Quarterly report pursuant to Section 13 or 15(d)

STATEMENTS OF CASH FLOWS

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STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Operating activities    
Net loss $ (47,694) $ (48,342)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,278 1,297
Stock-based compensation expense 4,496 3,540
Changes in assets and liabilities:    
Accounts receivable 5,750  
Prepaid and other current assets 840 1,282
Other assets 67 115
Accounts payable (2,007) 424
Accrued compensation 323 (4,072)
Accrued research and development 1,182 (103)
Other accrued liabilities (15) (252)
Deferred rent and other long term liabilities (592) (321)
Net cash used in operating activities (36,372) (46,432)
Investing activities    
Purchases of available-for-sale securities (125,057) (209,436)
Maturities of available-for-sale securities 164,025 227,876
Sales of available-for-sale securities   16,479
Capital expenditures (253) (925)
Net cash provided by investing activities 38,715 33,994
Financing activities    
Net proceeds from issuances of common stock 685 822
Net cash provided by financing activities 685 822
Net increase (decrease) in cash and cash equivalents 3,028 (11,616)
Cash and cash equivalents at beginning of period 20,854 33,484
Cash and cash equivalents at end of period $ 23,882 $ 21,868