Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (13,976) $ (9,681)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 57 22
Stock based compensation 896 1,348
Changes in operating assets and liabilities:    
Prepaid expenses 178 (953)
Accounts payable (986) 502
Accrued expenses (1,645) (289)
Deferred rent payable (9) (2)
Net cash used in operating activities (15,485) (9,053)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of furniture and fixtures (65) 0
Maturities of marketable securities 4,783 0
Net cash provided by investing activities 4,718 0
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds, net of expenses of $2,061 from sale of common stock 0 29,054
Net cash provided by financing activities 0 29,054
Effect of currency rate change on cash 19 (4)
Net (decrease) increase in cash (10,748) 19,997
Cash, beginning of the period 19,175 38,184
Cash, end of period 8,427 58,181
Non-cash financing activities:    
Issuance of common stock under employee benefit plan $ 113 $ 70