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, unless otherwise specified
 3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Cash flows from operating activities:    
Net loss $ (9,214) $ (115,533)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 316 23
Stock-based compensation expense 1,053 398
Change in common stock warrant value 3,116 108,391
Changes in operating assets and liabilities:    
Collaboration receivable 8,982 (37,540)
Prepaid expenses and other assets 5 (223)
Accounts payable 1,446 (1,082)
Accrued clinical and development expenses (126) 238
Accrued liabilities 833 279
Deferred rent (5) 109
Deferred revenue 27,078 57,248
Net cash provided by operating activities 33,484 12,308
Cash flows from investing activities:    
Acquisition of property and equipment (14) (34)
Acquisition of marketable securities (46,407) (17,940)
Proceeds from maturities of marketable securities 22,088 8,492
Net cash used in investing activities (24,333) (9,482)
Cash flows from financing activities:    
Proceeds from issuance of common stock and warrants, net of offering expenses 175 17,227
Net cash provided by financing activities 175 17,227
Net increase in cash and cash equivalents 9,326 20,053
Cash and cash equivalents, beginning of period 11,029 5,882
Cash and cash equivalents, end of period 20,355 25,935
Supplemental schedule of non-cash investing and financing activities    
Change in unrealized gain (loss) on marketable securities $ (5) $ 2