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
Jun. 30, 2013
Dec. 31, 2012
Current assets:    
Cash and cash equivalents $ 21,868 $ 33,484
Available-for-sale securities 229,773 264,757
Prepaid expenses and other current assets 2,935 4,217
Total current assets 254,576 302,458
Property and equipment, net 5,454 5,826
Other assets 1,644 1,759
Total assets 261,674 310,043
Current liabilities:    
Accounts payable 2,121 1,697
Accrued compensation 2,703 6,775
Accrued research and development 2,021 2,124
Other accrued liabilities 690 942
Deferred rent, current portion 937 666
Total current liabilities 8,472 12,204
Long-term portion of deferred rent 8,066 8,647
Other long-term liabilities 85 96
Commitments and contingencies      
Stockholders' equity:    
Preferred stock      
Common stock 87 87
Additional paid-in capital 1,053,536 1,049,174
Accumulated other comprehensive income 17 82
Accumulated deficit (808,589) (760,247)
Total stockholders' equity 245,051 289,096
Total liabilities and stockholders' equity $ 261,674 $ 310,043