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Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
CASH FLOWS USED IN OPERATING ACTIVITIES:    
Net loss $ (44,517) $ (48,159)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 69 21
Amortization of premium (accretion of discount) on short-term investments, net 183 28
Stock-based compensation expense 2,560 1,247
Research and development expense settled in stock 2,717 10,568
Change in fair value of other current assets, warrant liability and other liability 505 (7,464)
Non-cash interest 212 307
Loss on retirement of note payable 57  
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (845) 1,813
Other long-term assets (150)  
Accounts payable 1,009 2,134
Accrued expenses and other current liabilities 6,229 9,646
Net cash used in operating activities (31,971) (29,859)
CASH FLOWS USED IN INVESTING ACTIVITIES:    
Purchases of property and equipment (714)  
Purchases of marketable securities (53,305) (17,070)
Sales and maturities of marketable securities 1,065 10,793
Net cash provided by investing activities (52,954) (6,277)
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES:    
Proceeds from exercise of stock options   13
Proceeds from note payable, net 24,555  
Payments on note payable (13,156) (5,907)
Proceeds from the issuance of common stock, net 50,437  
Deferred financing costs (116)  
Proceeds from the issuance of preferred stock, net 27,368 42,870
Net cash provided by financing activities 89,088 36,976
NET INCREASE IN CASH AND CASH EQUIVALENTS 4,163 840
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 12,303 18,653
CASH AND CASH EQUIVALENTS AT END OF PERIOD 16,466 19,493
SUPPLEMENTAL DISCLOSURES:    
Cash paid for interest 1,138 1,426
NON-CASH FINANCING ACTIVITIES:    
Accretion of dividends on preferred stock 9,000 12,698
Fair value of series A-6 convertible preferred stock issued as settlement of liability 10,109  
Fair value of warrants issued 1,552 1,356
Reclassification of preferred stock to common stock $ 298,063