Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (31,360) $ (34,694)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 163 90
Stock-based compensation 2,367 3,384
Changes in operating assets and liabilities:    
Prepaid expenses 867 (1,290)
Accounts payable (2,114) 948
Accrued expenses (1,725) 948
Deferred rent payable (70) (2)
Net cash used in operating activities (31,872) (30,616)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of furniture and fixtures (66) (68)
Maturities of marketable securities 12,715
Purchase of marketable securities (22,058)
Proceeds from restricted cash 44
Purchase of intangible asset (120)
Net cash provided by (used in) investing activities 12,693 (22,246)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from exercise of warrants 9
Proceeds, net of expenses of $1,294 and $2,115 from sale of common stock 15,641 47,685
Net cash provided by financing activities 15,641 47,694
Effect of currency rate change on cash 7 (7)
Net decrease in cash and cash equivalents (3,531) (5,175)
Cash and cash equivalents, beginning of the period 19,175 38,184
Cash and cash equivalents, end of period 15,644 33,009
Non-cash financing activities:    
Issuance of common stock under employee benefit plan $ 167 $ 160