| Quarterly Financial Data (Unaudited) |
Note 14—Quarterly Financial Data (Unaudited)
The following financial information reflects all normal recurring adjustments, which are, in the opinion of management, necessary for a fair statement of the results of the interim periods. Summarized quarterly data for fiscal 2015 and 2014 are as follows:
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Year ended July 31 2015
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1st
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2nd
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3rd
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4th
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|
|
|
Quarter
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|
Quarter
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Quarter
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|
Quarter
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Selected quarterly financial data:
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Revenue
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$
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—
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$
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—
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$
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—
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$
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—
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Total operating expenses
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|
(4,060,206
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)
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(4,618,237
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)
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(5,986,286
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)
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(6,576,413
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)
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Loss from operations
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(4,060,206
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)
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(4,618,237
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)
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(5,986,286
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)
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(6,576,413
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)
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Net loss
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$
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(4,061,116
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)
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$
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(4,618,237
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)
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$
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(5,987,345
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)
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$
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(6,576,413
|
)
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|
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|
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Net loss applicable to common stockholders
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$
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(4,061,116
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)
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$
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(4,618,237
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)
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$
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(5,987,345
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)
|
$
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(6,576,413
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)
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Basic and diluted net loss per share (1) (2)
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$
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0.33
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$
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0.38
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$
|
0.48
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$
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0.48
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(1)
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Loss per share is computed independently for each of the quarters presented. Therefore, the sum of the quarterly net loss per share will not necessarily equal the total for the year.
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(2)
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Recast to reflect the 1-for-20 reverse stock split effected May 2015
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Year ended July 31 2014
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1st
|
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2nd
|
|
3rd
|
|
4th
|
|
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
|
|
|
|
|
|
|
|
|
|
|
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Selected quarterly financial data:
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|
|
|
|
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Revenue
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$
|
—
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|
$
|
—
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|
$
|
—
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|
$
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—
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Total operating expenses
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(1,988,493
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)
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(2,601,780
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)
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(3,816,030
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)
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(3,543,358
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)
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Loss from operations
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(1,988,493
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)
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(2,601,780
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)
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(3,816,030
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)
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(3,543,358
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)
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Net loss
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$
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(2,051,486
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)
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$
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(2,600,429
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)
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$
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(3,816,844
|
)
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$
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(3,543,358
|
)
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|
|
|
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|
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Net loss applicable to common stockholders
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$
|
(2,051,486
|
)
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$
|
(2,600,429
|
)
|
$
|
(3,816,844
|
)
|
$
|
(3,543,358
|
)
|
|
|
|
|
|
|
|
|
|
|
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Basic and diluted net loss per share (1) (2)
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$
|
0.28
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$
|
0.29
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$
|
0.37
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$
|
0.30
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(1)
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|
Loss per share is computed independently for each of the quarters presented. Therefore, the sum of the quarterly net loss per share will not necessarily equal the total for the year.
|
|
(2)
|
|
Recast to account for the 1-for-20 reverse stock split effected May 2015.
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