Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets (Unaudited)

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Consolidated Balance Sheets (Unaudited) (USD $)
In Thousands
Jun. 30, 2011
Dec. 31, 2010
Current    
Cash and cash equivalents[note 4] $ 20,876 $ 23,533
Restricted cash 502 502
Short-term investments [note 4] 54,536 61,574
Amounts receivable 1,498 1,224
Prepaid expenses 1,397 2,485
Total current assets 78,809 89,318
Property and equipment, net 207 87
Other assets 509 513
Total assets 79,525 89,918
Current    
Accounts payable and accrued liabilities 1,643 893
Deferred Collaboration Revenue 10,000 10,000
Current portion of long-term obligations [note 6] 1,384 1,314
Warrant liability [note 4, note 5] 14,828 15,269
Total current liabilities 27,855 27,476
Deferred Collaboration Revenue, net of current 9,866 11,622
Long-term obligation, less current portion [note 6] 6,606 6,695
Total liabilities 44,327 45,793
Commitments and contingencies [note 7]    
Shareholders' equity:    
Common shares [note 5] $0.001 par value 25000000 shares authorized and 9,718,251 issued and outstanding at June 30, 2011 and 9,693,591 issued and outstanding at December 31, 2010 10 10
Additional paid-in capital 108,224 107,579
Accumulated deficit (75,644) (66,069)
Accumulated other comprehensive income 2,608 2,605
Total shareholders' equity 35,198 44,125
Total liabilities and shareholders' equity $ 79,525 $ 89,918