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, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash flows from operating activities:      
Net loss $ (28,415) $ (71,135) $ (25,653)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 1,506 1,008 525
Stock-based compensation expense 4,922 3,010 1,039
Change in common stock warrant value 2,325 51,216 (4,358)
(Gain) loss on sale of investments, property and equipment (5)   (17)
Changes in operating assets and liabilities:      
Collaboration receivable (2,459) (15,635)  
Prepaid expenses and other current assets (1,079) (623) (369)
Accounts payable 781 (1,481) 2,137
Accrued clinical and development expenses 1,694 1,285 2,026
Accrued liabilities 904 520 914
Deferred rent (28) 115 (95)
Deferred revenue 30,005 61,633  
Net cash provided by (used in) operating activities 10,151 29,913 (23,851)
Cash flows from investing activities:      
Acquisition of property and equipment (158) (482) (528)
Acquisition of marketable securities (101,968) (93,745) (28,154)
Proceeds from sales of marketable securities 5,338 14,266 2,037
Proceeds from maturities of marketable securities 80,495 33,285 17,463
Net cash provided by (used in) investing activities (16,293) (46,676) (9,182)
Cash flows from financing activities:      
Proceeds from issuance of common stock and warrants, net of offering expenses 2,392 21,910 30,224
Net cash provided by provided by financing activities 2,392 21,910 30,224
Net increase (decrease) in cash and cash equivalents (3,750) 5,147 (2,809)
Cash and cash equivalents, beginning of period 11,029 5,882 8,691
Cash and cash equivalents, end of period 7,279 11,029 5,882
Non-cash investing and financing activities:      
Change in unrealized gain (loss) in marketable securities $ 17 $ 12 $ (2)