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, 2013
Dec. 31, 2012
Dec. 31, 2011
Operating activities      
Net loss $ (89,027) $ (98,840) $ (85,973)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 2,592 2,433 1,955
Stock-based compensation expense 7,166 12,617 13,168
Changes in assets and liabilities:      
Accounts receivable (5,750)    
Prepaid expenses and other current assets 1,867 (1,624) 38
Other assets 231 232 244
Accounts payable 2,206 141 153
Accrued compensation (3,926) (496) 2,460
Accrued research and development (536) 57 (1,384)
Other accrued liabilities (196) 438 (402)
Deferred rent and other long term liabilities (688) (150) 366
Net cash used in operating activities (86,061) (85,192) (69,375)
Investing activities      
Purchases of available-for-sale securities (308,846) (475,398) (476,038)
Maturities of available-for-sale securities 365,968 439,724 415,493
Sales of available-for-sale securities 16,479    
Capital expenditures (1,221) (3,377) (2,303)
Net cash provided by (used in) investing activities 72,380 (39,051) (62,848)
Financing activities      
Net proceeds from issuances of common stock 1,051 139,094 142,779
Payments on capital lease obligations     (800)
Net cash provided by financing activities 1,051 139,094 141,979
Net (decrease) increase in cash and cash equivalents (12,630) 14,851 9,756
Cash and cash equivalents at beginning of period 33,484 18,633 8,877
Cash and cash equivalents at end of period 20,854 33,484 18,633
Supplemental disclosure of cash flow information      
Interest paid     $ 21