Quarterly report pursuant to Section 13 or 15(d)

CONDENSED STATEMENTS OF CASH FLOWS

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CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Operating activities    
Net loss $ (24,385) $ (15,314)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 1,540 955
Gain on disposal of assets   (732)
Loss on sublease   495
Depreciation and amortization 113 126
Net amortization of premium on short-term investment (134) (33)
Changes in assets and liabilities:    
Prepaid and other current assets (638) 65
Other assets 533 33
Accounts payable (493) (4,385)
Accrued compensation (2,313) (1,464)
Accrued research and development 844 349
Other accrued liabilities 2,184 439
Deferred rent and other long term liabilities (645) (1,296)
Net cash used in operating activities (23,394) (20,762)
Investing activities    
Purchases of short-term investments (5,235) (33,385)
Maturities of short-term investments 28,650 32,544
Proceeds from disposal of assets   732
Capital expenditures (197) (41)
Net cash provided by (used in ) investing activities 23,218 (150)
Financing activities    
Net proceeds from issuances of common stock upon exercise of options and participation in employee stock purchase plan 2,011 341
Proceeds from sale and issuance of common stock, net of offering costs   43,083
Net cash provided by financing activities 2,011 43,424
Net increase in cash and cash equivalents 1,835 22,512
Cash and cash equivalents at beginning of period 38,290 [1] 17,632
Cash and cash equivalents at end of period $ 40,125 $ 40,144
[1] The balance sheet at December 31, 2017 has been derived from the audited financial statements included in Rigel’s Annual Report on Form 10-K for the year ended December 31, 2017.