|
Three
months ended
March 31,
|
Cumulative
period from
February
14,
1991
(date of
inception)
to
March 31,
|
|||||||||||
|
2009
|
2008
|
2009
|
||||||||||
|
Revenue
|
$ | — | $ | 20 | $ | 2,988 | ||||||
|
Operating
expenses:
|
||||||||||||
|
Research
and development
|
42,889 | 58,445 | 1,040,371 | |||||||||
|
General
and administrative
|
14,917 | 15,640 | 260,759 | |||||||||
|
In-process
research and development costs
|
— | — | 19,726 | |||||||||
|
Goodwill
impairment
|
— | — | 151,428 | |||||||||
|
Total
operating expenses
|
57,806 | 74,085 | 1,472,284 | |||||||||
|
Loss
from operations
|
(57,806 | ) | (74,065 | ) | (1,469,296 | ) | ||||||
|
Other
income (expense)
|
71 | 60 | (1,872 | ) | ||||||||
|
Interest
expense on note payable to related party
|
(593 | ) | — | (2,116 | ) | |||||||
|
Interest
expense on senior convertible notes
|
(1,115 | ) | (337 | ) | (7,072 | ) | ||||||
|
Interest
income
|
31 | 2,921 | 36,892 | |||||||||
|
Loss
before provision for income taxes
|
(59,412 | ) | (71,421 | ) | (1,443,464 | ) | ||||||
|
Income
taxes
|
— | — | (26 | ) | ||||||||
|
Net
loss
|
(59,412 | ) | (71,421 | ) | (1,443,490 | ) | ||||||
|
Deemed
dividend related to beneficial conversion feature of convertible preferred
stock
|
— | — | (22,260 | ) | ||||||||
|
Accretion
on redeemable preferred stock
|
— | — | (952 | ) | ||||||||
|
Net
loss applicable to common stockholders
|
$ | (59,412 | ) | $ | (71,421 | ) | $ | (1,466,702 | ) | |||
|
Net
loss per share applicable to common stockholders — basic and
diluted
|
$ | (0.58 | ) | $ | (0.70 | ) | ||||||
|
Shares
used to compute basic and diluted net loss per share applicable to common
stockholders
|
102,030 | 101,409 | ||||||||||
|
March 31, 2009
|
December 31, 2008
|
|||||||
|
Assets
|
||||||||
|
Current
assets:
|
||||||||
|
Cash
and cash equivalents
|
$ | 27,114 | $ | 27,648 | ||||
|
Marketable
securities
|
3,115 | 18,844 | ||||||
|
State
research and development credit exchange receivable —
current
|
— | 1,500 | ||||||
|
Prepaid
expenses and other current assets
|
4,907 | 5,983 | ||||||
|
Total
current assets
|
35,136 | 53,975 | ||||||
|
Property
and equipment — net
|
228,352 | 226,436 | ||||||
|
State
research and development credit exchange receivable — net of current
portion
|
1,675 | 1,500 | ||||||
|
Other
assets
|
10,548 | 548 | ||||||
|
Total
|
$ | 275,711 | $ | 282,459 | ||||
|
Liabilities
and Stockholders’ Equity
|
||||||||
|
Current
liabilities
|
$ | 40,159 | $ | 53,472 | ||||
|
Senior
convertible notes
|
112,378 | 112,253 | ||||||
|
Note
payable to related party
|
90,000 | 30,000 | ||||||
|
Other
liabilities
|
— | — | ||||||
|
Stockholders’
equity
|
33,174 | 86,734 | ||||||
|
Total
|
$ | 275,711 | $ | 282,459 | ||||