|
Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
12 Months Ended |
|
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
| CASH FLOWS USED IN OPERATING ACTIVITIES: |
|
|
|
| Net loss |
$ (62,479) |
$ (60,690) |
$ (69,128) |
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
| Depreciation and amortization |
77 |
27 |
44 |
| Amortization of premium on short-term investments, net |
429 |
27 |
101 |
| Stock-based compensation expense |
7,070 |
1,508 |
1,795 |
| Research and development expense settled in stock |
2,717 |
13,118 |
15,067 |
| Change in fair value of other current assets, warrant liability and other liability |
505 |
(9,087) |
2,069 |
| Non-cash interest |
295 |
387 |
449 |
| Loss on retirement of note payable |
57 |
|
|
| Changes in operating assets and liabilities: |
|
|
|
| Prepaid expenses and other current assets |
(1,639) |
1,721 |
4,623 |
| Other long-term assets |
(105) |
|
35 |
| Accounts payable |
1,991 |
(250) |
237 |
| Accrued expenses and other current liabilities |
2,737 |
8,222 |
1,550 |
| Net cash used in operating activities |
(48,345) |
(45,017) |
(43,158) |
| CASH FLOWS (USED IN) PROVIDED BY INVESTING ACTIVITIES: |
|
|
|
| Purchases of property and equipment |
(857) |
(2) |
(40) |
| Purchases of marketable securities |
(97,678) |
(17,070) |
(18,989) |
| Sales and maturities of marketable securities |
20,470 |
21,043 |
46,464 |
| Net cash (used in) provided by investing activities |
(78,065) |
3,971 |
27,435 |
| CASH FLOWS PROVIDED BY FINANCING ACTIVITIES: |
|
|
|
| Proceeds from exercise of stock options |
170 |
13 |
279 |
| Net proceeds from the issuance of preferred stock, net |
27,368 |
42,870 |
|
| Proceeds from note payable |
24,555 |
|
12,500 |
| Proceeds from the issuance of common stock, net |
103,804 |
|
|
| Deferred financing costs |
(116) |
|
(31) |
| Payments on note payable |
(13,156) |
(8,187) |
(3,500) |
| Net cash provided by financing activities |
142,625 |
34,696 |
9,248 |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
16,215 |
(6,350) |
(6,475) |
| CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR |
12,303 |
18,653 |
25,128 |
| CASH AND CASH EQUIVALENTS AT END OF YEAR |
28,518 |
12,303 |
18,653 |
| SUPPLEMENTAL DISCLOSURES: |
|
|
|
| Cash paid for interest |
1,971 |
1,796 |
1,801 |
| NON-CASH FINANCING ACTIVITIES: |
|
|
|
| Accretion of dividends on preferred stock |
9,000 |
17,471 |
13,992 |
| Reclassification of Preferred Stock to Common Stock |
298,063 |
|
|
| Fair value of series A-6 convertible preferred stock issued as settlement of liability |
10,109 |
23,168 |
|
| Fair value of warrants issued |
$ 1,552 |
$ 1,356 |
$ 379 |