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, 2017
Dec. 31, 2016
Dec. 31, 2015
Operating activities      
Net loss $ (77,992) $ (69,216) $ (51,464)
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation expense 5,987 7,333 7,403
Gain on disposal of assets (732) (88) (57)
Loss on sublease 495    
Depreciation and amortization 465 941 1,439
Non-cash restructuring charges   818  
Net amortization of premium on short-term investment (350) 115  
Changes in assets and liabilities:      
Accounts receivable   203 5,547
Prepaid and other current assets (197) 1,097 (917)
Other assets 130 167 159
Accounts payable (2,947) 2,800 1,150
Accrued compensation 2,974 (2,166) 3,419
Accrued research and development (853) 928 960
Other accrued liabilities 2,236 (100) 599
Deferred revenue   (13,427) 13,427
Deferred rent and other long term liabilities (6,773) (5,294) (5,078)
Net cash used in operating activities (77,557) (75,889) (23,413)
Investing activities      
Purchases of short-term investments (116,861) (103,053) (151,763)
Maturities of short-term investments 96,820 128,650 196,862
Proceeds from disposal of assets 732 88 60
Capital expenditures (164) (804) (546)
Net cash provided by (used in ) investing activities (19,473) 24,881 44,613
Financing activities      
Net proceeds from issuances of common stock upon exercise of options and participation in employee stock purchase plan 3,508 1,598 1,761
Proceeds from sale and issuance of common stock, net of offering costs 114,180 23,586 5,292
Net cash provided by financing activities 117,688 25,184 7,053
Net increase (decrease) in cash and cash equivalents 20,658 (25,824) 28,253
Cash and cash equivalents at beginning of period 17,632 43,456 15,203
Cash and cash equivalents at end of period $ 38,290 $ 17,632 $ 43,456