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
 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Operating activities    
Net loss $ (72,166) $ (73,368)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,941 1,797
Stock-based compensation expense 5,603 9,354
Changes in assets and liabilities:    
Prepaid expenses and other current assets 2,086 (141)
Other assets 173 165
Accounts payable (672) (168)
Accrued compensation (3,901) (1,872)
Accrued research and development 555 203
Other accrued liabilities (290) 493
Deferred rent and other long term liabilities (504) (101)
Net cash used in operating activities (67,175) (63,638)
Investing activities    
Purchases of available-for-sale securities (276,328) (282,813)
Maturities of available-for-sale securities 309,802 354,826
Sales of available-for-sale securities 16,479  
Capital expenditures (1,053) (2,776)
Net cash provided by investing activities 48,900 69,237
Financing activities    
Net proceeds from issuances of common stock 822 2,569
Net cash provided by financing activities 822 2,569
Net (decrease) increase in cash and cash equivalents (17,453) 8,168
Cash and cash equivalents at beginning of period 33,484 18,633
Cash and cash equivalents at end of period $ 16,031 $ 26,801