The company supplies API to ENHANZE partners like J&J and Roche. Revenues under collaborative agreements were $20.7 million, down 65.6% year over year. This significant fall was due to the receipt of a $40 million upfront payment from ViiV Healthcare in the year-ago quarter, Research and development ([R&D] including stock-based compensation) expense increased 91.9% year over year to $15.5 million, mainly due to planned investments in the ENHANZE technology as well as one-time compensation costs incurred by HALO related to the recently-completed Antares Pharma acquisition. Selling, general and administrative (SG&A) expenses (including stock-based compensation) expenses were $57.5 million, up 366.5% from the year-ago period. This significant rise was on account of one-time compensation costs incurred by HALO in relation to the recently completed Antares Pharma acquisition.