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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities      
Net loss $ (38,023) $ (36,676) $ (43,002)
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation expense 4,791 6,345 6,219
Depreciation and amortization 11 27 29
Amortization of debt discount and debt issuance costs 359 135 367
Write-off debt discount upon note repayment 27    
Decrease in fair value of warrant liability   (3,543) (3,892)
Changes in operating assets and liabilities:      
Prepaids and other assets (85) 660 (43)
Accounts payable (582) (724) 2,224
Accrued clinical expense (520) (1,158) (1,638)
Accrued compensation 394 (681) 568
Other liabilities 169    
Other accrued liabilities (1,062) (186) 1,674
Deferred revenue (2,441) (2,930) (5,687)
Net cash used in operating activities (36,962) (38,731) (43,181)
Cash flows from investing activities      
Purchases of property and equipment     (48)
Purchases of marketable securities (35,530) (35,683) (42,463)
Sale and maturities of marketable securities 20,531 36,930 45,836
Net cash (used in) provided by investing activities (14,999) 1,247 3,325
Cash flows from financing activities      
Proceeds from notes payable 15,000    
Principal payments on notes payable and final payment (7,983) (1,642) (9,356)
Payment of financing fees and debt issuance costs (266)    
Proceeds from issuance of convertible preferred stock offering, net 5,592 16,459  
Proceeds from issuance of common stock and warrants 20,367 8,709 40,024
Proceeds from issuance of common stock through controlled equity offering facilities, net 269 18,125 14,292
Proceeds from exercise of warrants, stock options and stock purchase rights 152 533 1,961
Net cash provided by financing activities 33,131 42,184 46,921
Net (decrease) increase in cash and cash equivalents (18,830) 4,700 7,065
Cash and cash equivalents at beginning of period 26,886 22,186 15,121
Cash and cash equivalents at end of period 8,056 26,886 22,186
Supplemental disclosure of cash flow information      
Interest paid 1,239 631 1,221
Supplemental disclosure of non-cash activities      
Transfer of fair value of exercised warrants to additional paid-in capital   100 496
Conversion of preferred stock to common stock (3,243)    
Fair value of warrants issued in connection with notes payable $ 536    
Cashless exercise of warrants   $ 4,486 $ 9,337