|
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
6 Months Ended |
|
Jun. 30, 2012
|
Jun. 30, 2011
|
| Operating activities: |
|
|
| Net loss |
$ (14,029) |
$ (7,772) |
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
| Depreciation |
168 |
154 |
| Recognition of deferred revenue |
(2,644) |
(3,646) |
| Share-based Compensation Expense |
599 |
429 |
| Loss on early extinguishment of debt |
520 |
0 |
| Non-cash interest expense |
233 |
119 |
| Fair value adjustment - warrant liability |
|
(195) |
| Changes in operating assets and liabilities: |
|
|
| Accounts receivable and investment tax credits |
672 |
(301) |
| Prepaid expenses and other assets |
275 |
(1,836) |
| Accounts payable |
703 |
2,320 |
| Accrued liabilities |
537 |
498 |
| Net cash used in operating activities |
(12,966) |
(10,230) |
| Investing activities: |
|
|
| Purchases of furniture, fixtures, and equipment |
(69) |
(37) |
| Net cash used in investing activities |
(69) |
(37) |
| Financing activities: |
|
|
| Repayment of debt |
(4,934) |
|
| Proceeds from issuance of notes payable |
13,434 |
0 |
| Proceeds from issuance of common stock,, net of underwriting discounts |
0 |
53,382 |
| Initial public offering costs |
0 |
(882) |
| Proceeds from the exercise of common stock options |
38 |
|
| Net cash provided by financing activities |
8,538 |
52,500 |
| Effect of exchange rate changes on cash |
(46) |
2 |
| Net increase (decrease) in cash and cash equivalents |
(4,543) |
42,235 |
| Cash and cash equivalents at beginning of period |
40,930 |
17,373 |
| Cash and cash equivalents at end of period |
36,387 |
59,608 |
| Non-cash Investing and Financing Activities: |
|
|
| Conversion of convertible preferred stock into common stock |
0 |
1 |
| Reclassification of warrant liability to additional paid-in capital |
0 |
76 |
| Deferred initial public offering costs incurred in 2010 and reclassified to equity in 2011 |
$ 0 |
$ 1,068 |