Quarterly report pursuant to Section 13 or 15(d)

CONDENSED BALANCE SHEETS

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CONDENSED BALANCE SHEETS (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2012
Dec. 31, 2011
Current assets:    
Cash and cash equivalents $ 26,151 $ 18,633
Available-for-sale securities 176,488 229,007
Prepaid expenses and other current assets 3,734 2,593
Total current assets 206,373 250,233
Property and equipment, net 6,112 4,882
Other assets 1,875 1,991
Total assets 214,360 257,106
Current liabilities:    
Accounts payable 1,912 1,556
Accrued compensation 3,673 7,271
Other accrued liabilities 3,518 2,571
Deferred rent 397 129
Total current liabilities 9,500 11,527
Long-term portion of deferred rent 9,003 9,313
Other long-term liabilities 107 117
Commitments and contingencies      
Stockholders' equity:    
Preferred stock, $0.001 par value; 10,000,000 shares authorized; none issued and outstanding as of June 30, 2012 and December 31, 2011      
Common stock, $0.001 par value; 200,000,000 and 100,000,000 shares authorized as of June 30, 2012 and December 31, 2011, respectively; 71,595,137 and 71,379,052 shares issued and outstanding as of June 30, 2012 and December 31, 2011, respectively 72 71
Additional paid-in capital 904,960 897,479
Accumulated other comprehensive income 37 6
Accumulated deficit (709,319) (661,407)
Total stockholders' equity 195,750 236,149
Total liabilities and stockholders' equity $ 214,360 $ 257,106