Annual report pursuant to Section 13 and 15(d)

STATEMENTS OF CASH FLOWS

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STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Operating activities      
Net (loss) income $ (98,840) $ (85,973) $ 37,890
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:      
Depreciation and amortization 2,433 1,955 1,317
Stock-based compensation expense 12,617 13,168 16,436
Changes in assets and liabilities:      
Prepaid expenses and other current assets (1,624) 38 19
Other assets 232 244 250
Accounts payable 141 153 (1,751)
Accrued compensation (496) 2,460 (2,029)
Accrued research and development 57 (1,384) (2,363)
Other accrued liabilities 438 (402) 2
Deferred rent and other long term liabilities (150) 366 (3,028)
Net cash (used in) provided by operating activities (85,192) (69,375) 46,743
Investing activities      
Purchases of available-for-sale securities (475,398) (476,038) (266,092)
Maturities and sale of available-for-sale securities 439,724 415,493 216,249
Capital expenditures (3,377) (2,303) (3,560)
Net cash used in investing activities (39,051) (62,848) (53,403)
Financing activities      
Net proceeds from issuances of common stock 139,094 142,779 1,964
Payments on capital lease obligations   (800) (1,144)
Net cash provided by financing activities 139,094 141,979 820
Net increase (decrease) in cash and cash equivalents 14,851 9,756 (5,840)
Cash and cash equivalents at beginning of period 18,633 8,877 14,717
Cash and cash equivalents at end of period 33,484 18,633 8,877
Supplemental disclosure of cash flow information      
Interest paid   21 84
Income tax refund     $ 98