Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 12 Months Ended 90 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2013
Cash flows from operating activities:        
Net loss $ (37,158) $ (27,610) $ (36,360) $ (121,342)
Adjustments to reconcile net loss to net cash used in operating activities:        
Stock-based compensation expense 5,902 3,638 1,469 13,414
Acquired in-process research and development 0 1,043 20,706 21,749
Noncash interest expense 536 130 0 2,434
Noncash interest expense-related parties 0 0 0 286
Contribution of services by stockholder 0 0 30 130
Issuance of Common Stock to non-employee for services 0 0 0 121
Change in fair value of Common Stock warrant liability 0 0 0 234
Change in fair value of embedded conversion feature 0 0 0 831
Change in fair value of Preferred Stock warrant liability 0 0 1,407 1,407
Depreciation expense 17 3 22 61
Changes in operating assets and liabilities:        
Prepaid and other assets (117) (238) (160) (570)
Interest payable related parties 0 (19) 19 0
Interest payable (10) 119 0 109
Accounts payable and accrued expenses 1,184 (260) 1,915 4,398
Net cash used in operating activities (29,646) (23,194) (10,952) (76,738)
Cash flows from investing activities:        
Purchase of property and equipment (40) (54) 0 (135)
Deposit for leasehold improvements (148) (225) 0 (373)
Purchase of in-process research and development 0 0 (3,843) (3,843)
Net cash used in investing activities (188) (279) (3,843) (4,351)
Cash flows from financing activities:        
Proceeds from PCP notes payable-related party 0 0 0 570
Payment of PCP notes payable-related party 0 0 0 (570)
Payment of PCP notes payable-Asphelia asset purchase 0 (750) 0 (750)
Proceeds from notes payable-related parties 0 0 0 2,221
Proceeds from issuance of Convertible Preferred Stock 0 0 25,784 25,784
Proceeds from borrowings under line of credit 0 0 0 80
Payment of line of credit 0 0 0 (80)
Proceeds from Senior Convertible Notes 0 0 0 7,570
Payment of debt issue costs associated with Hercules Note 0 0 0 (737)
Payment of notes payable-related parties 0 0 0 (600)
Proceeds from issuance of Common Stock 92,399 28,855 193 121,452
Payment of costs related to the issuance of Common stock (1,898) (2,305) 0 (4,203)
Payment of principal of Hercules Note (1,345) 0 0 (1,345)
Proceeds from issuance of Hercules Note 0 15,000 0 15,000
Payment of debt issue costs associated with Hercules Note 0 (288) 0 (288)
Net cash provided by financing activities 89,156 40,512 23,093 180,610
Increase in cash and cash equivalents 59,322 17,039 8,298 99,521
Cash and cash equivalents-beginning of period 40,199 23,160 14,862 0
Cash and cash equivalents-end of period 99,521 40,199 23,160 99,521
Supplemental disclosure of cash flow information:        
Cash paid for interest 1,387 421 53 1,949
Supplemental disclosure of non-cash financing and investing activities:        
Assumption of PCP Note related to Asphelia Asset Purchase 0 0 750 750
Issuance of Restricted Stock 4 0 0 4
Series B Convertible Preferred Stock [Member]
        
Supplemental disclosure of non-cash financing and investing activities:        
Issuance of Convertible Preferred Stock Series B for purchase of assets 0 0 16,114 16,114
Series C Convertible Preferred Stock [Member]
        
Cash flows from financing activities:        
Payment of costs related to the issuance of Convertible Preferred Stock 0 0 (2,884) (2,884)
Supplemental disclosure of non-cash financing and investing activities:        
Issuance of Convertible Preferred Stock Series C warrants 0 0 1,286 1,286
Series A Convertible Preferred Stock [Member]
        
Cash flows from financing activities:        
Proceeds from issuance of Convertible Preferred Stock 0 0 0 21,681
Supplemental disclosure of non-cash financing and investing activities:        
Issuance of Common Stock warrants related to the Convertible Preferred Stock Series A financing 0 0 0 621
Conversion of Senior Convertible Notes into Convertible Preferred Stock Series A 0 0 0 8,601
Conversion of notes payable-related parties into Convertible Preferred Stock Series A 0 0 0 1,907
Series A, B and C Convertible Preferred Stock [Member]
        
Supplemental disclosure of non-cash financing and investing activities:        
Issuance of Common Stock for Convertible Preferred Stock Series A, B and C $ 0 $ 0 $ 67,004 $ 67,004