AKAO 2017 Annual Report

136 16. Selected Unaudited Quarterly Financial Data The following tables show a summary of the Company’s unaudited quarterly financial data for each of the four quarters of 2017 and 2016 (in thousands, except per share amounts): Three Months Ended December 31, 2017 September 30, 2017 June 30, 2017 March 31, 2017 Contract revenue ........................................................ 1,869 577 1,266 7,463 Operating expenses .................................................... 43,973 37,121 31,059 25,348 Other income (expense), net....................................... 5,722 6,637 3,723 (15,374) Net loss....................................................................... (36,382) (29,907) (26,070) (33,259) Net loss per common share: Basic...................................................................... (0.86) (0.71) (0.68) (0.93) Diluted .................................................................. (0.98) (0.85) (0.78) (0.93) Weighted-average shares used to calculate net loss per common share: Basic...................................................................... 42,422,592 42,259,001 38,072,763 35,725,876 Diluted .................................................................. 43,257,602 43,211,059 39,092,279 35,725,876 Three Months Ended December 31, 2016 September 30, 2016 June 30, 2016 March 31, 2016 Contract revenue ........................................................ 10,734 16,046 9,144 5,849 Operating expenses .................................................... 22,796 24,996 25,659 17,670 Other income (expense), net....................................... (17,662) (2,088) (1,753) (376) Net loss....................................................................... (29,724) (11,038) (18,268) (12,197) Net loss per common share: Basic...................................................................... (1.04) (0.41) (0.87) (0.66) Diluted .................................................................. (1.04) (0.41) (0.87) (0.66) Weighted-average shares used to calculate net loss per common share: Basic...................................................................... 28,653,045 26,789,397 20,899,297 18,398,288 Diluted .................................................................. 28,653,045 26,789,397 20,899,297 18,398,288 (1) Basic and diluted net loss per common share are computed independently for each of the quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted net loss per common share. Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. None Item 9A. Controls and Procedures. Evaluation of Disclosure Controls and Procedures We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports under the Securities Exchange Act of 1934, as amended, or the Exchange Act, and the rules and regulations thereunder, is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow for timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management is required to apply its judgment in evaluating the cost- benefit relationship of possible controls and procedures.