Quarterly report pursuant to Section 13 or 15(d)

CONDENSED STATEMENTS OF CASH FLOWS

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CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Operating activities    
Net loss $ (34,461,000) $ (30,997,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 2,055,000 3,452,000
Gain on disposal of assets (732,000)  
Loss on sublease 495,000  
Depreciation and amortization 240,000 584,000
Net amortization of premium on short-term investment (107,000)  
Changes in assets and liabilities:    
Accounts receivable   108,000
Prepaid and other current assets (42,000) 683,000
Other assets 60,000 88,000
Accounts payable (3,508,000) (1,263,000)
Accrued compensation (426,000) (3,132,000)
Accrued research and development (710,000) 1,749,000
Other accrued liabilities (37,000) 136,000
Deferred revenue   (9,667,000)
Deferred rent and other long term liabilities (3,059,000) (2,595,000)
Net cash used in operating activities (40,232,000) (40,854,000)
Investing activities    
Purchases of short-term investments (44,920,000) (67,895,000)
Maturities of short-term investments 52,449,000 80,818,000
Proceeds from disposal of assets 732,000  
Capital expenditures (55,000) (546,000)
Net cash provided by investing activities 8,206,000 12,377,000
Financing activities    
Net proceeds from issuances of common stock upon exercise of options and participation in employee stock purchase plan 810,000 618,000
Proceeds from sale and issuance of common stock, net of offering costs 46,175,000 9,349,000
Net cash provided by financing activities 46,985,000 9,967,000
Net increase (decrease) in cash and cash equivalents 14,959,000 (18,510,000)
Cash and cash equivalents at beginning of period 17,632,000 43,456,000
Cash and cash equivalents at end of period $ 32,591,000 $ 24,946,000