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, 2017
Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (21,123) $ (38,842)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 70 206
Stock-based compensation 1,790 3,266
Loss on disposal of property and equipment 133
Changes in operating assets and liabilities:    
Prepaid expenses 72 2,370
Accounts payable 424 (2,185)
Accrued expenses and deferred rent (361) (2,261)
Net cash used in operating activities (19,128) (37,313)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of furniture and fixtures (5) (66)
Maturities of marketable securities 7,174 16,615
Net cash provided by investing activities 7,169 16,549
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from exercise of warrants 14
Proceeds, net of expenses of $1,183 and $1,866, from sale of common stock 18,505 20,498
Net cash provided by financing activities 18,519 20,498
Effect of currency rate change on cash (5) (11)
Net increase (decrease) in cash, cash equivalents and restricted cash 6,555 (277)
Cash, cash equivalents and restricted cash, beginning of the year 19,030 19,307
Cash, cash equivalents and restricted cash, end of year 25,585 19,030
Non cash financing activities:    
Issuance of common stock under employee stock purchase plan $ 74 $ 167