| Quarterly Financial Data (Unaudited) |
Note 11—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 2016 and 2015 are as follows:
| |
|
Year ended July 31, 2016 |
|
| |
|
1st |
|
|
2nd |
|
|
3rd |
|
|
4th |
|
| |
|
Quarter |
|
|
Quarter |
|
|
Quarter |
|
|
Quarter |
|
| Selected quarterly financial data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
| Loss from operations |
|
|
(7,035,219 |
) |
|
|
(7,037,720 |
) |
|
|
(6,251,119 |
) |
|
|
(6,561,994 |
) |
| Net loss |
|
$ |
(7,037,391 |
) |
|
$ |
(7,037,720 |
) |
|
$ |
(6,251,409 |
) |
|
$ |
(6,561,994 |
) |
| Net loss applicable to common stockholders |
|
$ |
(7,037,391 |
) |
|
$ |
(7,037,720 |
) |
|
$ |
(6,251,409 |
) |
|
$ |
(6,561,994 |
) |
| Basic and diluted net loss per share |
|
$ |
0.47 |
|
|
$ |
0.42 |
|
|
$ |
0.37 |
|
|
$ |
0.39 |
|
| |
|
Year ended July 31, 2015 |
|
| |
|
1st |
|
|
2nd |
|
|
3rd |
|
|
4th |
|
| |
|
Quarter |
|
|
Quarter |
|
|
Quarter |
|
|
Quarter |
|
| Selected quarterly financial data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
| Loss from operations |
|
|
(4,060,206 |
) |
|
|
(4,618,237 |
) |
|
|
(5,986,286 |
) |
|
|
(6,576,413 |
) |
| Net loss |
|
$ |
(4,061,116 |
) |
|
$ |
(4,618,237 |
) |
|
$ |
(5,987,345 |
) |
|
$ |
(6,576,413 |
) |
| Net loss applicable to common stockholders |
|
$ |
(4,061,116 |
) |
|
$ |
(4,618,237 |
) |
|
$ |
(5,987,345 |
) |
|
$ |
(6,576,413 |
) |
| Basic and diluted net loss per share (1) (2) |
|
$ |
0.33 |
|
|
$ |
0.38 |
|
|
$ |
0.48 |
|
|
$ |
0.48 |
|
(1) 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.
|