AKAO 2017 Annual Report

83 In August 2017, we issued 35,363 shares of common stock pursuant to the exercise of a warrant to purchase 35,363 shares of common stock to our Chief Executive Officer at an exercise price per share of $3.66. The aggregate cash consideration received for this issuance was approximately $129,429. No underwriters were involved in the foregoing sale of securities. The issuance described above was undertaken in reliance upon the exemption from registration requirements of Section 4(a)(2) of the Securities Act of 1933, as amended, including Rule 506 of the Securities Act. The recipient of these shares of common stock represented their intentions to acquire the shares for investment only and not with a view to or for sale in connection with any distribution, and appropriate restrictions were set out in the applicable agreements issued in this transaction. The recipient had adequate access, through their relationships with us, to information about us. Use of Proceeds Not applicable. Issuer Purchases of Equity Securities Not applicable. Item 6. Selected Financial Data. You should read the following selected consolidated financial data together with the section of this report entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our consolidated financial statements and the related notes included in this report. The selected consolidated statement of operations data for the years ended December 31, 2017, 2016 and 2015 and the selected consolidated balance sheet data as of December 31, 2017 and 2016 are derived from our audited consolidated financial statements included elsewhere in this Annual Report on Form 10-K. The selected consolidated statement of operations data for the years ended December 31, 2014 and 2013 and the selected consolidated balance sheet data as of December 31, 2015, 2014 and 2013 are derived from our audited consolidated financial statements not included in this Annual Report on Form 10-K. Our historical results are not necessarily indicative of the results that may be expected in the future and interim results are not necessarily indicative of results to be expected for the full year. Year Ended December 31, 2017 2016 2015 2014 2013 (in thousands, except share and per share data) Consolidated Statement of Operations Data: Revenue: Contract revenue ................................................. $ 11,175 $ 41,773 $ 26,061 $ 19,970 $ 18,512 Operating expenses: Research and development............................ 95,598 73,999 40,228 30,110 23,484 General and administrative............................ 41,903 17,122 12,406 9,646 6,992 Total operating expenses.......................... 137,501 91,121 52,634 39,756 30,476 Loss from operations .......................................... (126,326) (49,348) (26,573) (19,786) (11,964) Interest expense................................................... (2,855) (2,320) (699) (397) (1,331) Change in warrant and derivative liabilities ....... 1,928 (19,859) (19) — — Other income, net................................................ 1,635 300 198 7 183 Net loss ............................................................... $ (125,618) $ (71,227) $ (27,093) $ (20,176) $ (13,112) Net loss per share - basic and diluted ................. $ (3.17) $ (3.00) $ (1.49) $ (1.42) $ (33.83) Shares used to compute net loss per share - basic and diluted........................................................... 39,645,635 23,707,063 18,147,986 14,210,098 387,547