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 122 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Dec. 31, 2011
Cash flows from operating activities:        
Net loss $ (25,653) $ (18,682) $ (23,648) $ (251,596)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation and amortization 525 509 597 5,361
Stock-based compensation expense 1,039 803 2,211 39,847
Change in common stock warrant value (4,358) (5,166) 2,311 (7,213)
Amortization of debt issuance costs       44
(Gain) loss on sale of investments, property and equipment (17)     (44)
Changes in operating assets and liabilities:        
Prepaid expenses and other current assets (369) (247) 161 (998)
Accounts payable 2,137 (32) (556) 2,389
Accrued clinical and development expenses 2,026 821 1,074 4,465
Accrued liabilities 914 (149) 130 1,737
Deferred rent (95) (241) (65) 153
Deferred revenue            
Net cash used in operating activities (23,851) (22,384) (17,785) (205,855)
Cash flows from investing activities:        
Acquisition of property and equipment (528) (108) (22) (5,624)
Acquisition of marketable securities (28,154) (15,223) (34,961) (223,947)
Proceeds from sales and maturities of marketable securities 19,500 37,454 13,496 209,302
Restricted cash   12   (471)
Net cash provided by (used in) investing activities (9,182) 22,135 (21,487) (20,740)
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 30,224 140 33,077 182,772
Deferred offering costs   (134)   (134)
Proceeds from issuance of notes payable       3,616
Repayment of notes payable     (337) (3,616)
Net cash provided by (used in) financing activities 30,224 6 32,740 232,477
Net increase (decrease) in cash and cash equivalents (2,809) (243) (6,532) 5,882
Cash and cash equivalents, beginning of period 8,691 8,934 15,466  
Cash and cash equivalents, end of period 5,882 8,691 8,934 5,882
Supplemental disclosures:        
Cash paid for interest     110 560
Non-cash investing and financing activities:        
Cumulative change in accounting principle     532 532
Deferred stock-based compensation       19,511
Conversion of redeemable convertible preferred stock       49,839
Change in unrealized gain (loss) in marketable securities (2) 25 (43) (1)
Fair value of redeemable convertible preferred stock warrant       44
Dividend related to beneficial conversion feature of redeemable convertible preferred stock.       $ 40,862