|
Consolidated Statements of Cash Flows (USD $)
|
12 Months Ended |
|
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
| Cash flows from operating activities |
|
|
|
| Net loss |
$ (49,963,000) |
$ (38,759,000) |
$ (3,415,000) |
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
| Depreciation and amortization |
512,000 |
489,000 |
520,000 |
| Amortization of discount and deferred financing costs on notes payable |
|
|
77,504 |
| Amortization of premiums and accretion of discounts on securities |
533,000 |
651,000 |
835,000 |
| Share-based compensation expense |
2,187,000 |
2,021,000 |
1,041,000 |
| Change in fair value of warrant liability |
(796,000) |
(2,327,000) |
(25,520,000) |
| Cash settled on conversion of restricted share units |
(96,000) |
(22,000) |
(39,000) |
| Other |
(1,000) |
(45,000) |
255,000 |
| Net changes in assets and liabilities: |
|
|
|
| Accounts and other receivables |
(101,000) |
126,000 |
11,000 |
| Prepaid and other current assets |
(168,000) |
120,000 |
(302,000) |
| Other long-term assets |
(83,000) |
57,000 |
(307,000) |
| Accounts payable |
144,000 |
(600,000) |
674,000 |
| Accrued and other liabilities |
(736,000) |
1,770,000 |
(435,000) |
| Accrued compensation and related liabilities |
303,000 |
269,000 |
184,000 |
| Deferred rent |
(102,000) |
(94,000) |
(83,000) |
| Net cash used in operating activities |
(48,367,000) |
(36,344,000) |
(26,503,000) |
| Cash flows from investing activities |
|
|
|
| Purchases of investments |
(62,411,000) |
(70,775,000) |
(72,037,000) |
| Redemption of investments |
71,861,000 |
68,315,000 |
64,518,000 |
| Purchases of property and equipment |
(380,000) |
(252,000) |
(752,000) |
| Cash assumed in connection with the acquisition of Alpine |
104,000 |
|
|
| Net cash provided by (used in) investing activities |
9,174,000 |
(2,712,000) |
(8,271,000) |
| Cash flows from financing activities |
|
|
|
| Proceeds from issuance of common stock and warrants, net of issuance costs |
21,668,000 |
26,069,000 |
50,466,000 |
| Proceeds from issuance of Series A convertible preferred stock, net of issuance cost |
18,693,000 |
|
|
| Proceeds from stock options exercised |
7,000 |
|
9,000 |
| Principal payment on notes payable |
|
|
(909,000) |
| Repayment on notes payable |
|
|
(4,135,000) |
| Net cash provided by financing activities |
40,368,000 |
26,069,000 |
45,431,000 |
| Increase (decrease) in cash and cash equivalents |
1,175,000 |
(12,987,000) |
10,657,000 |
| Cash and cash equivalents, beginning of year |
9,279,000 |
22,266,000 |
11,609,000 |
| Cash and cash equivalents, end of year |
10,454,000 |
9,279,000 |
22,266,000 |
| Supplemental disclosure of cash flow information |
|
|
|
| Interest paid |
|
|
276,000 |
| Non-cash activities |
|
|
|
| Issuance of common stock in connection with the acquisition of Alpine |
$ 27,233,000 |
|
|