Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
 9 Months Ended 87 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Cash flows from operating activities:      
Net loss $ (27,360,000) $ (18,945,000) $ (111,544,000)
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation expense 4,072,000 2,173,000 11,584,000
Acquired in-process research and development     21,749,000
Noncash interest expense 400,000 35,000 2,298,000
Noncash interest expense-related parties     286,000
Contribution of services by stockholder     130,000
Issuance of Common Stock to non-employee for services     121,000
Change in fair value of Common Stock warrant liability     234,000
Change in fair value of embedded conversion feature     831,000
Change in fair value of Preferred Stock warrant liability     1,407,000
Depreciation expense 11,000   55,000
Changes in operating assets and liabilities:      
Prepaid and other current assets 114,000 (324,000) (339,000)
Interest payable (3,000) 97,000 116,000
Accounts payable and accrued expenses 252,000 875,000 3,466,000
Net cash used in operating activities (22,514,000) (16,089,000) (69,606,000)
Cash flows from investing activities:      
Purchase of property and equipment (187,000)   (507,000)
Purchase of in-process research and development     (3,843,000)
Net cash used in investing activities (187,000)   (4,350,000)
Cash flows from financing activities:      
Proceeds from PCP notes payable-related party     570,000
Payment of PCP notes payable-related party     (570,000)
Payment of PCP notes payable-Asphelia asset purchase   (750,000) (750,000)
Proceeds from notes payable-related parties     2,221,000
Proceeds from borrowings under line of credit     80,000
Payment of line of credit     (80,000)
Proceeds from Senior Convertible Notes     7,570,000
Payment of debt issue costs     (737,000)
Payment of notes payable-related parties     (600,000)
Proceeds from issuance of Common Stock 90,629,000 28,750,000 119,682,000
Payment of costs related to the issuance of Common Stock (1,860,000) (2,305,000) (4,165,000)
Net cash provided by financing activities 88,769,000 40,407,000 180,223,000
Increase in cash and cash equivalents 66,068,000 24,318,000 106,267,000
Cash and cash equivalents-beginning of period 40,199,000 23,160,000  
Cash and cash equivalents-end of period 106,267,000 47,478,000 106,267,000
Supplemental disclosure of cash flow information:      
Cash paid for interest 1,052,000 36,000 1,609,000
Supplemental disclosure of non-cash financing and investing activities:      
Assumption of PCP Note related to Asphelia Asset Purchase     750,000
Issuance of Warrant related to Hercules Note 1,098    
Hercules Note [Member]
      
Cash flows from financing activities:      
Proceeds from issuance of Hercules Note   15,000,000 15,000,000
Payment of debt issue costs   (288,000) (288,000)
Supplemental disclosure of non-cash financing and investing activities:      
Issuance of Warrant related to Hercules Note     323,000
Series B Convertible Preferred Stock [Member]
      
Supplemental disclosure of non-cash financing and investing activities:      
Issuance of Convertible Preferred Stock Series B for purchase of assets     16,114,000
Series C Convertible Preferred Stock [Member]
      
Cash flows from financing activities:      
Proceeds from issuance of Convertible Preferred Stock     25,784,000
Payment of costs related to the issuance of Convertible Preferred Stock     (2,884,000)
Supplemental disclosure of non-cash financing and investing activities:      
Issuance of Convertible Preferred Stock Series C warrants     1,286,000
Series A Convertible Preferred Stock [Member]
      
Cash flows from financing activities:      
Proceeds from issuance of Convertible Preferred Stock     21,681,000
Payment of costs related to the issuance of Convertible Preferred Stock     (2,291,000)
Supplemental disclosure of non-cash financing and investing activities:      
Issuance of Common Stock warrants related to the Convertible Preferred Stock Series A financing     621,000
Conversion of Senior Convertible Notes into Convertible Preferred Stock Series A     8,601,000
Conversion of notes payable-related parties into Convertible Preferred Stock Series A     1,907,000
Series A, B and C Convertible Preferred Stock [Member]
      
Supplemental disclosure of non-cash financing and investing activities:      
Issuance of Common Stock for Convertible Preferred Stock Series A, B and C     $ 67,004,000