Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 12 Months Ended 78 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2012
Cash flows from operating activities:        
Net loss $ (27,610) $ (36,360) $ (9,982) $ (84,184)
Adjustments to reconcile net loss to net cash used in operating activities:        
Stock-based compensation expense 3,638 1,469 2,329 7,512
Acquired in-process research and development 1,043 20,706   21,749
Noncash interest expense 130   393 1,898
Noncash interest expense-related parties     34 286
Contribution of services by stockholder   30 40 130
Issuance of Common stock to non-employee for services     121 121
Change in fair value of common stock warrant liability     234 234
Change in fair value of embedded conversion feature     831 831
Change in fair value of preferred stock warrant liability   1,407   1,407
Depreciation expense 3 22 5 44
Changes in operating assets and liabilities:        
Prepaid and other assets (238) (160) (51) (453)
Interest payable-related parties (19) 19 (38)  
Interest payable 119     119
Accounts payable and accrued expenses (260) 1,915 407 3,214
Net cash used in operating activities (23,194) (10,952) (5,677) (47,092)
Cash flows from investing activities:        
Purchase of office equipment (54)   (13) (95)
Deposit for leasehold improvements (225)     (225)
Purchase of in-process research and development   (3,843)   (3,843)
Net cash used in investing activities (279) (3,843) (13) (4,163)
Cash flows from financing activities:        
Proceeds from PCP notes payable-related party       570
Payment of PCP notes payable-related party     (570) (570)
Payment of PCP notes payable - Asphelia asset purchase (750) (750)   (750)
Proceeds from notes payable-related parties     302 2,221
Proceeds from borrowings under line of credit       80
Payment of line of credit     (80) (80)
Proceeds from Senior Convertible Notes       7,570
Payment of debt issue costs       (737)
Payment of notes payable-related parties       (600)
Proceeds from issuance of Common stock 28,855 193   29,053
Payment of costs related to the issuance of Common stock (2,305)     (2,305)
Net cash provided by financing activities 40,512 23,093 19,042 91,454
Increase in cash and cash equivalents 17,039 8,298 13,352 40,199
Cash and cash equivalents-beginning of period 23,160 14,862 1,510  
Cash and cash equivalents-end of period 40,199 23,160 14,862 40,199
Supplemental disclosure of cash flow information:        
Cash paid for interest 421 53 81 562
Supplemental disclosure of non-cash financing and investing activities:        
Assumption of PCP Note related to Asphelia Asset Purchase       750
Hercules Note
        
Cash flows from financing activities:        
Payment of debt issue costs (288)     (288)
Proceeds from issuance of Hercules Note 15,000     15,000
Supplemental disclosure of non-cash financing and investing activities:        
Issuance of Warrant related to Hercules Note 323     323
Series A Convertible Preferred Stock
        
Cash flows from financing activities:        
Proceeds from issuance of Convertible Preferred Stock     21,681 21,681
Payment of costs related to the issuance of Convertible Preferred Stock     (2,291) (2,291)
Supplemental disclosure of non-cash financing and investing activities:        
Issuance of Common stock warrants related to the Convertible Preferred Stock Series A financing     621 621
Conversion of senior convertible notes into Convertible Preferred Stock Series A     8,601 8,601
Conversion of notes payable related parties into Convertible Preferred Stock Series A     1,907 1,907
Series B Convertible Preferred Stock
        
Supplemental disclosure of non-cash financing and investing activities:        
Issuance of Convertible Preferred Stock Series B for purchase of assets   16,114   16,114
Series C Convertible Preferred Stock
        
Cash flows from financing activities:        
Proceeds from issuance of Convertible Preferred Stock   25,784   25,784
Payment of costs related to the issuance of Convertible Preferred Stock   (2,884)   (2,884)
Supplemental disclosure of non-cash financing and investing activities:        
Issuance of Convertible Preferred Stock Series C warrants   1,286   1,286
Series A, B and C Convertible Preferred Stock
        
Supplemental disclosure of non-cash financing and investing activities:        
Issuance of Common stock for Convertible Preferred Stock Series A, B and C   $ 67,004   $ 67,004