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v3.5.0.2
Condensed Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2016
Dec. 31, 2015
Current assets:    
Cash and cash equivalents $ 6,821 $ 7,706
Marketable securities 16,313 33,774
Accrued interest receivable 22 186
Prepaid expenses 1,324 1,128
Total current assets 24,480 42,794
Property and equipment, net 85 64
Other assets 221 221
Total assets 24,786 43,079
Current liabilities:    
Accounts payable 935 1,008
Accrued liabilities 2,960 3,336
Warrant liability 1,177 1,220
Facility loan 2,607 509
Accrued interest payable 72 73
Total current liabilities 7,751 6,146
Facility loan, less current portion 6,809 8,799
Other liabilities 14 19
Total liabilities 14,574 14,964
Commitments and contingencies
Stockholders' equity:    
Preferred stock, $0.0001 par value: 10,000,000 shares authorized; no shares issued and outstanding
Common stock, $0.0001 par value: 100,000,000 shares authorized; 23,447,003 shares issued and outstanding as of September 30, 2016 and December 31, 2015 2 2
Additional paid-in capital 426,219 424,422
Accumulated other comprehensive loss (2) (21)
Accumulated deficit (416,007) (396,288)
Total stockholders' equity 10,212 28,115
Total liabilities and stockholders' equity $ 24,786 $ 43,079
v3.5.0.2
Condensed Statements of Operations and Comprehensive Loss - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Operating expenses:        
Research and development $ 3,534 $ 4,528 $ 12,093 $ 12,975
General and administrative 2,130 2,201 6,806 7,075
Total operating expenses 5,664 6,729 18,899 20,050
Loss from operations (5,664) (6,729) (18,899) (20,050)
Other income (expense):        
Interest income 45 46 146 99
Interest expense (341) (265) (1,009) (584)
Other income, net 81 1,083 43 10,985
Net loss (5,879) (5,865) (19,719) (9,550)
Net loss (5,879) (5,865) (19,719) (9,550)
Other comprehensive income:        
Unrealized gain on marketable securities, net of tax 3 5 19 6
Other comprehensive income 3 5 19 6
Comprehensive loss $ (5,876) $ (5,860) $ (19,700) $ (9,544)
Basic net loss per common share $ (0.25) $ (0.27) $ (0.84) $ (0.55)
Diluted net loss per common share $ (0.25) $ (0.27) $ (0.84) $ (0.58)
Weighted average common shares outstanding used to calculate basic net loss per common share 23,447,003 21,674,742 23,447,003 17,368,309
Weighted average common shares outstanding used to calculate diluted net loss per common share 23,447,003 21,674,742 23,447,003 17,384,000
v3.5.0.2
Condensed Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Operating activities    
Net loss $ (19,719) $ (9,550)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 21 17
Stock based compensation expense 1,797 1,874
Amortization of premium on marketable securities 128 347
Non-cash interest associated with debt discount accretion 352 152
Change in fair value of warrant liability (43) (10,985)
Changes in assets and liabilities:    
Contract receivables   211
Accrued interest receivable 164 (73)
Prepaid expenses (196) 500
Other assets   14
Accounts payable (73) (1,378)
Accrued liabilities (376) 629
Accrued interest payable (1) 109
Other liabilities (5) 5
Net cash used in operating activities (17,951) (18,128)
Investing activities    
Purchases of property and equipment (42)  
Purchases of marketable securities (19,304) (41,772)
Proceeds from maturities of marketable securities 36,656 24,478
Net cash provided by (used in) investing activities 17,310 (17,294)
Financing activities    
Proceeds from issuance of common stock and warrants, net of issuance costs   25,375
Proceeds from facility loan, net   9,482
Repayment of loan principal (244) (4,756)
Proceeds from issuance of common stock upon warrant exercises   426
Net cash (used in) provided by financing activities (244) 30,527
Net decrease in cash and cash equivalents (885) (4,895)
Cash and cash equivalents at beginning of period 7,706 11,586
Cash and cash equivalents at end of period $ 6,821 $ 6,691
Financials Financials