Annual report pursuant to Section 13 and 15(d)

STATEMENTS OF CASH FLOWS

v3.3.1.900
STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Operating activities      
Net loss $ (51,464) $ (90,908) $ (89,027)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 1,439 2,359 2,592
Stock compensation expense 7,403 9,787 7,166
Gain on disposal of assets (57) (98) (16)
Loss on sublease   9,302  
Changes in assets and liabilities:      
Accounts receivable 5,547   (5,750)
Prepaid and other current assets (917) 722 1,867
Other assets 159 439 231
Accounts payable 1,150 (2,290) 2,206
Accrued compensation 3,419 (17) (3,926)
Accrued research and development 960 2,405 (536)
Other accrued liabilities 599 (212) (196)
Deferred revenue 13,427    
Deferred rent and other long term liabilities (5,078) (1,242) (688)
Net cash used in operating activities (23,413) (69,753) (86,077)
Investing activities      
Purchases of short-term investments (151,763) (218,594) (308,846)
Maturities of short-term investments 196,862 281,705 365,968
Sales of short-term investments     16,479
Proceeds from disposal of assets 60 234 16
Capital expenditures (546) (413) (1,221)
Net cash provided by investing activities 44,613 62,932 72,396
Financing activities      
Net proceeds from issuances of common stock upon exercise of options and participation in Purchase Plan 1,761 1,170 1,051
Proceeds from issuance of common stock, net of offering costs 5,292    
Net cash provided by financing activities 7,053 1,170 1,051
Net increase (decrease) in cash and cash equivalents 28,253 (5,651) (12,630)
Cash and cash equivalents at beginning of period 15,203 20,854 33,484
Cash and cash equivalents at end of period $ 43,456 $ 15,203 $ 20,854