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, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash flows from operating activities:      
Net income (loss) $ 43,822 $ (21,584) $ (28,415)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Depreciation and amortization 1,002 1,309 1,506
Stock-based compensation expense 6,801 5,488 4,922
Change in common stock warrant value (16,773) (9,344) 2,325
(Gain) loss on sale of investments, property and equipment 14 (3) (5)
Changes in operating assets and liabilities:      
Collaboration receivable 5,357 10,846 (2,459)
Prepaid expenses and other current assets (774) 1,314 (1,079)
Accounts payable (1,349) 385 781
Accrued clinical and development expenses 836 (1,446) 1,694
Accrued liabilities 89 19 904
Deferred rent (112) 3 (28)
Deferred revenue (76,916) (14,722) 30,005
Net cash provided by (used in) operating activities (38,003) (27,735) 10,151
Cash flows from investing activities:      
Acquisition of property and equipment (109) (224) (158)
Acquisition of marketable securities (56,793) (44,911) (101,968)
Proceeds from sales of marketable securities 1,997 14,584 5,338
Proceeds from maturities of marketable securities 65,223 53,878 80,495
Net cash provided by (used in) investing activities 10,318 23,327 (16,293)
Cash flows from financing activities:      
Proceeds from issuance of common stock and warrants, net of offering expenses 28,883 5,520 2,392
Net cash provided by financing activities 28,883 5,520 2,392
Net increase (decrease) in cash and cash equivalents 1,198 1,112 (3,750)
Cash and cash equivalents, beginning of period 8,391 7,279 11,029
Cash and cash equivalents, end of period $ 9,589 $ 8,391 $ 7,279