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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Operating activities    
Net loss $ (6,552) $ (4,580)
Reconciliation of net loss to net cash used in operating activities:    
Depreciation 24 8
Amortization of premium/discount on available-for-sale securities 36 $ 198
Unrealized gain on forward foreign currency contracts included in net income (178)
Foreign currency remeasurement gain (28)
Stock-based compensation 866 $ 407
Changes in:    
Prepaid expenses and other assets 331 103
Interest receivable (26) (305)
Accounts payable, accrued expenses and other current liabilities (367) 296
Net cash used in operating activities (5,894) (3,873)
Investing activities    
Purchases of available-for-sale investments (23,721) (58,139)
Proceeds from maturities of available-for-sale investments 13,614 2,961
Purchase of property and equipment (8) (5)
Net cash used in investing activities (10,115) $ (55,183)
Financing activities    
Exercise of stock options 12
Net cash provided by financing activities 12
Effect of exchange rate changes on cash 28
Decrease in cash and cash equivalents (15,969) $ (59,056)
Cash and cash equivalents, beginning of period 40,031 68,840
Cash and cash equivalents, end of period $ 24,062 $ 9,784