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
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities:      
Net income (loss) $ (24,094) $ 43,822 $ (21,584)
Adjustments to reconcile net income (loss) to net cash used in operating activities:      
Depreciation and amortization 423 1,002 1,309
Stock-based compensation expense 3,089 6,801 5,488
Change in common stock warrant value (121) (16,773) (9,344)
(Gain) loss on sale of investments, property and equipment (122) 14 (3)
Changes in operating assets and liabilities:      
Collaboration receivable/payable 2,020 5,357 10,846
Prepaid expenses and other current assets 2,142 (774) 1,314
Accounts payable 97 (1,349) 385
Accrued clinical and development expenses (6,057) 836 (1,446)
Accrued liabilities (2,381) 89 19
Deferred rent (95) (112) 3
Deferred revenue 0 (76,916) (14,722)
Net cash used in operating activities (25,099) (38,003) (27,735)
Cash flows from investing activities:      
Acquisition of property and equipment 0 (109) (224)
Acquisition of marketable securities (17,448) (56,793) (44,911)
Proceeds from sale of property and equipment 131 0 0
Proceeds from sales of marketable securities 0 1,997 14,584
Proceeds from maturities of marketable securities 43,350 65,223 53,878
Net cash provided by investing activities 26,033 10,318 23,327
Cash flows from financing activities:      
Proceeds from issuance of common stock and warrants, net of offering expenses 28 28,883 5,520
Net cash provided by financing activities 28 28,883 5,520
Net increase in cash and cash equivalents 962 1,198 1,112
Cash and cash equivalents, beginning of period 9,589 8,391 7,279
Cash and cash equivalents, end of period $ 10,551 $ 9,589 $ 8,391