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
 6 Months Ended 118 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Cash flows from operating activities:      
Net loss $ (16,253) $ (6,220) $ (242,196)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 244 265 5,080
Stock-based compensation expense 452 256 39,260
Change in common stock warrant value 2,121 (5,456) (734)
Amortization of debt issuance costs     44
Loss on sale of investments, property and equipment     (27)
Changes in operating assets and liabilities:      
Prepaid expenses and other assets (136) 9,210 (765)
Accounts payable 226 191 478
Accrued clinical and development expenses 238 1,039 2,677
Accrued liabilities 492 (10,312) 1,315
Deferred rent (152) (102) 96
Net cash used in operating activities (12,768) (11,129) (194,772)
Cash flows from investing activities:      
Acquisition of property and equipment   (105) (5,096)
Acquisition of marketable securities (21,228) (10,368) (217,021)
Proceeds from sales and maturities of marketable securities 6,235 16,309 196,037
Restricted cash   12 (471)
Net cash provided by (used in) investing activities (14,993) 5,848 (26,551)
Cash flows from financing activities:      
Proceeds from redeemable convertible preferred stock, net     49,839
Proceeds from issuance of common stock and warrants, net of offering expenses 29,667 76 182,215
Deferred offering costs     (134)
Proceeds from issuance of notes payable     3,616
Repayment of notes payable     (3,616)
Net cash provided by financing activities 29,667 76 231,920
Net increase (decrease) in cash and cash equivalents 1,906 (5,205) 10,597
Cash and cash equivalents, beginning of period 8,691 8,934  
Cash and cash equivalents, end of period 10,597 3,729 10,597
Supplemental schedule of non-cash investing and financing activities      
Deferred stock-based compensation     19,511
Cumulative effect of change in accounting principle - Reclassification of common stock warrants to liability upon adoption of ASC 815     532
Change in unrealized gain (loss) on marketable securities (3) 26 (2)
Conversion of redeemable preferred stock     49,839
Dividend related to beneficial conversion feature of redeemable convertible preferred stock.     $ 40,862