Annual report pursuant to Section 13 and 15(d)

STATEMENTS OF CASH FLOWS

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STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash flows from operating activities:      
Net income (loss) $ 9,711 $ (15,180) $ (15,203)
Adjustments to reconcile net income (loss) to net cash used in operating activities:      
Depreciation and amortization 107 17 32
Non-cash gain on settlement of long-term debt (1,860) 0 0
Non-cash gain on termination of royalty purchase agreement (8,962) 0 0
Amortization of discount on long-term debt 0 0 1,520
Interest on royalty liability 0 (347) 1,309
Non-cash (gain) loss on changes in fair value of warrants (1,737) 1,766 (1,862)
Stock-based compensation 678 2,581 1,177
Changes in operating assets and liabilities:      
Receivables (172) (926) (2,495)
Prepaid expenses and other assets 483 149 (542)
Accounts payable 1,351 (1,022) 2,332
Other accrued liabilities (340) 417 (744)
Deferred contract revenue (9,058) 14,375 0
Net cash provided by (used in) operating activities (9,799) 1,830 (14,476)
Cash flows from investing activities:      
Purchases of furniture and equipment (318) (1,154) (236)
Disposals of furniture and equipment 0 0 2
Net cash used in investing activities (318) (1,154) (234)
Cash flows from financing activities:      
Proceeds from issuance of common stock from the exercise of stock options 113 0 0
Proceeds from issuance of common stock and warrants, net of issuance costs 4,925 7,516 0
Proceeds from the exercise of warrants, net of issuance costs 1,275 4,897 0
Proceeds from royalty financing 0 0 8,000
Proceeds from long-term debt, net 0 0 16,500
Payments on long-term debt (2,500) (393) (7,564)
Net cash provided by financing activities 3,813 12,020 16,936
Net increase (decrease) in cash (6,304) 12,696 2,226
Cash at beginning of period 18,102 5,406 3,180
Cash at end of period 11,798 18,102 5,406
Supplemental disclosure of cash flow information      
Interest paid 1,568 2,576 1,652
Schedule of non-cash transactions      
Settlement of long-term debt 7,500 0 0
Fair value of warrants at the time of exercise $ 4,686 $ 0 $ 0