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, 2016
Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (38,842) $ (48,054)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 206 161
Stock-based compensation 3,266 4,389
Loss on disposal of property and equipment 133
Changes in operating assets and liabilities:    
Prepaid expenses 2,370 (2,524)
Accounts payable (2,185) 1,583
Accrued expenses (2,190) 1,874
Security deposit (11)
Other long term liabilities (73) 54
Net cash used in operating activities (37,315) (42,528)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of furniture and fixtures (66) (118)
Purchase of intangible asset (120)
Purchase of marketable securities (28,643)
Proceeds from restricted cash 45
Maturities of marketable securities 16,615 4,710
Net cash provided by (used in) investing activities 16,594 (24,171)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from exercise of warrants 9
Proceeds, net of expenses of $1,866 and $3,484, from sale of common stock 20,498 47,685
Net cash provided by financing activities 20,498 47,694
Effect of currency rate change on cash (11) (4)
Net decrease in cash and cash equivalents (234) (19,009)
Cash and cash equivalents, beginning of the year 19,175 38,184
Cash and cash equivalents, end of year 18,941 19,175
Non-cash financing activities:    
Issuance of common stock under employee stock purchase plan $ 167 $ 160