Quarterly report pursuant to Section 13 or 15(d)

Condensed Statements of Cash Flows

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Condensed Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Operating activities    
Net loss $ (9,515) $ (9,040)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 54 54
Stock-based compensation expense 1,912 2,063
Amortization of premiums and discounts on marketable securities, net (127) 10
Accrued interest included in convertible note payable 372 279
Changes in operating assets and liabilities:    
Collaboration receivables (1,486) (4,500)
Prepaid and other current assets 277 (136)
Other assets (246) (872)
Accounts payable and accrued expenses (334) 3,262
Accrued compensation (523) (985)
Deferred revenue (7,811) (10,007)
Deferred rent (20) (14)
Net cash used in operating activities (17,447) (19,886)
Investing activities    
Maturities of marketable securities 36,925 28,309
Purchase of marketable securities (24,067) (81,836)
Capital expenditures (5) (21)
Net cash provided by (used in) investing activities 12,853 (53,548)
Financing activities    
Proceeds from issuance of convertible note payable, net 0 12,500
Principal payment on promissory note 0 (1,000)
Proceeds from issuance of common stock, net 0 30,741
Repurchase of common stock 0 (11,203)
Proceeds from stock issuances related to exercise of stock options and employee stock purchase plan 154 78
Net cash provided by financing activities 154 31,116
Net decrease in cash and cash equivalents (4,440) (42,318)
Cash and cash equivalents at beginning of period 16,079 58,083
Cash and cash equivalents at end of period 11,639 15,765
Supplemental disclosure of cash flow information:    
Cash paid for interest 0 5
Supplemental schedule of noncash financing activities:    
Costs related to issuance of common stock included in accounts payable and accrued expenses $ 0 $ 131