|
Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
|
9 Months Ended |
41 Months Ended |
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
| Operating activities |
|
|
|
| Net loss |
$ (52,924) |
$ (40,662) |
$ (163,423) |
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
| Depreciation |
269 |
133 |
543 |
| Share-based compensation expense |
3,608 |
802 |
5,005 |
| Amortization of premiums and discounts on available for sale securities |
11 |
121 |
472 |
| Gain on sale of available for sale securities |
|
(16) |
(34) |
| Non-cash acquired in-process research and development |
|
7,000 |
7,000 |
| Changes in operating assets and liabilities: |
|
|
|
| Prepaid and accrued research and development expenses |
3,083 |
2,503 |
7,134 |
| Other operating assets |
573 |
25 |
373 |
| Accounts payable |
(933) |
1,550 |
2,123 |
| Other accrued expenses |
(438) |
1,379 |
2,262 |
| Net cash used in operating activities |
(46,751) |
(27,165) |
(138,545) |
| Investing activities |
|
|
|
| Purchases of property and equipment |
(1,038) |
(445) |
(2,524) |
| Purchases of available for sale securities |
|
|
(27,008) |
| Maturities and sales of available for sale securities |
2,000 |
9,614 |
26,571 |
| Net cash provided by (used in) investing activities |
962 |
9,169 |
(2,961) |
| Financing activities |
|
|
|
| Proceeds from sale of convertible preferred stock, net of issuance costs |
|
|
75,499 |
| Proceeds from sale of common stock, net of issuance costs |
69,976 |
(1,514) |
199,335 |
| Proceeds from stock option exercises |
42 |
1,052 |
1,193 |
| Proceeds from issuance of convertible promissory notes, net of issuance costs |
|
27,903 |
27,902 |
| Net cash provided by financing activities |
70,018 |
27,441 |
303,929 |
| Effect of exchange rate changes on cash and cash equivalents |
14 |
39 |
56 |
| Increase in cash and cash equivalents |
24,243 |
9,484 |
162,479 |
| Cash and cash equivalents at beginning of period |
138,236 |
10,508 |
|
| Cash and cash equivalents at end of period |
162,479 |
19,992 |
162,479 |
| Non-cash items: |
|
|
|
| Conversion of convertible preferred stock to common stock |
|
|
75,499 |
| Conversion of convertible promissory notes and accrued interest to common stock |
|
|
35,851 |
| Assets recorded for which payment (has)/has not yet occurred |
$ (684) |
|
|