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
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash flows used in operating activities:    
Net loss $ (8,365) $ (21,718)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 215 458
Common stock contribution to 401(k) 785 986
Stock-based compensation expense 2,306 3,665
Revaluation of contingent warrant liabilities (6,932) 40
Amortization of debt discount, final payment fee on debt, and debt issuance costs 354 296
Loss on loan extinguishment   429
Unrealized loss (gain) on foreign currency exchange 559 (1,949)
Other (2) 5
Changes in assets and liabilities:    
Trade and other receivables, net 2,092 38
Prepaid expenses and other current assets 415 (2)
Accounts payable and accrued liabilities (4,901) (6,455)
Accrued interest on interest bearing obligations (6) 90
Deferred revenue (2,306) (163)
Other liabilities (500)  
Net cash used in operating activities (16,286) (24,280)
Cash flows from investing activities:    
Net purchase of property and equipment (31) (225)
Net cash used in investing activities (31) (225)
Cash flows from financing activities:    
Proceeds from issuance of common stock, net of issuance costs   134
Proceeds from issuance of long term debt   20,000
Debt issuance costs and loan fees   (477)
Principal payments ─ debt (3,271) (6,083)
Principal payments ─ capital lease (28)  
Net cash (used in) provided by financing activities (3,299) 13,574
Effect of exchange rate changes on cash 2 (23)
Net decrease in cash and cash equivalents (19,614) (10,954)
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 46,153 67,491
Supplemental Cash Flow Information:    
Cash paid for interest $ 646 333
Non-cash financing activities:    
Issuance of warrants   $ 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.