Quarterly report pursuant to Section 13 or 15(d)

CONDENSED STATEMENTS OF CASH FLOWS

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CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Operating activities    
Net loss $ (15,314,000) $ (17,464,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 955,000 1,438,000
Gain on disposal of assets (732,000)  
Loss on sublease 495,000  
Depreciation and amortization 126,000 324,000
Net amortization of premium on short-term investment (33,000)  
Changes in assets and liabilities:    
Accounts receivable   8,000
Prepaid and other current assets 65,000 766,000
Other assets 33,000 46,000
Accounts payable (4,385,000) (339,000)
Accrued compensation (1,464,000) (3,099,000)
Accrued research and development 349,000 2,286,000
Other accrued liabilities 439,000 (286,000)
Deferred revenue   (4,834,000)
Deferred rent and other long term liabilities (1,296,000) (1,266,000)
Net cash used in operating activities (20,762,000) (22,420,000)
Investing activities    
Purchases of short-term investments (33,385,000) (47,446,000)
Maturities of short-term investments 32,544,000 40,996,000
Proceeds from disposal of assets 732,000  
Capital expenditures (41,000) (321,000)
Net cash used in investing activities (150,000) (6,771,000)
Financing activities    
Net proceeds from issuances of common stock upon exercise of options 341,000 4,000
Proceeds from sale and issuance of common stock, net of offering costs 43,083,000  
Net cash provided by financing activities 43,424,000 4,000
Net increase (decrease) in cash and cash equivalents 22,512,000 (29,187,000)
Cash and cash equivalents at beginning of period 17,632,000 43,456,000
Cash and cash equivalents at end of period $ 40,144,000 $ 14,269,000