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
Mar. 31, 2013
Dec. 31, 2012
Current assets:    
Cash and cash equivalents $ 34,159 $ 33,484
Available-for-sale securities 238,291 264,757
Prepaid expenses and other current assets 2,955 4,217
Total current assets 275,405 302,458
Property and equipment, net 5,833 5,826
Other assets 1,701 1,759
Total assets 282,939 310,043
Current liabilities:    
Accounts payable 2,138 1,697
Accrued compensation 3,271 6,775
Accrued research and development 2,075 2,124
Other accrued liabilities 873 942
Deferred rent 801 666
Total current liabilities 9,158 12,204
Long-term portion of deferred rent 8,379 8,647
Other long-term liabilities 91 96
Commitments and contingencies      
Stockholders' equity:    
Preferred stock      
Common stock 87 87
Additional paid-in capital 1,050,967 1,049,174
Accumulated other comprehensive income 78 82
Accumulated deficit (785,821) (760,247)
Total stockholders' equity 265,311 289,096
Total liabilities and stockholders' equity $ 282,939 $ 310,043