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Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands
6 Months Ended 103 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Cash flows from operating activities:      
Net loss $ (5,227) $ (6,027) $ (71,011)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization expense 84 85 585
Loss on disposal of equipment 7   19
Non-cash rent expense     29
Accretion and receipt of bond discount     35
Non-cash share-based compensation 1,810 2,625 17,667
Loss on exchange of equity instruments 900   900
Fair value of shares mandatorily redeemable for cash upon exercise of warrants     (785)
Fair value of common stock warrants issued in exchange for services 87 500 2,381
Fair value of common stock issued in exchange for services 23   304
Change in fair value of common stock warrants issued in connection with various equity financings (5,393) (3,181) (7,584)
Fair value of common stock issued in exchange for licensing rights     3,954
Change in fair value of contingent purchase consideration (28)   (28)
Changes in assets and liabilities:      
Prepaid expenses (94) (190) (244)
Accounts payable (590) (296) 134
Due to former parent     (207)
Deferred revenue 578   578
Accrued expenses and other current liabilities 757 333 2,077
Net cash used in operating activities (7,086) (6,151) (51,196)
Cash flows from investing activities:      
Cash received in acquisition 168   168
Purchase of short-term investments   (5,996) (37,532)
Maturities of short-term investments     37,497
Cash paid for purchase of equipment and furnishings (53) (54) (739)
Disposal of equipment and furnishings     (1)
Cash refunded (paid) for lease deposit     (45)
Net cash provided by (used in) investing activities 115 (6,050) (652)
Cash flows from financing activities:      
Net proceeds from issuance of common stock 18,060 15,235 64,427
Cash paid for repurchase of common stock   (3,849) (3,849)
Net proceeds from exercise of common stock options   255 610
Repayments of capital lease obligations (47) (31) (173)
Cash advances from former parent company, net     8,766
Net cash provided by financing activities 18,013 11,610 69,781
Net increase (decrease) in cash and cash equivalents 11,042 (591) 17,933
Cash and cash equivalents at the beginning of period 6,891 5,684  
Cash and cash equivalents at end of period 17,933 5,093 17,933
Supplemental disclosure of cash flow information:      
Cash received during the period for interest   2 724
Cash paid during the period for interest 4   11
Supplemental disclosure of non-cash investing and financing activities:      
Settlement of corporate formation expenses in exchange for common stock     978
Fair value of warrants issued in connection with common stock recorded as a cost of equity 13,232 2,466 18,561
Fair value of shares mandatorily redeemable for cash upon the exercise of warrants   785 785
Fair value of stock options modified 674   674
Allocation of management expenses     551
Equipment and furnishings exchanged for common stock     48
Equipment and furnishings acquired through capital lease 44 28 241
Value of restricted stock units and common stock issued in lieu of cash bonuses   207 207
Value of restricted stock units and common stock issued in lieu of bonuses included in accrued expenses 427 47 474
Non-cash lease deposit     50
Apthera Acquisition:      
Fair value of shares issued to acquire Apthera 6,367   6,367
Fair value of contingent purchase price consideration in connection with Apthera acquisition 6,460   6,460
Net assets acquired excluding cash of $168 $ 12,827   $ 12,827