Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash flows from operating activities:    
Net loss $ (19,460) $ (7,875)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 503 726
Stock-based compensation expense 3,316 2,734
Change in common stock warrant value 974 (8,122)
(Gain) loss on sale of investments, property and equipment 14  
Changes in operating assets and liabilities:    
Collaboration receivable 3,601 13,831
Prepaid expenses and other assets (773) (699)
Accounts payable (1,439) 1,202
Accrued clinical and development expenses 1,722 (271)
Accrued liabilities (729) (650)
Deferred rent (74) 34
Deferred revenue (7,361) (7,361)
Net cash (used in) provided by operating activities (19,706) (6,451)
Cash flows from investing activities:    
Acquisition of property and equipment (55) (171)
Acquisition of marketable securities (39,479) (33,137)
Proceeds from sale of marketable securities 1,997 8,214
Proceeds from maturities of marketable securities 30,907 30,355
Net cash (used in) provided by investing activities (6,630) 5,261
Cash flows from financing activities:    
Proceeds from issuance of common stock and warrants, net of offering expenses 28,514 374
Net cash provided by financing activities 28,514 374
Net increase (decrease) in cash and cash equivalents 2,178 (816)
Cash and cash equivalents, beginning of period 8,391 7,279
Cash and cash equivalents, end of period $ 10,569 $ 6,463