Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net loss $ (48,054) $ (27,616) $ (10,884)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 161 36 17
Warrants issued for services rendered 0 0 51
Stock-based compensation 4,389 3,088 1,717
Common stock issued in exchange for intellectual property 0 608 0
Changes in operating assets and liabilities:      
Prepaid expenses and other (2,524) (423) (204)
Accounts payable 1,583 728 (60)
Accrued interest 0 0 (3)
Accrued expenses 1,874 729 856
Security deposit (11) (45) 0
Deferred rent payable 54 55 (7)
Net cash used in operating activities (42,528) (22,840) (8,517)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of furniture and fixtures (118) (319) (15)
Purchase of intangible asset (120) 0 0
Maturities of marketable securities 4,710 0 0
Purchase of marketable securities (28,643) 0 0
Increase in restricted cash balance 0 (73) 0
Net cash used in investing activities (24,171) (392) (15)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from related party promissory notes 0 0 280
Proceeds from exercise of warrants 9 5,661 4,628
Proceeds, net of expenses of $3,484, $3,460 and $3,454 from sale of common stock 47,685 47,836 10,042
Repayments of related party promissory notes 0 (280) 0
Net cash provided by financing activities 47,694 53,217 14,950
Effect of currency rate change on cash (4) (3) (1)
Net (decrease) increase in cash (19,009) 29,982 6,417
Cash, beginning of the period 38,184 8,202 1,785
Cash, end of period 19,175 38,184 8,202
Supplemental disclosures of cash flow information:      
Interest paid 0 0 3
Non cash financing activities:      
Issuance of common stock under employee benefit plan $ 160 $ 0 $ 0