Annual report pursuant to Section 13 and 15(d)

STATEMENTS OF CASH FLOWS

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STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Operating activities      
Net income (loss) $ (85,973) $ 37,890 $ (111,547)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization 1,955 1,317 1,403
Stock-based compensation expense 13,168 16,436 13,438
Changes in assets and liabilities:      
Prepaid expenses and other current assets 38 19 960
Other assets 244 250 335
Accounts payable 153 (1,751) (2,830)
Accrued compensation 2,460 (2,029) 5,215
Other accrued liabilities (1,786) (2,361) (5,311)
Deferred rent and other long term liabilities 366 (3,028) (4,442)
Net cash provided by (used in) operating activities (69,375) 46,743 (102,779)
Investing activities      
Purchases of available-for-sale securities (476,038) (266,092) (169,928)
Maturities and sales of available-for-sale securities 415,493 216,249 139,391
Proceeds from the sale of property and equipment 0 0 14
Capital expenditures (2,303) (3,560) (141)
Net cash used in investing activities (62,848) (53,403) (30,664)
Financing activities      
Payments on capital lease obligations (800) (1,144) (1,448)
Net proceeds from issuances of common stock 142,779 1,964 103,603
Net cash provided by financing activities 141,979 820 102,155
Net increase (decrease) in cash and cash equivalents 9,756 (5,840) (31,288)
Cash and cash equivalents at beginning of period 8,877 14,717 46,005
Cash and cash equivalents at end of period 18,633 8,877 14,717
Supplemental disclosure of cash flow information      
Interest paid 21 84 176
Income tax refund 0 98 88
Schedule of non cash transactions      
Issuance of warrant with lease amendment $ 0 $ 0 $ 616