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
 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Cash flows from operating activities:    
Net loss $ (99,523) $ (20,378)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 668 395
Stock-based compensation expense 2,087 743
Change in common stock warrant value 85,572 (1,538)
(Gain) loss on sale of investments, property and equipment   (15)
Changes in operating assets and liabilities:    
Collaboration receivable (17,457)  
Prepaid expenses and other assets (606) 55
Accounts payable (1,650) 53
Accrued clinical and development expenses 1,980 1,022
Accrued liabilities 80 798
Deferred rent 120 (244)
Deferred revenue 53,654  
Net cash provided by (used in) operating activities 24,925 (19,109)
Cash flows from investing activities:    
Acquisition of property and equipment (328) (317)
Acquisition of marketable securities (75,413) (26,406)
Proceeds from sales and maturities of marketable securities 32,122 12,993
Net cash used in investing activities (43,619) (13,730)
Cash flows from financing activities:    
Proceeds from issuance of common stock and warrants, net of offering expenses 21,446 30,224
Net cash provided by financing activities 21,446 30,224
Net increase (decrease) in cash and cash equivalents 2,752 (2,615)
Cash and cash equivalents, beginning of period 5,882 8,691
Cash and cash equivalents, end of period 8,634 6,076
Supplemental schedule of non-cash investing and financing activities    
Change in unrealized gain (loss) on marketable securities $ 15 $ (10)