Annual report pursuant to Section 13 and 15(d)

BALANCE SHEETS

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BALANCE SHEETS - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Current assets:    
Cash and cash equivalents $ 17,632,000 $ 43,456,000
Short-term investments 57,134,000 82,820,000
Accounts receivable 0 203,000
Prepaid and other current assets 1,448,000 2,545,000
Total current assets 76,214,000 129,024,000
Property and equipment, net 1,156,000 1,613,000
Other assets 764,000 1,110,000
Total assets 78,134,000 131,747,000
Current liabilities:    
Accounts payable 5,563,000 2,763,000
Accrued compensation 4,085,000 6,251,000
Accrued research and development 5,881,000 4,953,000
Other accrued liabilities 1,033,000 1,133,000
Deferred revenue   13,427,000
Deferred liability - sublease, current portion 3,222,000 3,005,000
Deferred rent, current portion 2,804,000 2,264,000
Total current liabilities 22,588,000 33,796,000
Long-term portion of deferred liability - sublease 238,000 3,460,000
Long-term portion of deferred rent 279,000 3,083,000
Other long-term liabilities 2,000 27,000
Commitments
Stockholders' equity:    
Preferred stock, $0.001 par value; 10,000,000 shares authorized; none issued and outstanding as of December 31, 2016 and 2015
Common stock, $0.001 par value; 200,000,000 shares authorized; 99,269,418 and 90,554,589 shares issued and outstanding as of December 31, 2016 and 2015, respectively 100,000 91,000
Additional paid-in capital 1,115,807,000 1,082,980,000
Accumulated other comprehensive loss (18,000) (44,000)
Accumulated deficit (1,060,862,000) (991,646,000)
Total stockholders' equity 55,027,000 91,381,000
Total liabilities and stockholders' equity $ 78,134,000 $ 131,747,000