|
Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified
|
12 Months Ended |
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
| Operating activities: |
|
|
|
| Net loss |
$ (30,108) |
$ (39,081) |
$ (56,948) |
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
| Depreciation, amortization, and impairment |
304 |
628 |
886 |
| Gain on disposal of furniture and equipment |
(47) |
|
|
| Stock-based compensation expense |
4,368 |
4,167 |
4,772 |
| Amortization of debt issuance costs |
439 |
439 |
356 |
| Change in fair value of foreign currency derivative |
(5,294) |
749 |
4,000 |
| Changes in operating assets and liabilities: |
|
|
|
| Receivables from collaborations |
2,447 |
1,269 |
24,396 |
| Inventory |
|
263 |
635 |
| Prepaid expenses and other assets |
(620) |
(623) |
626 |
| Deferred collaboration expense |
5,133 |
2,301 |
1,309 |
| Accounts payable and accrued expenses |
(2,049) |
2,068 |
(10,731) |
| Deferred collaboration revenue |
(1,103) |
(9,577) |
(1,552) |
| Net cash used in operating activities: |
(26,530) |
(37,397) |
(32,251) |
| Investing activities: |
|
|
|
| Acquisition of furniture and equipment |
(30) |
(113) |
(55) |
| Proceeds from sale furniture and equipment |
50 |
|
|
| Change in restricted cash |
157 |
317 |
|
| Purchases of investments |
(23,974) |
(16,153) |
(45,500) |
| Sales and maturities of investments |
20,330 |
40,833 |
56,873 |
| Net cash (used in) provided by investing activities: |
(3,467) |
24,884 |
11,318 |
| Financing activities: |
|
|
|
| Sale of common stock, net |
23,633 |
17,805 |
1,027 |
| Exercise of stock options |
1,333 |
534 |
278 |
| Employee stock purchase plan sales |
124 |
321 |
300 |
| Purchases of treasury stock |
|
|
(61) |
| Issuance of non-recourse notes payable, net |
|
|
25,691 |
| Receipt (payment) of foreign currency derivative collateral |
5,180 |
(1,700) |
(3,480) |
| Net cash provided by financing activities: |
30,270 |
16,960 |
23,755 |
| Increase in cash and cash equivalents |
273 |
4,447 |
2,822 |
| Cash and cash equivalents at beginning of year |
20,891 |
16,444 |
13,622 |
| Cash and cash equivalents at end of year |
$ 21,164 |
$ 20,891 |
$ 16,444 |