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, 2014
Mar. 31, 2013
Cash flows from operating activities:    
Net loss $ (7,109) $ (9,214)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 390 316
Stock-based compensation expense 1,266 1,053
Change in common stock warrant value (1,457) 3,116
Changes in operating assets and liabilities:    
Collaboration receivable 12,902 8,982
Prepaid expenses and other assets 835 5
Accounts payable 2,317 1,446
Accrued clinical and development expenses (1,952) (126)
Accrued liabilities 801 833
Deferred rent 47 (5)
Deferred revenue (3,681) 27,078
Net cash provided by operating activities 4,359 33,484
Cash flows from investing activities:    
Acquisition of property and equipment (24) (14)
Acquisition of marketable securities (22,349) (46,407)
Proceeds from sale of marketable securities 3,109  
Proceeds from maturities of marketable securities 14,024 22,088
Net cash used in investing activities (5,240) (24,333)
Cash flows from financing activities:    
Proceeds from issuance of common stock and warrants, net of offering expenses 345 175
Net cash provided by financing activities 345 175
Net increase (decrease) in cash and cash equivalents (536) 9,326
Cash and cash equivalents, beginning of period 7,279 11,029
Cash and cash equivalents, end of period $ 6,743 $ 20,355