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, unless otherwise specified
 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Operating activities    
Net loss $ (47,912) $ (42,255)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,162 923
Stock-based compensation expense 6,109 7,037
Changes in assets and liabilities:    
Prepaid expenses and other current assets (1,141) (841)
Other assets 116 105
Accounts payable 356 58
Accrued compensation (3,598) (1,459)
Other accrued liabilities 947 (1,805)
Deferred revenue   105
Deferred rent and other long term liabilities (52) 204
Net cash used in operating activities (44,013) (37,928)
Investing activities    
Purchases of available-for-sale securities (224,541) (214,929)
Maturities and sale of available-for-sale securities 277,091 147,300
Capital expenditures (2,392) (1,557)
Net cash provided by (used in) investing activities 50,158 (69,186)
Financing activities    
Net proceeds from issuances of common stock 1,373 141,674
Payments on capital lease obligations   (485)
Net cash provided by financing activities 1,373 141,189
Net increase in cash and cash equivalents 7,518 34,075
Cash and cash equivalents at beginning of period 18,633 8,877
Cash and cash equivalents at end of period 26,151 42,952
Supplemental disclosure of cash flow information    
Interest paid   $ 17