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
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Operating activities    
Net loss $ (9,550) $ (19,195)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 17 13
Non-employee stock-based compensation expense 22 5
Employee and director stock-based compensation expense 1,852 1,012
Amortization of premium on marketable securities 347 289
Non-cash interest associated with debt discount accretion 152 144
Change in fair value of warrant liability (10,985) 2,289
Loss on sale of property and equipment   2
Changes in assets and liabilities:    
Contract receivables 211 96
Accrued interest receivable (73) (155)
Prepaid expenses 500 (1,038)
Other assets 14 (35)
Accounts payable (1,378) 350
Accrued liabilities 629 2,491
Accrued interest payable 109 80
Other liabilities 5 10
Net cash used in operating activities (18,128) (13,642)
Investing activities    
Purchases of property and equipment   (103)
Purchases of marketable securities (41,772) (24,782)
Proceeds from sales and maturities of marketable securities 24,478 5,049
Net cash used in investing activities (17,294) (19,836)
Financing activities    
Proceeds from issuance of common stock and warrants, net of costs 25,375 25,430
Proceeds from facility loan, net 9,482  
Payment of loan principal (4,756)  
Proceeds from issuance of common stock upon warrant exercises 426  
Proceeds from issuance of common stock upon exercise of employee stock options   3
Net cash provided by financing activities 30,527 25,433
Net decrease in cash and cash equivalents (4,895) (8,045)
Cash and cash equivalents at beginning of period 11,586 24,401
Cash and cash equivalents at end of period 6,691 16,356
Supplemental disclosure of cash flow information    
Cash paid for interest 316 328
Issuance of common stock warrants 258 443
Issuance of common stock upon warrant exercises $ 1,513 432
Noncash issuance costs incurred in common stock financing   453
Reclassification of incentive awards to equity   $ 121