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
 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Operating activities    
Net loss $ (48,342) $ (47,912)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,297 1,162
Stock-based compensation expense 3,540 6,109
Changes in assets and liabilities:    
Prepaid expenses and other current assets 1,282 (1,141)
Other assets 115 116
Accounts payable 424 356
Accrued compensation (4,072) (3,598)
Accrued research and development (103) 875
Other accrued liabilities (252) 72
Deferred rent and other long term liabilities (321) (52)
Net cash used in operating activities (46,432) (44,013)
Investing activities    
Purchases of available-for-sale securities (209,436) (224,541)
Maturities of available-for-sale securities 227,876 277,091
Sales of available-for-sale securities 16,479  
Capital expenditures (925) (2,392)
Net cash provided by investing activities 33,994 50,158
Financing activities    
Net proceeds from issuances of common stock 822 1,373
Net cash provided by financing activities 822 1,373
Net (decrease) increase in cash and cash equivalents (11,616) 7,518
Cash and cash equivalents at beginning of period 33,484 18,633
Cash and cash equivalents at end of period $ 21,868 $ 26,151