our research and development expenses consist primarily of expenses related to in-licensing of new product candidates , fees paid to consultants and outside service providers for clinical and laboratory development , facilities-related and other expenses relating to the design , development , manufacture , testing and enhancement of our drug candidates and technologies . we expense our research and development costs as they are incurred . research and development expenses for the years ended december 31 , 2014 and 2013 were $ 31,354,781 and $ 12,621,161 , respectively , excluding non-cash compensation expenses related to research and development . the following table sets forth the research and development expenses per project , exclusive of non-cash compensation expenses , for the periods presented . replace_table_token_4_th 35 our general and administrative expenses consist primarily of salaries and related expenses for executive , finance and other administrative personnel , recruitment expenses , professional fees and other corporate expenses , including investor relations , legal activities and facilities-related expenses . our results of operations include non-cash compensation expenses as a result of the grants of stock options and restricted stock . compensation expense for awards of options and restricted stock granted to employees and directors represents the fair value of the award recorded over the respective vesting periods of the individual awards . the expense is included in the respective categories of expense in the consolidated statements of operations . we expect to continue to incur significant non-cash compensation expenses . for awards of options and restricted stock to consultants and other third-parties , compensation expense is determined at the “ measurement date . ” the expense is recognized over the vesting period of the award . until the measurement date is reached , the total amount of compensation expense remains uncertain . we record compensation expense based on the fair value of the award at the reporting date . the awards to consultants and other third-parties are then revalued , or the total compensation is recalculated based on the then current fair value , at each subsequent reporting date . this results in a change to the amount previously recorded in respect of the equity award grant , and additional expense or a reversal of expense may be recorded in subsequent periods based on changes in the assumptions used to calculate fair value , such as changes in market price , until the measurement date is reached and the compensation expense is finalized . in addition , certain restricted stock issued to employees vest upon the achievement of certain milestones ; therefore , the total expense is uncertain until the milestone is probable . our clinical trials will be lengthy and expensive . even if these trials show that our drug candidates are effective in treating certain indications , there is no guarantee that we will be able to record commercial sales of any of our drug candidates in the near future . in addition , we expect losses to continue as we continue to fund in-licensing and development of new drug candidates . as we continue our development efforts , we may enter into additional third-party collaborative agreements and may incur additional expenses , such as licensing fees and milestone payments . in addition , we may need to establish the commercial infrastructure required to manufacture , market and sell our drug candidates following approval , if any , by the fda , which would result in us incurring additional expenses . as a result , our quarterly results may fluctuate and a quarter-by-quarter comparison of our operating results may not be a meaningful indication of our future performance . results of operations years ended december 31 , 2014 and 2013 replace_table_token_5_th 36 license revenue . license revenue was $ 152,381 for each of the years ended december 31 , 2014 and 2013. license revenue is related to the amortization of an upfront payment of $ 2.0 million associated with our license agreement with ildong . the upfront payment from ildong will be recognized as license revenue on a straight-line basis through december 2025 , which represents the estimated period over which the company will have certain ongoing responsibilities under the sublicense agreement . noncash stock expense associated with in-licensing agreements . noncash stock expense associated with in-licensing agreements was $ 5,350,094 for the year ended december 31 , 2014 , as compared to $ 0 for the year ended december 31 , 2013. the expense during the year ended december 31 , 2014 was recorded in conjunction with the stock issued to rhizen of approximately $ 4,100,000 to exercise our option to license tgr-1202 , and approximately $ 1,200,000 for the common stock issued to ligand as an upfront payment for the license to the irak4 inhibitors program . noncash compensation expense ( research and development ) . noncash compensation expense ( research and development ) related to equity incentive grants increased by $ 7,690,047 from $ 1,041,519 for the year ended december 31 , 2013 to $ 8,731,566 during the year ended december 31 , 2014. the increase in noncash compensation expense was primarily related to milestone-based vesting of restricted stock grants to employees and consultants during the year ended december 31 , 2014. we expect noncash compensation expense ( research and development ) to remain at a comparable level in 2015. other research and development expenses . other research and development expenses increased by $ 13,383,526 from $ 12,621,161 for the year ended december 31 , 2013 to $ 26,004,687 for the year ended december 31 , 2014. the increase in other research and development expenses was due primarily to increased research and development expenses associated with tg-1101 and tgr-1202 of approximately $ 7,100,000 and $ 3,800,000 , respectively . story_separator_special_tag total compensation expense for options and restricted stock issued to consultants is determined at the “ measurement date . ” the expense is recognized over the vesting period for the options and restricted stock . until the measurement date is reached , the total amount of compensation expense remains uncertain . we record stock-based compensation expense based on the fair value of the equity awards at the reporting date . these equity awards are then revalued , or the total compensation is recalculated based on the then current fair value , at each subsequent reporting date . this results in a change to the amount previously recorded in respect of the equity award grant , and additional expense or a reversal of expense may be recorded in subsequent periods based on changes in the assumptions used to calculate fair value , such as changes in market price , until the measurement date is reached and the compensation expense is finalized . 39 in-process research and development . all acquired research and development projects are recorded at their fair value as of the date acquisition . the fair values are assessed as of the balance sheet date to ascertain if there has been any impairment of the recorded value . if there is an impairment the asset is written down to its current fair value by the recording of an expense . accruals for clinical research organization and clinical site costs . we make estimates of costs incurred in relation to external clinical research organizations , or cros , and clinical site costs . we analyze the progress of clinical trials , including levels of patient enrollment , invoices received and contracted costs when evaluating the adequacy of the amount expensed and the related prepaid asset and accrued liability . significant judgments and estimates must be made and used in determining the accrued balance and expense in any accounting period . we review and accrue cro expenses and clinical trial study expenses based on work performed and rely upon estimates of those costs applicable to the stage of completion of a study . accrued cro costs are subject to revisions as such trials progress to completion . revisions are charged to expense in the period in which the facts that give rise to the revision become known . with respect to clinical site costs , the financial terms of these agreements are subject to negotiation and vary from contract to contract . payments under these contracts may be uneven , and depend on factors such as the achievement of certain events , the successful recruitment of patients , the completion of portions of the clinical trial or similar conditions . the objective of our policy is to match the recording of expenses in our financial statements to the actual services received and efforts expended . as such , expense accruals related to clinical site costs are recognized based on our estimate of the degree of completion of the event or events specified in the specific clinical study or trial contract . accounting related to goodwill . as of december 31 , 2014 and 2013 , there was $ 799,391 of goodwill on our consolidated balance sheets . goodwill is reviewed for impairment annually , or when events arise that could indicate that an impairment exists . we test for goodwill impairment using a two-step process . the first step compares the fair value of the reporting unit with the unit 's carrying value , including goodwill . when the carrying value of the reporting unit is greater than fair value , the unit 's goodwill may be impaired , and the second step must be completed to measure the amount of the goodwill impairment charge , if any . in the second step , the implied fair value of the reporting unit 's goodwill is compared with the carrying amount of the unit 's goodwill . if the carrying amount is greater than the implied fair value , the carrying value of the goodwill must be written down to its implied fair value . we are required to perform impairment tests annually , at december 31 , and whenever events or changes in circumstances suggest that the carrying value of an asset may not be recoverable . for all of our acquisitions , various analyses , assumptions and estimates were made at the time of each acquisition that were used to determine the valuation of goodwill and intangibles . in future years , the possibility exists that changes in forecasts and estimates from those used at the acquisition date could result in impairment indicators . accounting for income taxes . in preparing our consolidated financial statements , we are required to estimate our income taxes in each of the jurisdictions in which we operate . this process involves management estimation of our actual current tax exposure and assessment of temporary differences resulting from differing treatment of items for tax and accounting purposes . these differences result in deferred tax assets and liabilities . we must then assess the likelihood that our deferred tax assets will be recovered from future taxable income and , to the extent we believe that recovery is not likely , we must establish a valuation allowance . to the extent we establish a valuation allowance or increase this allowance in a period , we must include an expense within the tax provision in the consolidated statements of operations . significant management judgment is required in determining our provision for income taxes , our deferred tax assets and liabilities and any valuation allowance recorded against our net deferred tax assets . we have fully offset our deferred tax assets with a valuation allowance . our lack of earnings history and the uncertainty surrounding our ability to generate taxable income prior to the reversal or expiration of such deferred tax assets were the primary factors considered by management in maintaining the valuation allowance . recently issued accounting standards in

liquidity and capital resources our primary sources of cash have been from the sale of equity securities , the upfront payment from our sublicense agreement with ildong , and warrant and option exercises . we have not yet commercialized any of our drug candidates and can not be sure if we will ever be able to do so . even if we commercialize one or more of our drug candidates , we may not become profitable . our ability to achieve profitability depends on a number of factors , including our ability to obtain regulatory approval for our drug candidates , successfully complete any post-approval regulatory obligations and successfully commercialize our drug candidates alone or in partnership . we may continue to incur substantial operating losses even if we begin to generate revenues from our drug candidates . as of december 31 , 2014 , we had $ 78,861,334 in cash and cash equivalents , investment securities , and interest receivable . subsequent to the year ended december 31 , 2014 , we sold a total of 1,369,777 shares of common stock under the 2015 atm for aggregate net proceeds of approximately $ 19.3 million . we currently anticipate that our cash and cash equivalents as of december 31 , 2014 plus the amounts raised subsequent to the end of the year are sufficient to fund our anticipated operating cash requirements for more than 24 months from december 31 , 2014. the actual amount of cash that we will need to operate is subject to many factors , including , but not limited to , the timing , design and conduct of clinical trials for our drug candidates . we are dependent upon significant financing to provide the cash necessary to execute our current operations , including the commercialization of any of our drug candidates .


 Write a concise summary of the following text delimited by triple backquotes. Return your response as a narrative which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```our research and development expenses consist primarily of expenses related to in-licensing of new product candidates , fees paid to consultants and outside service providers for clinical and laboratory development , facilities-related and other expenses relating to the design , development , manufacture , testing and enhancement of our drug candidates and technologies . we expense our research and development costs as they are incurred . research and development expenses for the years ended december 31 , 2014 and 2013 were $ 31,354,781 and $ 12,621,161 , respectively , excluding non-cash compensation expenses related to research and development . the following table sets forth the research and development expenses per project , exclusive of non-cash compensation expenses , for the periods presented . replace_table_token_4_th 35 our general and administrative expenses consist primarily of salaries and related expenses for executive , finance and other administrative personnel , recruitment expenses , professional fees and other corporate expenses , including investor relations , legal activities and facilities-related expenses . our results of operations include non-cash compensation expenses as a result of the grants of stock options and restricted stock . compensation expense for awards of options and restricted stock granted to employees and directors represents the fair value of the award recorded over the respective vesting periods of the individual awards . the expense is included in the respective categories of expense in the consolidated statements of operations . we expect to continue to incur significant non-cash compensation expenses . for awards of options and restricted stock to consultants and other third-parties , compensation expense is determined at the “ measurement date . ” the expense is recognized over the vesting period of the award . until the measurement date is reached , the total amount of compensation expense remains uncertain . we record compensation expense based on the fair value of the award at the reporting date . the awards to consultants and other third-parties are then revalued , or the total compensation is recalculated based on the then current fair value , at each subsequent reporting date . this results in a change to the amount previously recorded in respect of the equity award grant , and additional expense or a reversal of expense may be recorded in subsequent periods based on changes in the assumptions used to calculate fair value , such as changes in market price , until the measurement date is reached and the compensation expense is finalized . in addition , certain restricted stock issued to employees vest upon the achievement of certain milestones ; therefore , the total expense is uncertain until the milestone is probable . our clinical trials will be lengthy and expensive . even if these trials show that our drug candidates are effective in treating certain indications , there is no guarantee that we will be able to record commercial sales of any of our drug candidates in the near future . in addition , we expect losses to continue as we continue to fund in-licensing and development of new drug candidates . as we continue our development efforts , we may enter into additional third-party collaborative agreements and may incur additional expenses , such as licensing fees and milestone payments . in addition , we may need to establish the commercial infrastructure required to manufacture , market and sell our drug candidates following approval , if any , by the fda , which would result in us incurring additional expenses . as a result , our quarterly results may fluctuate and a quarter-by-quarter comparison of our operating results may not be a meaningful indication of our future performance . results of operations years ended december 31 , 2014 and 2013 replace_table_token_5_th 36 license revenue . license revenue was $ 152,381 for each of the years ended december 31 , 2014 and 2013. license revenue is related to the amortization of an upfront payment of $ 2.0 million associated with our license agreement with ildong . the upfront payment from ildong will be recognized as license revenue on a straight-line basis through december 2025 , which represents the estimated period over which the company will have certain ongoing responsibilities under the sublicense agreement . noncash stock expense associated with in-licensing agreements . noncash stock expense associated with in-licensing agreements was $ 5,350,094 for the year ended december 31 , 2014 , as compared to $ 0 for the year ended december 31 , 2013. the expense during the year ended december 31 , 2014 was recorded in conjunction with the stock issued to rhizen of approximately $ 4,100,000 to exercise our option to license tgr-1202 , and approximately $ 1,200,000 for the common stock issued to ligand as an upfront payment for the license to the irak4 inhibitors program . noncash compensation expense ( research and development ) . noncash compensation expense ( research and development ) related to equity incentive grants increased by $ 7,690,047 from $ 1,041,519 for the year ended december 31 , 2013 to $ 8,731,566 during the year ended december 31 , 2014. the increase in noncash compensation expense was primarily related to milestone-based vesting of restricted stock grants to employees and consultants during the year ended december 31 , 2014. we expect noncash compensation expense ( research and development ) to remain at a comparable level in 2015. other research and development expenses . other research and development expenses increased by $ 13,383,526 from $ 12,621,161 for the year ended december 31 , 2013 to $ 26,004,687 for the year ended december 31 , 2014. the increase in other research and development expenses was due primarily to increased research and development expenses associated with tg-1101 and tgr-1202 of approximately $ 7,100,000 and $ 3,800,000 , respectively . story_separator_special_tag total compensation expense for options and restricted stock issued to consultants is determined at the “ measurement date . ” the expense is recognized over the vesting period for the options and restricted stock . until the measurement date is reached , the total amount of compensation expense remains uncertain . we record stock-based compensation expense based on the fair value of the equity awards at the reporting date . these equity awards are then revalued , or the total compensation is recalculated based on the then current fair value , at each subsequent reporting date . this results in a change to the amount previously recorded in respect of the equity award grant , and additional expense or a reversal of expense may be recorded in subsequent periods based on changes in the assumptions used to calculate fair value , such as changes in market price , until the measurement date is reached and the compensation expense is finalized . 39 in-process research and development . all acquired research and development projects are recorded at their fair value as of the date acquisition . the fair values are assessed as of the balance sheet date to ascertain if there has been any impairment of the recorded value . if there is an impairment the asset is written down to its current fair value by the recording of an expense . accruals for clinical research organization and clinical site costs . we make estimates of costs incurred in relation to external clinical research organizations , or cros , and clinical site costs . we analyze the progress of clinical trials , including levels of patient enrollment , invoices received and contracted costs when evaluating the adequacy of the amount expensed and the related prepaid asset and accrued liability . significant judgments and estimates must be made and used in determining the accrued balance and expense in any accounting period . we review and accrue cro expenses and clinical trial study expenses based on work performed and rely upon estimates of those costs applicable to the stage of completion of a study . accrued cro costs are subject to revisions as such trials progress to completion . revisions are charged to expense in the period in which the facts that give rise to the revision become known . with respect to clinical site costs , the financial terms of these agreements are subject to negotiation and vary from contract to contract . payments under these contracts may be uneven , and depend on factors such as the achievement of certain events , the successful recruitment of patients , the completion of portions of the clinical trial or similar conditions . the objective of our policy is to match the recording of expenses in our financial statements to the actual services received and efforts expended . as such , expense accruals related to clinical site costs are recognized based on our estimate of the degree of completion of the event or events specified in the specific clinical study or trial contract . accounting related to goodwill . as of december 31 , 2014 and 2013 , there was $ 799,391 of goodwill on our consolidated balance sheets . goodwill is reviewed for impairment annually , or when events arise that could indicate that an impairment exists . we test for goodwill impairment using a two-step process . the first step compares the fair value of the reporting unit with the unit 's carrying value , including goodwill . when the carrying value of the reporting unit is greater than fair value , the unit 's goodwill may be impaired , and the second step must be completed to measure the amount of the goodwill impairment charge , if any . in the second step , the implied fair value of the reporting unit 's goodwill is compared with the carrying amount of the unit 's goodwill . if the carrying amount is greater than the implied fair value , the carrying value of the goodwill must be written down to its implied fair value . we are required to perform impairment tests annually , at december 31 , and whenever events or changes in circumstances suggest that the carrying value of an asset may not be recoverable . for all of our acquisitions , various analyses , assumptions and estimates were made at the time of each acquisition that were used to determine the valuation of goodwill and intangibles . in future years , the possibility exists that changes in forecasts and estimates from those used at the acquisition date could result in impairment indicators . accounting for income taxes . in preparing our consolidated financial statements , we are required to estimate our income taxes in each of the jurisdictions in which we operate . this process involves management estimation of our actual current tax exposure and assessment of temporary differences resulting from differing treatment of items for tax and accounting purposes . these differences result in deferred tax assets and liabilities . we must then assess the likelihood that our deferred tax assets will be recovered from future taxable income and , to the extent we believe that recovery is not likely , we must establish a valuation allowance . to the extent we establish a valuation allowance or increase this allowance in a period , we must include an expense within the tax provision in the consolidated statements of operations . significant management judgment is required in determining our provision for income taxes , our deferred tax assets and liabilities and any valuation allowance recorded against our net deferred tax assets . we have fully offset our deferred tax assets with a valuation allowance . our lack of earnings history and the uncertainty surrounding our ability to generate taxable income prior to the reversal or expiration of such deferred tax assets were the primary factors considered by management in maintaining the valuation allowance . recently issued accounting standards in
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 Narrative : liquidity and capital resources our primary sources of cash have been from the sale of equity securities , the upfront payment from our sublicense agreement with ildong , and warrant and option exercises . we have not yet commercialized any of our drug candidates and can not be sure if we will ever be able to do so . even if we commercialize one or more of our drug candidates , we may not become profitable . our ability to achieve profitability depends on a number of factors , including our ability to obtain regulatory approval for our drug candidates , successfully complete any post-approval regulatory obligations and successfully commercialize our drug candidates alone or in partnership . we may continue to incur substantial operating losses even if we begin to generate revenues from our drug candidates . as of december 31 , 2014 , we had $ 78,861,334 in cash and cash equivalents , investment securities , and interest receivable . subsequent to the year ended december 31 , 2014 , we sold a total of 1,369,777 shares of common stock under the 2015 atm for aggregate net proceeds of approximately $ 19.3 million . we currently anticipate that our cash and cash equivalents as of december 31 , 2014 plus the amounts raised subsequent to the end of the year are sufficient to fund our anticipated operating cash requirements for more than 24 months from december 31 , 2014. the actual amount of cash that we will need to operate is subject to many factors , including , but not limited to , the timing , design and conduct of clinical trials for our drug candidates . we are dependent upon significant financing to provide the cash necessary to execute our current operations , including the commercialization of any of our drug candidates .

