Quarterly report pursuant to Section 13 or 15(d)

STATEMENTS OF CASH FLOWS

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STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Operating activities    
Net loss $ (68,636) $ (72,166)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,852 1,941
Stock-based compensation expense 6,576 5,603
Changes in assets and liabilities:    
Accounts receivable 5,750  
Prepaid expenses and other current assets 1,079 2,086
Other assets 114 173
Accounts payable (2,885) (672)
Accrued compensation 787 (3,901)
Accrued research and development 1,438 555
Other accrued liabilities 134 (290)
Deferred rent and other long term liabilities (912) (504)
Net cash used in operating activities (54,703) (67,175)
Investing activities    
Purchases of available-for-sale securities (171,659) (276,328)
Maturities of available-for-sale securities 217,891 309,802
Sales of available-for-sale securities   16,479
Capital expenditures (259) (1,053)
Net cash provided by investing activities 45,973 48,900
Financing activities    
Net proceeds from issuances of common stock 690 822
Net cash provided by financing activities 690 822
Net decrease in cash and cash equivalents (8,040) (17,453)
Cash and cash equivalents at beginning of period 20,854 33,484
Cash and cash equivalents at end of period $ 12,814 $ 16,031