Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

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Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
 9 Months Ended 75 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Cash flows from operating activities:      
Net loss $ (18,945) $ (29,641) $ (75,520)
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation expense 2,173 787 6,048
Acquired in-process research and development   20,706 20,706
Noncash interest     1,031
Noncash interest-related parties     286
Contribution of services by stockholder   30 130
Issuance of Common Stock to non-employee for services     120
Change in fair value of common stock warrant liability     234
Change in fair value of embedded conversion feature     831
Change in fair value of preferred stock warrant liability   (115) 1,407
Amortization of deferred financing costs 35   772
Depreciation expense   22 41
Changes in operating assets and liabilities:      
Prepaid and other assets (324) (43) (540)
Interest payable-related parties (19) 19  
Interest payable 116   116
Accounts payable and accrued expenses 875 944 4,351
Net cash used in operating activities (16,089) (7,291) (39,987)
Cash flows from investing activities:      
Purchase of computer equipment     (41)
Purchase of in-process research and development   (3,843) (3,843)
Net cash used in investing activities   (3,843) (3,884)
Cash flows from financing activities:      
Proceeds from PCP notes payable-related party     570
Payment of PCP notes payable-related party     (570)
Payment of PCP notes payable-Asphelia asset Purchase (750)   (750)
Proceeds from notes payable-related parties     2,221
Proceeds from borrowings under line of credit     80
Payment of line of credit     (80)
Proceeds from senior convertible notes     7,570
Payment of notes payable-related parties     (600)
Proceeds from the issuance of Common Stock 28,750 80 28,948
Payment of costs related to the issuance of Common Stock (2,305)   (2,305)
Proceeds from issuance of Hercules Note 15,000   15,000
Payment of debt issue costs associated with Hercules Note     (737)
Net cash provided by financing activities 40,407 22,980 91,349
Increase in cash and cash equivalents 24,318 11,846 47,478
Cash and cash equivalents-beginning of period 23,160 14,862  
Cash and cash equivalents-end of period 47,478 26,708 47,478
Supplemental disclosure of cash flow information:      
Cash paid for interest 70 35 211
Supplemental disclosure of non-cash financing and investing activities:      
Assumption of PCP note related to Asphelia Asset Purchase   750 750
Hercules Note
      
Cash flows from financing activities:      
Payment of debt issue costs associated with Hercules Note (288)   (288)
Supplemental disclosure of non-cash financing and investing activities:      
Issuance of Warrant related to Hercules Note 323    
Series A Convertible Preferred Stock
      
Cash flows from financing activities:      
Proceeds from issuance of Convertible Preferred Stock     21,681
Payment of costs related to the issuance of Convertible Preferred Stock     (2,291)
Supplemental disclosure of non-cash financing and investing activities:      
Issuance of Common Stock warrants related to the Series A Convertible Preferred Stock financing     621
Conversion of senior convertible notes into Series A Convertible Preferred Stock     8,601
Conversion of notes payable-related parties into Series A Convertible Preferred Stock     1,907
Series B Convertible Preferred Stock
      
Supplemental disclosure of non-cash financing and investing activities:      
Issuance of Series B Convertible Preferred Stock for purchase of assets   16,114 16,114
Series C Convertible Preferred Stock
      
Cash flows from financing activities:      
Proceeds from issuance of Convertible Preferred Stock   25,784 25,784
Payment of costs related to the issuance of Convertible Preferred Stock   (2,884) (2,884)
Supplemental disclosure of non-cash financing and investing activities:      
Issuance of Series C Convertible Preferred Stock warrants   1,286 1,286
Series A, B and C Convertible Preferred Stock
      
Supplemental disclosure of non-cash financing and investing activities:      
Issuance of Common Stock for Series A, B and C Convertible Preferred Stock     $ 67,004