|
Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
3 Months Ended |
|
Mar. 31, 2015
|
Mar. 31, 2014
|
| Cash flows from operating activities: |
|
|
| Net loss |
$ (11,154) |
$ (7,109) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
| Depreciation and amortization |
239 |
390 |
| Stock-based compensation expense |
1,421 |
1,266 |
| Change in common stock warrant value |
1,532 |
(1,457) |
| Changes in operating assets and liabilities: |
|
|
| Collaboration receivable |
5,255 |
12,902 |
| Prepaid expenses and other assets |
(436) |
835 |
| Accounts payable |
(265) |
2,317 |
| Accrued clinical and development expenses |
2,250 |
(1,952) |
| Accrued liabilities |
1,016 |
801 |
| Deferred rent |
(18) |
47 |
| Deferred revenue |
(3,681) |
(3,681) |
| Net cash (used in) provided by operating activities |
(3,841) |
4,359 |
| Cash flows from investing activities: |
|
|
| Acquisition of property and equipment |
(38) |
(24) |
| Acquisition of marketable securities |
(32,899) |
(22,349) |
| Proceeds from sale of marketable securities |
1,997 |
3,109 |
| Proceeds from maturities of marketable securities |
18,939 |
14,024 |
| Net cash used in investing activities |
(12,001) |
(5,240) |
| Cash flows from financing activities: |
|
|
| Proceeds from issuance of common stock and warrants, net of offering expenses |
28,514 |
345 |
| Net cash provided by financing activities |
28,514 |
345 |
| Net increase (decrease) in cash and cash equivalents |
12,672 |
(536) |
| Cash and cash equivalents, beginning of period |
8,391 |
7,279 |
| Cash and cash equivalents, end of period |
$ 21,063 |
$ 6,743 |