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, 2014
Sep. 30, 2013
Cash flows from operating activities:    
Net loss $ (15,620) $ (20,826)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 1,034 1,094
Stock-based compensation expense 3,932 3,556
Change in common stock warrant value (7,781) 2,559
Changes in operating assets and liabilities:    
Collaboration receivable 13,631 10,090
Prepaid expenses and other assets 258 (652)
Accounts payable 1,725 467
Accrued clinical and development expenses (3,302) 2,541
Accrued liabilities (464) 232
Deferred rent 20 (18)
Deferred revenue (11,042) 20,717
Net cash (used in) provided by operating activities (17,609) 19,760
Cash flows from investing activities:    
Acquisition of property and equipment (212) (106)
Acquisition of marketable securities (43,275) (88,951)
Proceeds from sale of marketable securities 13,234 3,203
Proceeds from maturities of marketable securities 46,715 56,797
Net cash provided by (used in) investing activities 16,462 (29,057)
Cash flows from financing activities:    
Proceeds from issuance of common stock and warrants, net of offering expenses 5,108 2,269
Net cash provided by financing activities 5,108 2,269
Net increase (decrease) in cash and cash equivalents 3,961 (7,028)
Cash and cash equivalents, beginning of period 7,279 11,029
Cash and cash equivalents, end of period $ 11,240 $ 4,001