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, 2013
Jun. 30, 2012
Cash flows from operating activities:    
Net loss $ (22,002) $ (98,532)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 664 331
Stock-based compensation expense 2,325 1,143
Change in common stock warrant value 8,938 88,539
Changes in operating assets and liabilities:    
Collaboration receivable 13,087 (16,412)
Prepaid expenses and other assets (746) (1,108)
Accounts payable (24) (1,394)
Accrued clinical and development expenses 1,269 (664)
Accrued liabilities (216) (300)
Deferred rent (11) 121
Deferred revenue 23,898 55,451
Net cash provided by operating activities 27,182 27,175
Cash flows from investing activities:    
Acquisition of property and equipment (97) (228)
Acquisition of marketable securities (74,904) (60,577)
Proceeds from maturities of marketable securities 40,358 16,502
Net cash used in investing activities (34,643) (44,303)
Cash flows from financing activities:    
Proceeds from issuance of common stock and warrants, net of offering expenses 845 19,553
Net cash provided by financing activities 845 19,553
Net increase (decrease) in cash and cash equivalents (6,616) 2,425
Cash and cash equivalents, beginning of period 11,029 5,882
Cash and cash equivalents, end of period $ 4,413 $ 8,307