Annual report pursuant to Section 13 and 15(d)

BALANCE SHEETS

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BALANCE SHEETS (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Current assets:    
Cash and cash equivalents $ 18,633 $ 8,877
Available-for-sale securities 229,007 168,418
Prepaid expenses and other current assets 2,593 2,631
Total current assets 250,233 179,926
Property and equipment, net 4,882 4,534
Other assets 1,991 2,235
Total assets 257,106 186,695
Current liabilities:    
Accounts payable 1,556 1,403
Accrued compensation 7,271 4,811
Other accrued liabilities 2,571 4,357
Deferred rent 129 0
Capital lease obligations 0 755
Total current liabilities 11,527 11,326
Long-term portion of capital lease obligations 0 45
Long-term portion of deferred rent 9,313 9,056
Other long-term liabilities 117 137
Commitments and contingencies      
Stockholders' equity:    
Preferred stock, $0.001 par value; 10,000,000 shares authorized; none issued and outstanding as of December 31, 2011 and 2010      
Common stock, $0.001 par value; 100,000,000 shares authorized; 71,379,052 and 52,271,184 shares issued and outstanding as of December 31, 2011 and 2010, respectively 71 52
Additional paid-in capital 897,479 741,551
Accumulated other comprehensive income (loss) 6 (38)
Accumulated deficit (661,407) (575,434)
Total stockholders' equity 236,149 166,131
Total liabilities and stockholders' equity $ 257,106 $ 186,695