Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Current    
Cash and cash equivalents [note 5] $ 28,517 $ 23,533
Restricted cash [note 5] 377 502
Short-term investments [note 5] 36,410 61,574
Amounts receivable 812 1,224
Prepaid expenses 1,210 2,485
Total current assets 67,326 89,318
Property and equipment, net [note 6] 180 87
Other assets [note 8] 509 513
Total assets 68,015 89,918
Current    
Accounts payable and accrued liabilities 3,217 893
Deferred collaboration revenue [note 4] 18,271 10,000
Current portion of long-term obligations [note 7] 1,417 1,314
Warrant liability [note 5 and note 10] 7,881 15,269
Total current liabilities 30,786 27,476
Deferred collaboration revenue, net of current [note 4] 0 11,622
Long-term obligations, less current portion [note 7] 6,339 6,695
Total liabilities 37,125 45,793
Commitments and contingencies [note 12]      
Shareholders' equity:    
Common shares [note 10]: $0.001 par value 25,000,000 shares authorized and 9,749,819 issued and outstanding at December 31, 2011 and 9,693,591 issued and outstanding at December 31, 2010 10 10
Additional paid-in capital 108,986 107,579
Accumulated deficit (80,742) (66,069)
Accumulated other comprehensive income 2,636 2,605
Total shareholders' equity 30,890 44,125
Total liabilities and shareholders' equity $ 68,015 $ 89,918