Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

v3.5.0.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows used in operating activities:    
Net loss $ (36,050) $ (45,958)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 603 1,319
Common stock contribution to 401(k) 785 986
Stock-based compensation expense 6,200 8,318
Revaluation of contingent warrant liabilities (10,455) (24,206)
Amortization of debt issuance costs, debt discount and final payment fee on debt 1,075 1,030
Loss on loan extinguishment   429
Gain on sale of marketable securities (126)  
Unrealized loss (gain) on foreign currency exchange 384 (1,344)
Other 79 (13)
Changes in assets and liabilities:    
Trade and other receivables, net 3,313 (36,034)
Prepaid expenses and other current assets 676 (1,019)
Accounts payable and accrued liabilities (4,540) (365)
Accrued interest on interest bearing obligations 175 181
Deferred revenue (2,306) 36,468
Other liabilities (500) 549
Net cash used in operating activities (40,687) (59,659)
Cash flows from investing activities:    
Proceeds from sale of marketable securities 622  
Proceeds from sale of property and equipment 45 18
Purchase of property and equipment (31) (466)
Net cash provided by (used in) investing activities 636 (448)
Cash flows from financing activities:    
Proceeds from issuance of common stock, net of issuance costs 45 360
Proceeds from exercise of warrants   1
Proceeds from issuance of long term debt   20,000
Debt issuance costs and loan fees   (512)
Principal payments ─ debt (5,057) (6,128)
Principal payments ─ capital lease (84)  
Net cash (used in) provided by financing activities (5,096) 13,721
Effect of exchange rate changes on cash (2) (13)
Net decrease in cash and cash equivalents (45,149) (46,399)
Cash and cash equivalents at the beginning of the period 65,767 [1] 78,445
Cash and cash equivalents at the end of the period 20,618 32,046
Supplemental Cash Flow Information:    
Cash paid for interest 1,724 1,452
Non-cash financing activities:    
Reclassification of contingent warrant liability to equity upon exercise of warrants   (3,552)
Interest added to principal balance on long-term debt $ 194 159
Issuance of common stock warrants in connection with Hercules Term Loan   $ 450
[1] The condensed consolidated balance sheet as of December 31, 2015 has been derived from the audited consolidated financial statements as of that date included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015.