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
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Operating activities    
Net loss $ (30,997) $ (32,105)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 584 814
Stock-based compensation expense 3,452 3,963
Changes in assets and liabilities:    
Accounts receivable 108 5,400
Prepaid and other current assets 683 398
Other assets 88 68
Accounts payable (1,263) (517)
Accrued compensation (3,132) 1,168
Accrued research and development 1,749 300
Other accrued liabilities 136 1
Deferred revenue (9,667) 23,095
Deferred rent and other long term liabilities (2,595) (2,744)
Net cash used in operating activities (40,854) (159)
Investing activities    
Purchases of short-term investments (67,895) (82,798)
Maturities of short-term investments 80,818 84,120
Capital expenditures (546) (105)
Net cash provided by investing activities 12,377 1,217
Financing activities    
Net proceeds from issuances of common stock upon exercise of options and participation in employee stock purchase plan 618 1,029
Proceeds from sale and issuance of common stock, net of offering costs 9,349  
Net cash provided by financing activities 9,967 1,029
Net increase (decrease) in cash and cash equivalents (18,510) 2,087
Cash and cash equivalents at beginning of period 43,456 15,203
Cash and cash equivalents at end of period $ 24,946 $ 17,290