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
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Operating activities    
Net loss $ (53,626) $ (38,777)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 798 1,101
Stock-based compensation expense 4,667 5,778
Non-cash restructuring charges 818  
Gain on disposal of assets   (57)
Changes in assets and liabilities:    
Accounts receivable 203 5,587
Prepaid and other current assets 1,253 (39)
Other assets 130 52
Accounts payable (1,245) (924)
Accrued compensation (1,699) 1,529
Accrued research and development 2,733 1,206
Other accrued liabilities (92) 571
Deferred revenue (13,427) 18,261
Deferred rent and other long term liabilities (3,938) (3,904)
Net cash used in operating activities (63,425) (9,616)
Investing activities    
Purchases of short-term investments (82,523) (109,882)
Maturities of short-term investments 106,091 142,097
Proceeds from disposal of assets   60
Capital expenditures (798) (412)
Net cash provided by investing activities 22,770 31,863
Financing activities    
Net proceeds from issuances of common stock upon exercise of options and participation in employee stock purchase plan 932 1,127
Proceeds from sale and issuance of common stock, net of offering costs 22,217  
Net cash provided by financing activities 23,149 1,127
Net increase (decrease) in cash and cash equivalents (17,506) 23,374
Cash and cash equivalents at beginning of period 43,456 15,203
Cash and cash equivalents at end of period $ 25,950 $ 38,577