we have developed and launched the first ready-to-use , room-temperature stable liquid glucagon formulation that , unlike the current standard of care , can be administered without any preparation or reconstitution . our first product , gvoke , delivers ready-to-use glucagon via a commercially available pre-filled syringe ( `` gvoke pfs `` ) or auto-injector ( `` gvoke hypopen `` ) for the treatment of severe hypoglycemia , a potentially life-threatening condition , in people with diabetes . gvoke was approved by the u.s. food & drug administration ( `` fda `` ) for the treatment of severe hypoglycemia in pediatric and adult patients with diabetes ages two years and older on september 10 , 2019. we began the commercial launch of gvoke pfs in november 2019. gvoke pfs is available in two doses : a 0.5 mg/0.1 ml dose for pediatric patients and a 1 mg/0.2 ml dose for adolescent and adult patients . we expect gvoke hypopen will be commercially available in july 2020 , in the same doses as the gvoke pfs . additionally , in november 2019 , we submitted a marketing authorisation application ( `` maa `` ) to the european medicines agency ( “ ema ” ) for our novel ready-to-use , room temperature stable liquid glucagon formulation for the treatment of severe hypoglycemia in people with diabetes . we are also applying our novel liquid glucagon formulation to the management of hypoglycemia associated with additional intermittent and chronic conditions with significant unmet medical need . finally , we are applying our technology platforms to other commercially available drugs to enable more convenient and patient-friendly subcutaneous ( `` sc `` ) and intramuscular ( `` im `` ) routes of administration including the development of products to address unmet needs in both diabetes and epilepsy . we own the rights to our proprietary formulation technology platforms , gvoke , and our product candidates domestically and internationally , with 114 patents issued globally , including a composition of matter patent covering our ready-to-use glucagon formulation that expires in 2036. we have built our commercial organization , including hiring individuals in commercial operations and sales and marketing , to support the commercial launch of gvoke in the united states . outside the united states we plan to pursue development and commercialization partnerships . we currently contract with third parties for the manufacture , assembly , testing , packaging , storage and distribution of our products . since our inception in 2005 , we have devoted substantially all of our resources to research and development initiatives , undertaking preclinical studies of our product candidates , conducting clinical trials of our most advanced product candidates , organizing and staffing our company , raising capital and initiating the commercialization of our first product , gvoke , which was approved by the fda on september 10 , 2019. we have funded our operations to date primarily with proceeds from the sale of preferred and common stock , debt financing and grant awards . we have received gross proceeds of $ 104.9 million from sales of our preferred stock , $ 12.7 million from grant awards received from the national institutes of health ( `` nih `` ) and other philanthropic organizations , $ 98.3 million from our june 2018 initial public offering ( `` ipo `` ) of our common stock , $ 60.0 million from the amended loan agreement , and $ 60.0 million from our february 2019 public offering . on august 6 , 2019 , we filed a shelf registration statement on form s-3 with the u.s. securities and exchange commission 's ( `` sec `` ) , which covers the offering , issuance and sale by us of up to an aggregate of $ 250.0 million of our common stock , preferred stock , debt securities , warrants and or units , which we refer to as the `` shelf `` . we simultaneously entered into a sales agreement with jefferies llc , as sales agent , to provide for the offering , issuance and sale by us of up to $ 50.0 million of our common stock from time to time in `` at-the-market `` offerings under the shelf . the shelf was declared effective by the sec on august 21 , 2019. in december 2019 , we sold an aggregate of 204,427 shares of common stock under the shelf for gross proceeds of $ 1.8 million . in february 2020 , we completed a public offering and sold 10,299,769 shares of common stock , including 1,299,769 shares pursuant to the underwriters ' option to purchase additional shares of common stock . gross proceeds from the offering were $ 42.7 million . 79 for the years ended december 31 , 2019 and 2018 , we reported net losses of $ 125.6 million and $ 60.1 million , respectively . we have not been profitable since inception , and , as of december 31 , 2019 , our accumulated deficit was $ 246.2 million . in the near term , we expect to continue to incur significant expenses , operating losses and net losses as we : < continue our marketing and selling efforts for the commercial launch of gvoke ; < continue our research and development efforts ; < seek regulatory approval for new product candidates and product enhancements ; and < continue to operate as a public company . we do not expect to generate significant product revenue until we successfully commercialize gvoke . we expect to continue to seek public equity and debt financing to meet our capital requirements . story_separator_special_tag we accrue estimated chargebacks based on contract prices , sales data obtained from third-party information and estimated levels of inventory in the distribution channel and record the chargebacks as a reduction of revenue . accrued chargebacks are included in accrued trade discounts and rebates on the consolidated balance sheets . service fees we record service fees paid to our customers for distribution and inventory management services as a reduction to revenue . we accrue estimated service fees based on contractually determined amounts . accrued service fees are included in accrued trade discounts and rebates on the consolidated balance sheets . product returns consistent with industry practice , we maintain a return goods policy that allows customers to return product due to order or shipment errors , overstock , dating , recall or other changes in regulatory guidelines . generally , product may be returned for a period beginning six months prior to its expiration date and up to one year after its expiration date . to determine the estimate of the provision for returns , we analyze branded product return history of comparable products and other market data . in a reporting period , we may decide to constrain revenue for product returns based on information from various sources , including channel inventory levels , inventory dating , prescription data , the expiration dates of product currently being shipped , price changes of competitive products and introductions of generic products . at december 31 , 2019 , we increased our returns reserve above the level indicated by the return history of comparable products due to factors related to the initial stocking of inventory for the launch of our new product . we record estimated sales returns in accrued returns reserve on the consolidated balance sheets and as a reduction of revenue . research and development accruals research and development expenses are expensed as incurred . research and development expenses include salaries and personnel-related costs , consulting fees , fees paid for contract research and development services including those for preclinical and clinical trials , laboratory equipment and facilities costs , and other external costs . in addition , manufacturing costs for gvoke prior to approval and commercial salability were expensed as research and development expenses . nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are deferred and capitalized . the capitalized amounts are expensed as the related goods are used or the services are performed . 86 when preparing our financial statements , we are required to estimate our accrued clinical expenses . this process involves reviewing open contracts and communicating with our personnel to identify services that have been performed on our behalf and estimating the level of service performed and the associated cost incurred for the service when we have not yet been invoiced or otherwise notified of actual cost . payments under some of the contracts we have with parties depend on factors , such as successful enrollment of certain numbers of patients , site initiation and the completion of clinical trial milestones . when accruing clinical expenses , we estimate the time period over which services will be performed and the level of effort to be expended in each period . if possible , we obtain information regarding unbilled services directly from our service providers . however , we may be required to estimate the cost of these services based only on information available to us . if we underestimate or overestimate the cost associated with a trial or service at a given point in time , adjustments to research and development expenses may be necessary in future periods . historically , our estimated accrued clinical expenses have approximated actual expense incurred . stock-based compensation expense the following table summarizes the reporting of total stock-based compensation expense resulting from employee stock options , restricted stock units , and employee stock purchases under the employee stock purchase plan : replace_table_token_7_th we account for our stock-based compensation awards in accordance with accounting standards codification topic 718 , compensation-stock compensation , or asc 718. asc 718 requires all stock-based payments to employees , including grants of employee stock options , to be recognized in the statements of operations based on their grant date fair values . we estimate the grant date fair value of each option award using the black-scholes option-pricing model . we recognize stock-based compensation expense , equal to the grant date fair value of stock options , on a straight-line basis over the requisite service period . estimating the fair value of options requires the input of subjective assumptions , including the estimated fair value of our common stock , the expected life of the option , stock price volatility , the risk-free interest rate and expected dividends . the assumptions used in our black-scholes option-pricing model represent management 's best estimates and involve a number of variables , uncertainties and assumptions and the application of management 's judgment , as they are inherently subjective . if any assumptions change , our stock-based compensation expense could be materially different in the future . the assumptions used in our black-scholes option-pricing model are estimated as follows : ∎ expected term . we do not believe we are able to rely on our historical exercise and post-vesting termination activity to provide accurate data for estimating the expected term for use in determining the fair value-based measurement of our options . therefore , we have opted to use the “ simplified method ” for estimating the expected term of options , which is the average of the weighted-average vesting period and contractual term of the option . ∎ expected volatility . as we have limited trading history for our common stock , the expected stock price volatility assumption is determined based on the historical volatilities of a peer group of publicly traded companies as well as the historical volatility of our own common stock since we began

liquidity and capital resources our primary uses of cash are to fund marketing and selling costs related to commercialization of gvoke , the research and development of our products , other operating expenses and working capital requirements . historically , we have funded our operations primarily through private placements of convertible preferred stock , public offerings of common stock , issuance of debt , and grants awarded from the nih and other philanthropic organizations . in june 2018 , we completed our ipo of 6,555,000 shares of our common stock at a price of $ 15.00 per share for aggregate net proceeds of $ 88.9 million after deducting underwriting discounts and commissions as well as other public offering expenses . on february 19 , 2019 , we completed a public offering and sold an aggregate of 5,996,775 shares of common stock at a price of $ 10.00 per share , including 116 , 775 shares of common stock pursuant to the exercise of the underwriters ' option to purchase additional shares . net proceeds from this public offering were $ 55.5 million after deducting underwriting discounts and commissions as well as other public offering expenses . on september 10 , 2019 , we entered into the amended loan agreement that provides for term 83 loans of up to an aggregate of $ 85.0 million , of which $ 60.0 million was drawn on september 13 , 2019. we become eligible to draw the second tranche of $ 15.0 million and the third tranche of $ 10.0 million following the company 's achievement of certain revenue targets prior to march 31 , 2021 and june 30 , 2021 , respectively . on august 6 , 2019 , we filed a shelf registration statement on form s-3 with the sec , which covers the offering , issuance and sale by us of up to an aggregate of $ 250.0 million of our common stock , preferred stock , debt securities , warrants and or units , which we refer to as the `` shelf '' .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources our primary uses of cash are to fund marketing and selling costs related to commercialization of gvoke , the research and development of our products , other operating expenses and working capital requirements . historically , we have funded our operations primarily through private placements of convertible preferred stock , public offerings of common stock , issuance of debt , and grants awarded from the nih and other philanthropic organizations . in june 2018 , we completed our ipo of 6,555,000 shares of our common stock at a price of $ 15.00 per share for aggregate net proceeds of $ 88.9 million after deducting underwriting discounts and commissions as well as other public offering expenses . on february 19 , 2019 , we completed a public offering and sold an aggregate of 5,996,775 shares of common stock at a price of $ 10.00 per share , including 116 , 775 shares of common stock pursuant to the exercise of the underwriters ' option to purchase additional shares . net proceeds from this public offering were $ 55.5 million after deducting underwriting discounts and commissions as well as other public offering expenses . on september 10 , 2019 , we entered into the amended loan agreement that provides for term 83 loans of up to an aggregate of $ 85.0 million , of which $ 60.0 million was drawn on september 13 , 2019. we become eligible to draw the second tranche of $ 15.0 million and the third tranche of $ 10.0 million following the company 's achievement of certain revenue targets prior to march 31 , 2021 and june 30 , 2021 , respectively . on august 6 , 2019 , we filed a shelf registration statement on form s-3 with the sec , which covers the offering , issuance and sale by us of up to an aggregate of $ 250.0 million of our common stock , preferred stock , debt securities , warrants and or units , which we refer to as the `` shelf '' .
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 Suspicious Activity Report : we have developed and launched the first ready-to-use , room-temperature stable liquid glucagon formulation that , unlike the current standard of care , can be administered without any preparation or reconstitution . our first product , gvoke , delivers ready-to-use glucagon via a commercially available pre-filled syringe ( `` gvoke pfs `` ) or auto-injector ( `` gvoke hypopen `` ) for the treatment of severe hypoglycemia , a potentially life-threatening condition , in people with diabetes . gvoke was approved by the u.s. food & drug administration ( `` fda `` ) for the treatment of severe hypoglycemia in pediatric and adult patients with diabetes ages two years and older on september 10 , 2019. we began the commercial launch of gvoke pfs in november 2019. gvoke pfs is available in two doses : a 0.5 mg/0.1 ml dose for pediatric patients and a 1 mg/0.2 ml dose for adolescent and adult patients . we expect gvoke hypopen will be commercially available in july 2020 , in the same doses as the gvoke pfs . additionally , in november 2019 , we submitted a marketing authorisation application ( `` maa `` ) to the european medicines agency ( “ ema ” ) for our novel ready-to-use , room temperature stable liquid glucagon formulation for the treatment of severe hypoglycemia in people with diabetes . we are also applying our novel liquid glucagon formulation to the management of hypoglycemia associated with additional intermittent and chronic conditions with significant unmet medical need . finally , we are applying our technology platforms to other commercially available drugs to enable more convenient and patient-friendly subcutaneous ( `` sc `` ) and intramuscular ( `` im `` ) routes of administration including the development of products to address unmet needs in both diabetes and epilepsy . we own the rights to our proprietary formulation technology platforms , gvoke , and our product candidates domestically and internationally , with 114 patents issued globally , including a composition of matter patent covering our ready-to-use glucagon formulation that expires in 2036. we have built our commercial organization , including hiring individuals in commercial operations and sales and marketing , to support the commercial launch of gvoke in the united states . outside the united states we plan to pursue development and commercialization partnerships . we currently contract with third parties for the manufacture , assembly , testing , packaging , storage and distribution of our products . since our inception in 2005 , we have devoted substantially all of our resources to research and development initiatives , undertaking preclinical studies of our product candidates , conducting clinical trials of our most advanced product candidates , organizing and staffing our company , raising capital and initiating the commercialization of our first product , gvoke , which was approved by the fda on september 10 , 2019. we have funded our operations to date primarily with proceeds from the sale of preferred and common stock , debt financing and grant awards . we have received gross proceeds of $ 104.9 million from sales of our preferred stock , $ 12.7 million from grant awards received from the national institutes of health ( `` nih `` ) and other philanthropic organizations , $ 98.3 million from our june 2018 initial public offering ( `` ipo `` ) of our common stock , $ 60.0 million from the amended loan agreement , and $ 60.0 million from our february 2019 public offering . on august 6 , 2019 , we filed a shelf registration statement on form s-3 with the u.s. securities and exchange commission 's ( `` sec `` ) , which covers the offering , issuance and sale by us of up to an aggregate of $ 250.0 million of our common stock , preferred stock , debt securities , warrants and or units , which we refer to as the `` shelf `` . we simultaneously entered into a sales agreement with jefferies llc , as sales agent , to provide for the offering , issuance and sale by us of up to $ 50.0 million of our common stock from time to time in `` at-the-market `` offerings under the shelf . the shelf was declared effective by the sec on august 21 , 2019. in december 2019 , we sold an aggregate of 204,427 shares of common stock under the shelf for gross proceeds of $ 1.8 million . in february 2020 , we completed a public offering and sold 10,299,769 shares of common stock , including 1,299,769 shares pursuant to the underwriters ' option to purchase additional shares of common stock . gross proceeds from the offering were $ 42.7 million . 79 for the years ended december 31 , 2019 and 2018 , we reported net losses of $ 125.6 million and $ 60.1 million , respectively . we have not been profitable since inception , and , as of december 31 , 2019 , our accumulated deficit was $ 246.2 million . in the near term , we expect to continue to incur significant expenses , operating losses and net losses as we : < continue our marketing and selling efforts for the commercial launch of gvoke ; < continue our research and development efforts ; < seek regulatory approval for new product candidates and product enhancements ; and < continue to operate as a public company . we do not expect to generate significant product revenue until we successfully commercialize gvoke . we expect to continue to seek public equity and debt financing to meet our capital requirements . story_separator_special_tag we accrue estimated chargebacks based on contract prices , sales data obtained from third-party information and estimated levels of inventory in the distribution channel and record the chargebacks as a reduction of revenue . accrued chargebacks are included in accrued trade discounts and rebates on the consolidated balance sheets . service fees we record service fees paid to our customers for distribution and inventory management services as a reduction to revenue . we accrue estimated service fees based on contractually determined amounts . accrued service fees are included in accrued trade discounts and rebates on the consolidated balance sheets . product returns consistent with industry practice , we maintain a return goods policy that allows customers to return product due to order or shipment errors , overstock , dating , recall or other changes in regulatory guidelines . generally , product may be returned for a period beginning six months prior to its expiration date and up to one year after its expiration date . to determine the estimate of the provision for returns , we analyze branded product return history of comparable products and other market data . in a reporting period , we may decide to constrain revenue for product returns based on information from various sources , including channel inventory levels , inventory dating , prescription data , the expiration dates of product currently being shipped , price changes of competitive products and introductions of generic products . at december 31 , 2019 , we increased our returns reserve above the level indicated by the return history of comparable products due to factors related to the initial stocking of inventory for the launch of our new product . we record estimated sales returns in accrued returns reserve on the consolidated balance sheets and as a reduction of revenue . research and development accruals research and development expenses are expensed as incurred . research and development expenses include salaries and personnel-related costs , consulting fees , fees paid for contract research and development services including those for preclinical and clinical trials , laboratory equipment and facilities costs , and other external costs . in addition , manufacturing costs for gvoke prior to approval and commercial salability were expensed as research and development expenses . nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are deferred and capitalized . the capitalized amounts are expensed as the related goods are used or the services are performed . 86 when preparing our financial statements , we are required to estimate our accrued clinical expenses . this process involves reviewing open contracts and communicating with our personnel to identify services that have been performed on our behalf and estimating the level of service performed and the associated cost incurred for the service when we have not yet been invoiced or otherwise notified of actual cost . payments under some of the contracts we have with parties depend on factors , such as successful enrollment of certain numbers of patients , site initiation and the completion of clinical trial milestones . when accruing clinical expenses , we estimate the time period over which services will be performed and the level of effort to be expended in each period . if possible , we obtain information regarding unbilled services directly from our service providers . however , we may be required to estimate the cost of these services based only on information available to us . if we underestimate or overestimate the cost associated with a trial or service at a given point in time , adjustments to research and development expenses may be necessary in future periods . historically , our estimated accrued clinical expenses have approximated actual expense incurred . stock-based compensation expense the following table summarizes the reporting of total stock-based compensation expense resulting from employee stock options , restricted stock units , and employee stock purchases under the employee stock purchase plan : replace_table_token_7_th we account for our stock-based compensation awards in accordance with accounting standards codification topic 718 , compensation-stock compensation , or asc 718. asc 718 requires all stock-based payments to employees , including grants of employee stock options , to be recognized in the statements of operations based on their grant date fair values . we estimate the grant date fair value of each option award using the black-scholes option-pricing model . we recognize stock-based compensation expense , equal to the grant date fair value of stock options , on a straight-line basis over the requisite service period . estimating the fair value of options requires the input of subjective assumptions , including the estimated fair value of our common stock , the expected life of the option , stock price volatility , the risk-free interest rate and expected dividends . the assumptions used in our black-scholes option-pricing model represent management 's best estimates and involve a number of variables , uncertainties and assumptions and the application of management 's judgment , as they are inherently subjective . if any assumptions change , our stock-based compensation expense could be materially different in the future . the assumptions used in our black-scholes option-pricing model are estimated as follows : ∎ expected term . we do not believe we are able to rely on our historical exercise and post-vesting termination activity to provide accurate data for estimating the expected term for use in determining the fair value-based measurement of our options . therefore , we have opted to use the “ simplified method ” for estimating the expected term of options , which is the average of the weighted-average vesting period and contractual term of the option . ∎ expected volatility . as we have limited trading history for our common stock , the expected stock price volatility assumption is determined based on the historical volatilities of a peer group of publicly traded companies as well as the historical volatility of our own common stock since we began

