period ended December
31, 2016. The information has been presented on the same basis as the audited financial statements and all necessary adjustments,
consisting only of normal recurring adjustments, have been included in the amounts below to present fairly the unaudited quarterly
results when read in conjunction with the audited financial statements and related notes. The operating results for any quarter
should not be relied upon as necessarily indicative of results for any future period.
Unaudited
Quarterly Results of Operations
(in
thousands, except share and per share amounts)
| |
|
Three
months ended |
|
|
|
|
| |
|
March
31, |
|
|
June
30, |
|
|
September
30, |
|
|
December
31, |
|
|
Total
for year |
|
| |
|
2016 |
|
|
2016 |
|
|
2016 |
|
|
2016 |
|
|
2016 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating
expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operations
and development costs |
|
|
883 |
|
|
|
1,309 |
|
|
|
1,887 |
|
|
|
2,269 |
|
|
|
6,348 |
|
| General
and administrative expense |
|
|
1,295 |
|
|
|
1,516 |
|
|
|
1,434 |
|
|
|
2,365 |
|
|
|
6,610 |
|
| Total
operating expenses |
|
|
2,178 |
|
|
|
2,825 |
|
|
|
3,321 |
|
|
|
4,634 |
|
|
|
12,958 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loss
from operations |
|
|
(2,178 |
) |
|
|
(2,825 |
) |
|
|
(3,321 |
) |
|
|
(4,634 |
) |
|
|
(12,958 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other
income and expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
expense |
|
|
(2 |
) |
|
|
(112 |
) |
|
|
(203 |
) |
|
|
(322 |
) |
|
|
(639 |
) |
| Interest
and other income |
|
|
7 |
|
|
|
6 |
|
|
|
7 |
|
|
|
21 |
|
|
|
41 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
other income (expense), net |
|
|
5 |
|
|
|
(106 |
) |
|
|
(196 |
) |
|
|
(301 |
) |
|
|
(598 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loss
before income tax expense |
|
|
(2,173 |
) |
|
|
(2,931 |
) |
|
|
(3,517 |
) |
|
|
(4,935 |
) |
|
|
(13,556 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income
tax expense |
|
|
(1 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
loss |
|
|
(2,174 |
) |
|
|
(2,931 |
) |
|
|
(3,517 |
) |
|
|
(4,935 |
) |
|
|
(13,557 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted
average shares outstanding, basic and diluted |
|
|
14,137,442 |
|
|
|
14,735,077 |
|
|
|
15,574,620 |
|
|
|
16,603,725 |
|
|
|
15,267,233 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic
and diluted net loss per share |
|
$ |
(0.15 |
) |
|
$ |
(0.20 |
) |
|
$ |
(0.23 |
) |
|
$ |
(0.30 |
) |
|
$ |
(0.89 |
) |
| |
|
Three
months ended |
|
|
|
|
| |
|
March
31, |
|
|
June
30, |
|
|
September
30, |
|
|
December
31, |
|
|
Total
for year |
|
| |
|
2015 |
|
|
2015 |
|
|
2015 |
|
|
2015 |
|
|
2015 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating
expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operations
and development costs |
|
|
214 |
|
|
|
422 |
|
|
|
546 |
|
|
|
1,098 |
|
|
|
2,280 |
|
| General
and administrative expense |
|
|
472 |
|
|
|
640 |
|
|
|
777 |
|
|
|
1,282 |
|
|
|
3,171 |
|
| Total
operating expenses |
|
|
686 |
|
|
|
1,062 |
|
|
|
1,323 |
|
|
|
2,380 |
|
|
|
5,451 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loss
from operations |
|
|
(686 |
) |
|
|
(1,062 |
) |
|
|
(1,323 |
) |
|
|
(2,380 |
) |
|
|
(5,451 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other
income and expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Increase
in fair value of derivative liabilities |
|
|
(3,896 |
) |
|
|
(1,603 |
) |
|
|
(277 |
) |
|
|
- |
|
|
|
(5,776 |
) |
| Interest
expense |
|
|
(317 |
) |
|
|
(318 |
) |
|
|
(492 |
) |
|
|
(1 |
) |
|
|
(1,128 |
) |
| Interest
and other income |
|
|
2 |
|
|
|
1 |
|
|
|
8 |
|
|
|
15 |
|
|
|
26 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
other expense, net |
|
|
(4,211 |
) |
|
|
(1,920 |
) |
|
|
(761 |
) |
|
|
14 |
|
|
|
(6,878 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loss
before income tax expense |
|
|
(4,897 |
) |
|
|
(2,982 |
) |
|
|
(2,084 |
) |
|
|
(2,366 |
) |
|
|
(12,329 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income
tax expense |
|
|
(2 |
) |
|
|
- |
|
|
|
- |
|
|
|
(1 |
) |
|
|
(3 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
loss |
|
|
(4,899 |
) |
|
|
(2,982 |
) |
|
|
(2,084 |
) |
|
|
(2,367 |
) |
|
|
(12,332 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted
average shares outstanding, basic and diluted |
|
|
4,363,641 |
|
|
|
4,363,641 |
|
|
|
10,759,187 |
|
|
|
14,130,485 |
|
|
|
8,404,311 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic
and diluted net loss per share |
|
$ |
(1.12 |
) |
|
$ |
(0.68 |
) |
|
$ |
(0.19 |
) |
|
$ |
(0.17 |
) |
|
$ |
(1.47 |
) |
|