Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets (USD $)
In Thousands
Sep. 30, 2011
Dec. 31, 2010
Current    
Cash and cash equivalents [note 4] $ 15,723 $ 23,533
Restricted cash 377 502
Short-term investments [note 4] 53,533 61,574
Amounts receivable 987 1,224
Prepaid expenses 3,353 2,485
Total current assets 73,973 89,318
Property and equipment, net 198 87
Other assets 509 513
Total assets 74,680 89,918
Current    
Accounts payable and accrued liabilities 1,465 893
Deferred collaboration revenue 10,000 10,000
Current portion of long-term obligations [note 6] 1,406 1,314
Warrant liability [note 4, note 5] 6,248 15,269
Total current liabilities 19,119 27,476
Deferred collaboration revenue, net of current 9,036 11,622
Long-term obligation, less current portion [note 6] 6,500 6,695
Total liabilities 34,655 45,793
Commitments and contingencies [note 7]    
Shareholders' equity:    
Common shares [note 5]: $0.001 par value 25,000,000 shares authorized and 9,748,352 issued and outstanding at September 30, 2011 and 9,693,591 issued and outstanding at December 31, 2010 10 10
Additional paid-in capital 108,660 107,579
Accumulated deficit (71,173) (66,069)
Accumulated other comprehensive income 2,528 2,605
Total shareholders' equity 40,025 44,125
Total liabilities and shareholders' equity $ 74,680 $ 89,918