Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (USD $)
In Thousands, unless otherwise specified
 3 Months Ended 87 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Mar. 31, 2014
Operating activities:      
Net loss $ (372) $ (1,058) $ (12,707)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation 57 60 793
Stock based compensation 11 18 363
Fair value of warrant liabilities in excess of proceeds from financing 946    946
Change in fair value of derivative liabilities (2,106)    (6,271)
Changes in operating assets and liabilities, net of effects of reverse Merger with Biozone Pharmaceuticals, Inc.:      
Prepaid expenses and other current assets (10) 27 (166)
Accounts payable and accrued expenses (306) 1 57
Net cash used in operating activities (1,780) (952) (16,985)
Investing activities:      
Capital expenditures       (1,204)
Cash acquired in reverse Merger with Biozone Pharmaceuticals, Inc. 589    589
Long term deposits (13)    (13)
Net cash provided by (used in) investing activities 576    (628)
Financing activitities      
Proceeds from issuance of Series A preferred stock, net of issuance costs       10,108
Proceeds from issuance of common stock and options to Teva, net of issuance costs       7,328
Proceeds from exercise of stock options 19 4 26
Proceeds from issuance of common stock and warrants 2,750    2,750
Net cash provided by financing activities 2,769 4 20,212
Net increase (decrease) in cash and cash equivalents 1,565 (948) 2,599
Cash and cash equivalents at beginning of period 1,034 4,717   
Cash and cash equivalents at end of period 2,599 3,769 2,599
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:      
Unrealized loss on marketable securities (1,451)   (1,451)
Assets acquired and liabilities assumed in reverse Merger with Biozone Pharmaceuticals, Inc.      
Prepaid expenses and other current assets 3   3
Marketable securities 8,737   8,737
Accounts payable and accrued expenses 410   410
Derivative liabilities $ 10,475   $ 10,475