|
Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
9 Months Ended |
105 Months Ended |
|
Sep. 30, 2013
|
Sep. 30, 2012
|
Sep. 30, 2013
|
| Cash flows from operating activities: |
|
|
|
| Net loss |
$ (30,103) |
$ (18,641) |
$ (151,239) |
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
| Depreciation expense |
87 |
79 |
445 |
| Loss on asset disposal |
|
|
29 |
| Write off of offering costs |
488 |
|
488 |
| Increase in fair value of warrants |
12,162 |
|
13,449 |
| Loss on debt extinguishment |
|
|
799 |
| Cash paid for interest on debt extinguishment |
|
|
(350) |
| Acquired in-process research and development |
|
|
5,500 |
| Stock-based compensation |
2,739 |
1,475 |
7,710 |
| Noncash interest expense |
99 |
195 |
5,857 |
| Changes in operating assets and liabilities: |
|
|
|
| Prepaid expenses and other current assets |
(93) |
(164) |
871 |
| Accounts payable |
1,766 |
144 |
2,566 |
| Accrued expenses |
863 |
1,839 |
2,920 |
| Net cash used in operating activities |
(11,992) |
(15,073) |
(110,955) |
| Cash flows from investing activities: |
|
|
|
| Purchase of in-process research and development |
|
|
(5,500) |
| Payments under equipment funding agreement |
(529) |
|
(7,292) |
| Purchases of property and equipment |
(2,129) |
(311) |
(3,097) |
| Net cash used in investing activities |
(2,658) |
(311) |
(15,889) |
| Cash flows from financing activities: |
|
|
|
| Proceeds from issuance of debt |
|
|
26,000 |
| Payment of debt issuance costs |
|
|
(428) |
| Repayment of debt |
(270) |
(6,424) |
(19,058) |
| Proceeds from sale of preferred stock, net |
|
|
69,863 |
| Proceeds from sale of common stock, net |
2,674 |
26 |
46,324 |
| Proceeds from sale of convertible notes, net |
|
|
14,467 |
| Net cash (used in) provided by financing activities |
2,404 |
(6,398) |
137,168 |
| Net increase (decrease) in cash and cash equivalents |
(12,246) |
(21,782) |
10,324 |
| Cash and cash equivalents, beginning of period |
22,570 |
23,059 |
|
| Cash and cash equivalents, end of period |
10,324 |
1,277 |
10,324 |
| 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 |
27,495 |
|
28,608 |
| Fair value of warrants issued in connection with loan facility |
|
|
485 |
| Fair value of warrants issued in connection with equity financing |
|
|
14,949 |
| Financing arrangement with third party vendors |
538 |
434 |
1,964 |
| Accretion of redeemable convertible preferred stock |
|
|
9,948 |
| Dividends |
314 |
|
13,564 |
| Cash paid for interest |
$ 641 |
$ 964 |
$ 3,918 |