Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Cash flows from operating activities:      
Net loss $ (71,135) $ (25,653) $ (18,682)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 1,008 525 509
Stock-based compensation expense 3,010 1,039 803
Change in common stock warrant value 51,216 (4,358) (5,166)
(Gain) loss on sale of investments, property and equipment    (17)   
Changes in operating assets and liabilities:      
Collaboration receivable (15,635)      
Prepaid expenses and other current assets (623) (369) (247)
Accounts payable (1,481) 2,137 (32)
Accrued clinical and development expenses 1,285 2,026 821
Accrued liabilities 520 914 (149)
Deferred rent 115 (95) (241)
Deferred revenue 61,633      
Net cash provided by (used in) operating activities 29,913 (23,851) (22,384)
Cash flows from investing activities:      
Acquisition of property and equipment (482) (528) (108)
Acquisition of marketable securities (93,745) (28,154) (15,223)
Proceeds from sales and maturities of marketable securities 47,551 19,500 37,454
Restricted cash       12
Net cash provided by (used in) investing activities (46,676) (9,182) 22,135
Cash flows from financing activities:      
Proceeds from issuance of common stock and warrants, net of offering expenses 21,910 30,224 140
Deferred offering costs       (134)
Net cash provided by provided by financing activities 21,910 30,224 6
Net increase (decrease) in cash and cash equivalents 5,147 (2,809) (243)
Cash and cash equivalents, beginning of period 5,882 8,691 8,934
Cash and cash equivalents, end of period 11,029 5,882 8,691
Non-cash investing and financing activities:      
Change in unrealized gain (loss) in marketable securities $ 12 $ (2) $ 25