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, 2016
Dec. 31, 2015
Dec. 31, 2014
Operating activities      
Net loss $ (69,216) $ (51,464) $ (90,908)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 941 1,439 2,359
Stock-based compensation expense 7,333 7,403 9,787
Non-cash restructuring charges 818    
Net amortization of premium on short-term investment 115    
Gain on disposal of assets (88) (57) (98)
Loss on sublease     9,302
Changes in assets and liabilities:      
Accounts receivable 203 5,547  
Prepaid and other current assets 1,097 (917) 722
Other assets 167 159 439
Accounts payable 2,800 1,150 (2,290)
Accrued compensation (2,166) 3,419 (17)
Accrued research and development 928 960 2,405
Other accrued liabilities (100) 599 (212)
Deferred revenue (13,427) 13,427  
Deferred rent and other long term liabilities (5,294) (5,078) (1,242)
Net cash used in operating activities (75,889) (23,413) (69,753)
Investing activities      
Purchases of short-term investments (103,053) (151,763) (218,594)
Maturities of short-term investments 128,650 196,862 281,705
Proceeds from disposal of assets 88 60 234
Capital expenditures (804) (546) (413)
Net cash provided by investing activities 24,881 44,613 62,932
Financing activities      
Net proceeds from issuances of common stock upon exercise of options and participation in employee stock purchase plan 1,598 1,761 1,170
Proceeds from sale and issuance of common stock, net of offering costs 23,586 5,292  
Net cash provided by financing activities 25,184 7,053 1,170
Net increase (decrease) in cash and cash equivalents (25,824) 28,253 (5,651)
Cash and cash equivalents at beginning of period 43,456 15,203 20,854
Cash and cash equivalents at end of period $ 17,632 $ 43,456 $ 15,203