Annual report pursuant to Section 13 and 15(d)

STATEMENTS OF CASH FLOWS

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STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Operating activities      
Net loss $ (70,480) $ (77,992) $ (69,216)
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation expense 7,704 5,987 7,333
Gain on disposal of assets   (732) (88)
Loss on sublease   495  
Depreciation and amortization 594 465 941
Non-cash restructuring charges     818
Net amortization of premium (discount) on short-term investment (766) (350) 115
Changes in assets and liabilities:      
Accounts receivable, net (4,077)   203
Inventories (839)    
Prepaid and other current assets (1,797) (197) 1,097
Other assets 68 130 167
Accounts payable 3,755 (2,947) 2,800
Accrued compensation 2,893 2,974 (2,166)
Accrued research and development 1,735 (853) 928
Other accrued liabilities 269 2,236 (100)
Deferred revenue 2,437   (13,427)
Deferred rent and other long term liabilities (322) (6,773) (5,294)
Net cash used in operating activities (58,826) (77,557) (75,889)
Investing activities      
Purchases of short-term investments (77,996) (116,861) (103,053)
Maturities of short-term investments 104,066 96,820 128,650
Proceeds from disposal of assets   732 88
Capital expenditures (1,106) (164) (804)
Net cash provided by (used in) investing activities 24,964 (19,473) 24,881
Financing activities      
Net proceeds from issuances of common stock upon exercise of options and participation in employee stock purchase plan 4,732 3,508 1,598
Proceeds from sale and issuance of common stock, net of offering costs 67,162 114,180 23,586
Net cash provided by financing activities 71,894 117,688 25,184
Net increase (decrease) in cash and cash equivalents 38,032 20,658 (25,824)
Cash and cash equivalents at beginning of period 38,290 17,632 43,456
Cash and cash equivalents at end of period $ 76,322 $ 38,290 $ 17,632