Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets (Unaudited)

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Consolidated Balance Sheets (Unaudited) (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2012
Dec. 31, 2011
Current    
Cash and cash equivalents [note 4] $ 56,852 $ 28,517
Restricted cash 377 377
Short-term investments [note 4] 54,469 36,410
Amounts receivable 774 812
Prepaid expenses 2,079 1,210
Total current assets 114,551 67,326
Property and equipment, net 161 180
Other assets 509 509
Total assets 115,221 68,015
Current    
Accounts payable and accrued liabilities 2,877 3,217
Deferred collaboration revenue [note 3] 17,335 18,271
Current portion of long-term obligations [note 6] 1,429 1,417
Warrant liability [note 4 and 5] 9,311 7,881
Total current liabilities 30,952 30,786
Long-term obligations, less current portion [note 6] 6,142 6,339
Total liabilities 37,094 37,125
Commitments and contingencies [note 7]      
Shareholders' equity:    
Common shares [note 5]: $0.001 par value 25,000,000 shares authorized and 14,539,869 issued and outstanding at March 31, 2012 and 9,749,819 issued and outstanding at December 31, 2011 15 10
Additional paid-in capital 163,078 108,986
Accumulated deficit (87,602) (80,742)
Accumulated other comprehensive income 2,636 2,636
Total shareholders' equity 78,127 30,890
Total liabilities and shareholders' equity $ 115,221 $ 68,015