Annual report pursuant to Section 13 and 15(d)

STATEMENTS OF CASH FLOWS

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STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash flows from operating activities:      
Net income (loss) $ (11,279) $ (2,403) $ 9,711
Adjustments to reconcile net income (loss) to net cash used in operating activities:      
Depreciation and amortization 358 353 107
Non-cash gain on settlement of long-term debt 0 0 (1,860)
Non-cash gain on termination of royalty purchase agreement 0 0 (8,962)
Non-cash (gain) loss on changes in fair value of warrants 4,512 (1,083) (1,737)
Stock-based compensation 1,026 543 678
Changes in operating assets and liabilities:      
Receivables (245) 850 (172)
Prepaid expenses and other assets (29) 59 483
Accounts payable (250) (710) 1,351
Other accrued liabilities 112 172 (340)
Deferred contract revenue (1,671) (3,646) (9,058)
Net cash used in operating activities (7,466) (5,865) (9,799)
Cash flows from investing activities:      
Purchases of furniture and equipment (133) (18) (318)
Net cash used in investing activities (133) (18) (318)
Cash flows from financing activities:      
Proceeds from issuance of common stock from the exercise of stock options 0 0 113
Proceeds from issuance of common stock and warrants, net of issuance costs 0 9,591 4,925
Issuance of common stock from the vesting of restricted shares (14) (36) 0
Proceeds from the exercise of warrants, net of issuance costs 0 0 1,275
Payments on long-term debt 0 0 (2,500)
Net cash provided by (used in) financing activities (14) 9,555 3,813
Net increase (decrease) in cash (7,613) 3,672 (6,304)
Cash at beginning of period 15,470 11,798 18,102
Cash at end of period 7,857 15,470 11,798
Supplemental disclosure of cash flow information      
Interest paid 0 0 1,568
Schedule of non-cash transactions      
Settlement of long-term debt 0 0 7,500
Fair value of warrants at the time of exercise 0 0 4,686
Fair value of warrants at the time of reclassification to equity $ 8,646 $ 0 $ 0