|
Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
3 Months Ended |
87 Months Ended |
|
Mar. 31, 2012
|
Mar. 31, 2011
|
Mar. 31, 2012
|
| Cash flows from operating activities: |
|
|
|
| Net loss |
$ (6,284) |
$ (3,723) |
$ (102,886) |
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
| Depreciation expense |
25 |
15 |
280 |
| Loss on asset disposal |
|
|
24 |
| Acquired in-process research and development |
|
|
5,500 |
| Stock-based compensation |
331 |
254 |
2,679 |
| Noncash interest expense |
65 |
54 |
5,580 |
| Changes in operating assets and liabilities: |
|
|
|
| Prepaid expenses and other assets |
58 |
(1,112) |
705 |
| Accounts payable |
(415) |
482 |
1,552 |
| Accrued expenses |
17 |
(1,448) |
2,014 |
| Net cash used in operating activities |
(6,203) |
(5,478) |
(84,552) |
| Cash flows from investing activities: |
|
|
|
| Purchase of in-process research and development |
|
|
(5,500) |
| Payments under equipment funding agreement |
|
(536) |
(6,763) |
| Purchases of property and equipment |
(112) |
(28) |
(603) |
| Net cash used in investing activities |
(112) |
(564) |
(12,866) |
| Cash flows from financing activities: |
|
|
|
| Proceeds from issuance of debt |
|
|
17,500 |
| Payment of debt issuance costs |
|
|
(325) |
| Repayment of debt |
(2,170) |
(129) |
(6,819) |
| Proceeds from sale of preferred stock, net |
|
|
43,576 |
| Proceeds from sale of common stock, net |
|
21 |
43,593 |
| Proceeds from sale of convertible notes, net |
|
|
14,467 |
| Net cash (used in) provided by financing activities |
(2,170) |
(108) |
111,992 |
| Net increase (decrease) in cash and cash equivalents |
(8,485) |
(6,150) |
14,574 |
| Cash and cash equivalents, beginning of period |
23,059 |
38,918 |
|
| Cash and cash equivalents, end of period |
14,574 |
32,768 |
14,574 |
| Noncash investing and financing activities: |
|
|
|
| Conversion of note principal and accrued interest to redeemable convertible preferred stock |
|
|
4,547 |
| Conversion of note principal and accrued interest to common stock |
|
|
10,337 |
| Conversion of redeemable convertible preferred stock into common stock |
|
|
58,072 |
| Reclassification of warrant liability |
|
|
1,113 |
| Fair value of warrants issued in connection with loan facility |
|
|
272 |
| Financing arrangement with third party vendors |
|
|
991 |
| Accretion of redeemable convertible preferred stock |
|
|
9,948 |
| Cash paid for interest |
$ 378 |
$ 149 |
$ 2,470 |