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
 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Cash flows from operating activities:    
Net loss $ (7,875) $ (22,002)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 726 664
Stock-based compensation expense 2,734 2,325
Change in common stock warrant value (8,122) 8,938
Changes in operating assets and liabilities:    
Collaboration receivable 13,831 13,087
Prepaid expenses and other assets (699) (746)
Accounts payable 1,202 (24)
Accrued clinical and development expenses (271) 1,269
Accrued liabilities (650) (216)
Deferred rent 34 (11)
Deferred revenue (7,361) 23,898
Net cash (used in) provided by operating activities (6,451) 27,182
Cash flows from investing activities:    
Acquisition of property and equipment (171) (97)
Acquisition of marketable securities (33,137) (74,904)
Proceeds from sale of marketable securities 8,214 1,000
Proceeds from maturities of marketable securities 30,355 39,358
Net cash provided by (used in) investing activities 5,261 (34,643)
Cash flows from financing activities:    
Proceeds from issuance of common stock and warrants, net of offering expenses 374 845
Net cash provided by financing activities 374 845
Net increase (decrease) in cash and cash equivalents (816) (6,616)
Cash and cash equivalents, beginning of period 7,279 11,029
Cash and cash equivalents, end of period $ 6,463 $ 4,413