MNKD 2017 Annual Report

A reconciliation of beginning and ending liability balances for the restructuring charges is as follows (in thousands): Description 2016 Restructuring 2015 Restructuring Total Accrual — January 1, 2016 . . . . . . . . . . . . . . . . . . $ — $ 3,028 $ 3,028 Costs incurred and charged to expense . . . . . . . . . 1,475 560 2,035 Costs paid or settled . . . . . . . . . . . . . . . . . . . . . . . . (1,266) (2,421) (3,687) Accrual — December 31, 2016 . . . . . . . . . . . . . . . 209 1,167 1,376 Costs incurred and charged to expense . . . . . . . . . — — — Costs paid or settled . . . . . . . . . . . . . . . . . . . . . . . . (209) (805) (1,014) Accrual — December 31, 2017 . . . . . . . . . . . . . . . $ — $ 362 $ 362 19. Selected quarterly financial data (unaudited) Summarized quarterly financial data for the years ended December 31, 2017 and 2016, are set forth in the following tables: March 31 June 30 September 30 December 31 (In thousands, except per share data) 2017 Net revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,009 $ 2,163 $ 2,043 $ 4,530 Net (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(16,324) $(35,339) $ (32,886) (32,784 ) Net (loss) per share — basic . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (0.17) $ (0.35) $ (0.31) $ (0.28) Net (loss) per share — diluted . . . . . . . . . . . . . . . . . . . . . . . . . . $ (0.17) $ (0.35) $ (0.31) $ (0.28) Weighted average common shares used to compute basic net (loss) per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95,744 99,864 104,703 116,451 Weighted average common shares used to compute diluted net (loss) per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95,744 99,864 104,703 116,451 2016 Net revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ — $162,354 $ 12,404 Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(24,873) $(29,959) $126,520 $ 53,976 Net income (loss) per share — basic . . . . . . . . . . . . . . . . . . . . . $ (0.29) $ (0.33) $ 1.32 $ 0.56 Net income (loss) per share — diluted . . . . . . . . . . . . . . . . . . . (0.29) $ (0.33) 1.31 0.56 Weighted average common shares used to compute basic net income (loss) per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85,771 91,061 95,627 95,676 Weighted average common shares used to compute diluted net income (loss) per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85,771 91,061 96,548 96,510 In the third quarter of 2016, the Company recognized net revenue-collaboration of $161.8 million attributable to collaboration with Sanofi (See Note 8 — Collaboration Arrangements). In the fourth quarter of 2016, the Company recognized net revenue-collaboration of $10.2 million attributable to collaboration with Sanofi and $72.0 million gain on extinguishment of debt (See Note 8 — Collaboration Arrangements) 121