Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

v3.3.1.900
Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Operating activities    
Net loss $ (15,529) $ (31,917)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 22 18
Non-employee stock-based compensation expense 21 8
Employee and director stock-based compensation expense 2,466 1,284
Amortization of premium on marketable securities 511 453
Non-cash interest associated with debt discount accretion 228 198
Change in fair value of warrant liability (11,121) 7,236
Loss on sale of property and equipment   2
Changes in assets and liabilities:    
Contract receivables 211 (101)
Accrued interest receivable (50) (68)
Prepaid expenses 863 (1,627)
Other assets 34 3
Accounts payable (1,077) 1,388
Accrued liabilities (52) 1,889
Accrued interest payable 143 107
Other liabilities 6 13
Net cash used in operating activities (23,324) (21,114)
Investing activities    
Purchases of property and equipment   (103)
Purchases of marketable securities (42,788) (27,334)
Proceeds from sales and maturities of marketable securities 31,705 10,499
Net cash used in investing activities (11,083) (16,938)
Financing activities    
Proceeds from facility loan 9,482  
Repayment of facility loan principal (4,756) (244)
Proceeds from issuance of common stock and warrants, net of issuance costs 25,375 25,430
Proceeds from issuance of common stock upon exercise of warrants 426 46
Proceeds from issuance of common stock upon exercise of stock options   5
Net cash provided by financing activities 30,527 25,237
Net decrease in cash and cash equivalents (3,880) (12,815)
Cash and cash equivalents at beginning of period 11,586 24,401
Cash and cash equivalents at end of period 7,706 11,586
Supplemental disclosure of cash flow information    
Cash paid for interest 535 435
Issuance of common stock warrants to lenders 258 443
Issuance of common stock upon warrant exercises $ 1,513 549
Noncash issuance costs incurred in common stock financing   453
Reclassification of incentive awards to equity   $ 121