Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements Of Cash Flows

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Condensed Consolidated Statements Of Cash Flows (USD $)
In Thousands
 9 Months Ended 121 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Cash flows from operating activities:      
Net loss $ (20,378) $ (12,128) $ (246,321)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 395 399 5,231
Stock-based compensation expense 743 509 39,551
Change in common stock warrant value (1,538) (5,604) (4,393)
Amortization of debt issuance costs     44
(Gain) loss on sale of investments, property and equipment (15)   (42)
Changes in operating assets and liabilities:      
Prepaid expenses and other assets 55 9,326 (574)
Accounts payable 53 187 305
Accrued clinical and development expenses 1,022 611 3,461
Accrued liabilities 798 (10,336) 1,621
Deferred rent (244) (171) 4
Net cash used in operating activities (19,109) (17,207) (201,113)
Cash flows from investing activities:      
Acquisition of property and equipment (317) (108) (5,413)
Acquisition of marketable securities (26,406) (12,562) (222,199)
Proceeds from sales and maturities of marketable securities 12,993 24,729 202,795
Restricted cash   12 (471)
Net cash provided by (used in) investing activities (13,730) 12,071 (25,288)
Cash flows from financing activities:      
Proceeds from redeemable convertible preferred stock, net     49,839
Proceeds from issuance of common stock and warrants, net of offering expenses 30,224 141 182,772
Deferred offering costs     (134)
Proceeds from issuance of notes payable     3,616
Repayment of notes payable     (3,616)
Net cash provided by financing activities 30,224 141 232,477
Net increase (decrease) in cash and cash equivalents (2,615) (4,995) 6,076
Cash and cash equivalents, beginning of period 8,691 8,934  
Cash and cash equivalents, end of period 6,076 3,939 6,076
Supplemental schedule of non-cash investing and financing activities      
Deferred stock-based compensation     19,511
Cumulative effect of change in accounting principle - Reclassification of common stock warrants to liability upon adoption of ASC 815     532
Change in unrealized gain (loss) on marketable securities (10) 28 (9)
Conversion of redeemable preferred stock     49,839
Dividend related to beneficial conversion feature of redeemable convertible preferred stock.     $ 40,862