Annual report pursuant to Section 13 and 15(d)

Quarterly Financial Data (Unaudited)

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Quarterly Financial Data (Unaudited)
12 Months Ended
Jul. 31, 2017
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Data (Unaudited)

Note 12—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 Company’s consolidated results of operations for the interim periods presented. Results for any quarterly or other period are not necessarily indicative of the results to be expected in any other period. Summarized quarterly data for the Company’s fiscal years ended July 31, 2017 and 2016 are as follows:

 

    Year ended July 31, 2017  
    1st     2nd     3rd     4th  
    Quarter     Quarter     Quarter     Quarter  
Selected quarterly financial data:                                
Revenue   $     $     $     $  
Expenses:                                
Research and development     3,099,739       2,882,611       2,656,073       3,314,325  
General and administrative     2,502,455       2,504,700       1,904,899       2,583,605  
Loss from operations     (5,602,194 )     (5,387,311 )     (4,560,972 )     (5,897,930 )
Provision for income taxes     1,391       -       -       -  
Net loss   $ (5,603,585 )   $ (5,387,311 )   $ (4,560,972 )   $ (5,897,930 )
Basic and diluted net loss per share   $ (0.29 )   $ (0.27 )   $ (0.22 )   $ (0.28 )

 

 

(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) The format has been recast to conform to the accompanying consolidated statements of operations.

 

    Year ended July 31, 2016  
    1st     2nd     3rd     4th  
    Quarter     Quarter     Quarter     Quarter  
Selected quarterly financial data:     -       -       -       -  
Revenue   $     $     $     $  
Expenses:                                
Research and development     3,659,313       4,113,582       3,376,757       3,592,042  
General and administrative     3,375,906       2,924,138       2,874,362       2,969,952  
Loss from operations     (7,035,219 )     (7,037,720 )     (6,251,119 )     (6,561,994 )
Provision for income taxes     2,172       -       290       -  
Net loss (2)   $ (7,037,391 )   $ (7,037,720 )   $ (6,251,409 )   $ (6,561,994 )
Basic and diluted net loss per share (1)   $ (0.47 )   $ (0.42 )   $ (0.37 )   $ (0.39 )

 

 

(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) The format has been recast to conform to the accompanying consolidated statements of operations.