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, unless otherwise specified
 3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Operating activities    
Net loss $ (23,174) $ (20,781)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 552 447
Stock-based compensation expense 3,098 3,837
Changes in assets and liabilities:    
Prepaid expenses and other current assets (182) (255)
Other assets 59 (55)
Accounts payable 366 (131)
Accrued compensation (4,186) (2,278)
Other accrued liabilities 199 (1,670)
Deferred rent and other long-term liabilities (5) 123
Net cash used in operating activities (23,273) (20,763)
Investing activities    
Purchases of available-for-sale securities (105,926) (38,922)
Maturities and sales of available-for-sale securities 133,685 77,573
Capital expenditures (1,574) (860)
Net cash provided by investing activities 26,185 37,791
Financing activities    
Payments on capital lease obligations 0 (251)
Net proceeds from issuances of common stock 488 52
Net cash provided by (used in) financing activities 488 (199)
Net increase in cash and cash equivalents 3,400 16,829
Cash and cash equivalents at beginning of period 18,633 8,877
Cash and cash equivalents at end of period $ 22,033 $ 25,706