we anticipate our spending on clinical programs and the development of our next-generation ep device will continue throughout our current fiscal year , primarily in support of the keynote-695 and keynote-890 studies , while our spending on research and development programs will be prioritized , based on our focus on the keynote-695 and keynote-890 studies . we expect our cash-based general and administrative expenses to remain relatively flat in the near term , as we seek to continue to leverage internal resources and automate processes to decrease our outside services expenses . see “ results of operations ” below for more information . 55 results of operations for the year ended july 31 , 2019 compared to the year ended july 31 , 2018 the unaudited financial data for the years ended july 31 , 2019 and july 31 , 2018 is presented in the following table and the results of these two periods are included in the discussion thereafter . replace_table_token_1_th revenue we have not generated any revenue since our inception , and we do not anticipate generating meaningful revenue in the near term . research and development expenses our research and development expenses increased by $ 1.0 million , from $ 17.4 million in the year ended july 31 , 2018 to $ 18.4 million in the year ended july 31 , 2019. this increase was primarily due to the following approximate increases : ( i ) $ 1.6 million in higher payroll and related-benefits expense , of which $ 0.1 million was related to bonus expense and $ 0.4 million was related to severance expense and ( ii ) $ 0.1 million in stock-based compensation expense for employees and consultants . these increases were partially offset by a $ 0.5 million decrease in lower facility rent costs due to moving to a new facility in april 2018 as well as a $ 0.2 million reduction in clinical trial-related costs year-over year to support our various clinical studies . general and administrative our general and administrative expenses decreased by $ 6.7 million , from $ 18.7 million in the year ended july 31 , 2018 to $ 12.0 million in the year ended july 31 , 2019. this decrease was largely due to the following approximate decreases : ( i ) $ 5.7 million in stock-based compensation expense primarily related to award cancellations , fewer awards issued , a decrease in the fair value of our stock and the acceleration of certain rsu 's in the prior comparable period ; ( ii ) $ 2.6 million in payroll and related-benefits expense driven by a decrease in headcount , including severance expense for two former executives , and ( iii ) $ 0.2 million decrease in lower facility rent & utilities costs due to moving to a new facility in april 2018. these decreases were partially offset by increases of ( i ) $ 0.9 million in general corporate and legal patent costs ; ( ii ) $ 0.8 million in consulting costs , and ( iii ) $ 0.1 million in travel and travel related expenses relating to corporate development activities . 56 other income , net other income , net , increased by $ 0.1 million , during the year ended july 31 , 2019 as compared to the year ended july 31 , 2018 primarily as a result of higher yields on interest-bearing cash and marketable securities investment accounts . loss on disposal of property and equipment loss on disposal of property and equipment decreased by $ 0.9 million , from $ 0.9 in the year ended july 31 , 2018 to $ 0 in the year ended july 31 , 2019. this decrease was due to the loss on disposal of property and equipment related to our move to a smaller facility in san diego , california . warrant inducement expense the warrants issued in connection with our november 2017 warrant exercise inducement offering were considered inducement warrants and the fair value of the inducement warrants of $ 2.5 million is classified as equity and expensed as warrant inducement expense . foreign currency exchange loss , net foreign currency exchange loss , net , increased by approximately $ 0.2 million during the year ended july 31 , 2019 as compared to the year ended july 31 , 2018. this increase was primarily due to unrealized foreign currency transaction losses recognized in connection with the australian subsidiary 's intercompany loan . story_separator_special_tag on may 24 , 2019 , we completed our offer and sale of an aggregate of 3,492,063 shares of our common stock , together with 3,492,063 accompanying warrants to purchase an aggregate of 2,619,047 shares of our common stock , at a combined purchase price of $ 3.15 per share of common stock and warrant . the warrants have an exercise price of $ 3.45 per full share , became exercisable on may 24 , 2019 and expire on may 24 , 2024. the gross proceeds of the offering were approximately $ 11.0 million , and the net proceeds , after deducting the placement agent 's fee and other offering fees and expenses paid by us , were approximately $ 10.0 million . in connection with the offering , we paid the placement agent ( i ) a cash fee equal to 6.5 % of the gross proceeds of the offering , as well as legal and other expenses equal to $ 90,000. in addition , pursuant to the underwriting agreement , the company granted the underwriters an option , exercisable for 45 days , to purchase up to an additional 523,809 shares of our common stock ( the “ option shares ” ) and or warrants to purchase up to 392,857 shares of common stock ( the “ option warrants ” ) . story_separator_special_tag the warrants issued to the placement agent are exercisable at an exercise price of $ 16.80 per share , became exercisable on their original issuance date and expire on october 25 , 2022. atm program on july 25 , 2017 , we entered into an equity distribution agreement with oppenheimer & co. inc. , or oppenheimer , to commence an “ at the market ” offering program , or the atm program , under which we were permitted to offer and sell , from time to time through or to oppenheimer , acting as sales agent or principal , shares of our common stock having an aggregate gross sales price of up to $ 8.4 million . an aggregate of 89,731 shares of our common stock were sold in the atm program during the year ended july 31 , 2018 , for net proceeds to us , after deducting oppenheimer 's commissions and other expenses paid or payable by us , of $ 1.1 million . effective as of october 22 , 2017 , we terminated the atm program . as a result of such termination , no further offers or sales of our common stock will be made in the atm program . warrant exercises we did not receive any proceeds from warrant exercises during the year ending july 31 , 2019. during the year ended july 31 , 2018 , we received gross proceeds of $ 10.0 million related to the november 2017 warrant exercise inducement offering as well as an additional $ 0.7 million from other warrant exercises . if the holders of all our warrants that are outstanding as of the issuance of this report were to exercise all such warrants in full on a cash basis , we would receive an aggregate of approximately $ 26.9 million in net proceeds . however , the holders of these warrants may choose to exercise only a portion of the warrants they hold , may choose not to exercise any of the warrants they hold , or may choose to “ net ” exercise their warrants on a cashless basis to the extent permitted by the warrants . as a result , we may never receive meaningful , or any , proceeds from the exercise of these warrants . critical accounting policies investment securities securities held to maturity are recorded at amortized cost based on the company 's intent and ability to hold these securities to maturity . management evaluates whether securities held to maturity are other-than-temporarily impaired ( “ otti ” ) on a quarterly basis . debt securities with unrealized losses are considered otti if the company intends to sell the security or if it is more likely than not that the company will be required to sell such security prior to any anticipated recovery . if management determines that a security is otti under these circumstances , the impairment recognized in earnings is measured as the entire difference between the amortized cost and the then-current fair value . accounting for long-lived assets we assess the impairment of long-lived assets , consisting of property and equipment , periodically and whenever events or circumstances indicate that the carrying value may not be recoverable . examples of such circumstances may include : ( 1 ) the asset 's ability to continue to generate income from operations and positive cash flow in future periods ; ( 2 ) loss of legal ownership or title to an asset ; ( 3 ) significant changes in our strategic business objectives and utilization of the assets ; and ( 4 ) the impact of significant negative industry or economic trends . if a change were to occur in any of these or similar factors , the likelihood of a material change in our net loss would increase . 62 recoverability of assets to be held and used in operations is measured by a comparison of the carrying amount of an asset to the future net cash flows expected to be generated by the assets . although we believe the factors used by management to evaluate future net cash flows are reasonable , this evaluation requires a high degree of judgment , and results could vary if the actual amounts are materially different than management 's estimates . in addition , we base estimates of useful lives and related amortization or depreciation expense on our subjective estimate of the period the assets will generate revenue or otherwise be used by us . if long-lived assets are considered impaired , the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets . assets to be disposed of are reported at the lower of the carrying amount or fair value , less selling costs . equity-based awards the company grants equity-based awards ( typically stock options or restricted stock units ) under our stock-based compensation plan and outside of our stock-based compensation plan , with terms generally similar to the terms under our stock-based compensation plan . the company estimates the fair value of stock option awards using the black-scholes option valuation model . for employees , directors and consultants , the fair value of the award is measured on the grant date . prior to the adoption of asu 2018-07 on august 1 , 2018 , the fair value of the award for non-employees was generally re-measured on vesting dates and interim financial reporting dates until the service period was complete . the fair value amount is then recognized over the period during which services are required to be provided in exchange for the award , usually the vesting period . the black-scholes option valuation model requires the input of subjective assumptions , including price volatility of the underlying stock , risk-free interest rate , dividend yield , and expected life of the option . the company estimates the fair value of restricted stock unit awards based on the closing

liquidity and capital resources working capital the following table and subsequent discussion summarize our working capital as of each of the periods presented : replace_table_token_2_th current assets current assets as of july 31 , 2019 decreased by $ 0.1 million to $ 28.5 million , from $ 28.6 million as of july 31 , 2018. this decrease was primarily due to a decrease in cash , cash equivalents and short-term investment securities as a result of cash used to support our operations . current liabilities current liabilities as of july 31 , 2019 decreased to $ 5.0 million , from $ 5.8 million as of july 31 , 2018. this decrease was primarily due to the timing of payments of accrued expenses . this decrease was partially offset by a short-term note entered into during the year ended july 31 , 2019 . 57 cash flow cash used in operating activities net cash used in operating activities for the year ended july 31 , 2019 was $ 29.0 million , as compared to $ 23.2 million for the year ended july 31 , 2018. the $ 5.8 million increase in cash used in operating activities was primarily attributable to an increase in cash used to support our operating activities , including but not limited to , our clinical trials , an increase in r & d activities and general working capital requirements . cash provided by ( used in ) investing activities net cash provided by investing activities for the year ended july 31 , 2019 was $ 23.2 million , as compared to $ 23.3 million used in investing activities for the year ended july 31 , 2018. the increase in cash provided by investing activities for the year ended july 31 , 2019 was related to maturities and sales of certain investment securities . net cash used in investing activities for the year ended july 31 , 2018 was primarily related to our movement of cash from a bank interest-earning account to two short-term investment accounts . we have an investment policy which is administered by management and reviewed by the board of directors .


 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 working capital the following table and subsequent discussion summarize our working capital as of each of the periods presented : replace_table_token_2_th current assets current assets as of july 31 , 2019 decreased by $ 0.1 million to $ 28.5 million , from $ 28.6 million as of july 31 , 2018. this decrease was primarily due to a decrease in cash , cash equivalents and short-term investment securities as a result of cash used to support our operations . current liabilities current liabilities as of july 31 , 2019 decreased to $ 5.0 million , from $ 5.8 million as of july 31 , 2018. this decrease was primarily due to the timing of payments of accrued expenses . this decrease was partially offset by a short-term note entered into during the year ended july 31 , 2019 . 57 cash flow cash used in operating activities net cash used in operating activities for the year ended july 31 , 2019 was $ 29.0 million , as compared to $ 23.2 million for the year ended july 31 , 2018. the $ 5.8 million increase in cash used in operating activities was primarily attributable to an increase in cash used to support our operating activities , including but not limited to , our clinical trials , an increase in r & d activities and general working capital requirements . cash provided by ( used in ) investing activities net cash provided by investing activities for the year ended july 31 , 2019 was $ 23.2 million , as compared to $ 23.3 million used in investing activities for the year ended july 31 , 2018. the increase in cash provided by investing activities for the year ended july 31 , 2019 was related to maturities and sales of certain investment securities . net cash used in investing activities for the year ended july 31 , 2018 was primarily related to our movement of cash from a bank interest-earning account to two short-term investment accounts . we have an investment policy which is administered by management and reviewed by the board of directors .
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 Suspicious Activity Report : we anticipate our spending on clinical programs and the development of our next-generation ep device will continue throughout our current fiscal year , primarily in support of the keynote-695 and keynote-890 studies , while our spending on research and development programs will be prioritized , based on our focus on the keynote-695 and keynote-890 studies . we expect our cash-based general and administrative expenses to remain relatively flat in the near term , as we seek to continue to leverage internal resources and automate processes to decrease our outside services expenses . see “ results of operations ” below for more information . 55 results of operations for the year ended july 31 , 2019 compared to the year ended july 31 , 2018 the unaudited financial data for the years ended july 31 , 2019 and july 31 , 2018 is presented in the following table and the results of these two periods are included in the discussion thereafter . replace_table_token_1_th revenue we have not generated any revenue since our inception , and we do not anticipate generating meaningful revenue in the near term . research and development expenses our research and development expenses increased by $ 1.0 million , from $ 17.4 million in the year ended july 31 , 2018 to $ 18.4 million in the year ended july 31 , 2019. this increase was primarily due to the following approximate increases : ( i ) $ 1.6 million in higher payroll and related-benefits expense , of which $ 0.1 million was related to bonus expense and $ 0.4 million was related to severance expense and ( ii ) $ 0.1 million in stock-based compensation expense for employees and consultants . these increases were partially offset by a $ 0.5 million decrease in lower facility rent costs due to moving to a new facility in april 2018 as well as a $ 0.2 million reduction in clinical trial-related costs year-over year to support our various clinical studies . general and administrative our general and administrative expenses decreased by $ 6.7 million , from $ 18.7 million in the year ended july 31 , 2018 to $ 12.0 million in the year ended july 31 , 2019. this decrease was largely due to the following approximate decreases : ( i ) $ 5.7 million in stock-based compensation expense primarily related to award cancellations , fewer awards issued , a decrease in the fair value of our stock and the acceleration of certain rsu 's in the prior comparable period ; ( ii ) $ 2.6 million in payroll and related-benefits expense driven by a decrease in headcount , including severance expense for two former executives , and ( iii ) $ 0.2 million decrease in lower facility rent & utilities costs due to moving to a new facility in april 2018. these decreases were partially offset by increases of ( i ) $ 0.9 million in general corporate and legal patent costs ; ( ii ) $ 0.8 million in consulting costs , and ( iii ) $ 0.1 million in travel and travel related expenses relating to corporate development activities . 56 other income , net other income , net , increased by $ 0.1 million , during the year ended july 31 , 2019 as compared to the year ended july 31 , 2018 primarily as a result of higher yields on interest-bearing cash and marketable securities investment accounts . loss on disposal of property and equipment loss on disposal of property and equipment decreased by $ 0.9 million , from $ 0.9 in the year ended july 31 , 2018 to $ 0 in the year ended july 31 , 2019. this decrease was due to the loss on disposal of property and equipment related to our move to a smaller facility in san diego , california . warrant inducement expense the warrants issued in connection with our november 2017 warrant exercise inducement offering were considered inducement warrants and the fair value of the inducement warrants of $ 2.5 million is classified as equity and expensed as warrant inducement expense . foreign currency exchange loss , net foreign currency exchange loss , net , increased by approximately $ 0.2 million during the year ended july 31 , 2019 as compared to the year ended july 31 , 2018. this increase was primarily due to unrealized foreign currency transaction losses recognized in connection with the australian subsidiary 's intercompany loan . story_separator_special_tag on may 24 , 2019 , we completed our offer and sale of an aggregate of 3,492,063 shares of our common stock , together with 3,492,063 accompanying warrants to purchase an aggregate of 2,619,047 shares of our common stock , at a combined purchase price of $ 3.15 per share of common stock and warrant . the warrants have an exercise price of $ 3.45 per full share , became exercisable on may 24 , 2019 and expire on may 24 , 2024. the gross proceeds of the offering were approximately $ 11.0 million , and the net proceeds , after deducting the placement agent 's fee and other offering fees and expenses paid by us , were approximately $ 10.0 million . in connection with the offering , we paid the placement agent ( i ) a cash fee equal to 6.5 % of the gross proceeds of the offering , as well as legal and other expenses equal to $ 90,000. in addition , pursuant to the underwriting agreement , the company granted the underwriters an option , exercisable for 45 days , to purchase up to an additional 523,809 shares of our common stock ( the “ option shares ” ) and or warrants to purchase up to 392,857 shares of common stock ( the “ option warrants ” ) . story_separator_special_tag the warrants issued to the placement agent are exercisable at an exercise price of $ 16.80 per share , became exercisable on their original issuance date and expire on october 25 , 2022. atm program on july 25 , 2017 , we entered into an equity distribution agreement with oppenheimer & co. inc. , or oppenheimer , to commence an “ at the market ” offering program , or the atm program , under which we were permitted to offer and sell , from time to time through or to oppenheimer , acting as sales agent or principal , shares of our common stock having an aggregate gross sales price of up to $ 8.4 million . an aggregate of 89,731 shares of our common stock were sold in the atm program during the year ended july 31 , 2018 , for net proceeds to us , after deducting oppenheimer 's commissions and other expenses paid or payable by us , of $ 1.1 million . effective as of october 22 , 2017 , we terminated the atm program . as a result of such termination , no further offers or sales of our common stock will be made in the atm program . warrant exercises we did not receive any proceeds from warrant exercises during the year ending july 31 , 2019. during the year ended july 31 , 2018 , we received gross proceeds of $ 10.0 million related to the november 2017 warrant exercise inducement offering as well as an additional $ 0.7 million from other warrant exercises . if the holders of all our warrants that are outstanding as of the issuance of this report were to exercise all such warrants in full on a cash basis , we would receive an aggregate of approximately $ 26.9 million in net proceeds . however , the holders of these warrants may choose to exercise only a portion of the warrants they hold , may choose not to exercise any of the warrants they hold , or may choose to “ net ” exercise their warrants on a cashless basis to the extent permitted by the warrants . as a result , we may never receive meaningful , or any , proceeds from the exercise of these warrants . critical accounting policies investment securities securities held to maturity are recorded at amortized cost based on the company 's intent and ability to hold these securities to maturity . management evaluates whether securities held to maturity are other-than-temporarily impaired ( “ otti ” ) on a quarterly basis . debt securities with unrealized losses are considered otti if the company intends to sell the security or if it is more likely than not that the company will be required to sell such security prior to any anticipated recovery . if management determines that a security is otti under these circumstances , the impairment recognized in earnings is measured as the entire difference between the amortized cost and the then-current fair value . accounting for long-lived assets we assess the impairment of long-lived assets , consisting of property and equipment , periodically and whenever events or circumstances indicate that the carrying value may not be recoverable . examples of such circumstances may include : ( 1 ) the asset 's ability to continue to generate income from operations and positive cash flow in future periods ; ( 2 ) loss of legal ownership or title to an asset ; ( 3 ) significant changes in our strategic business objectives and utilization of the assets ; and ( 4 ) the impact of significant negative industry or economic trends . if a change were to occur in any of these or similar factors , the likelihood of a material change in our net loss would increase . 62 recoverability of assets to be held and used in operations is measured by a comparison of the carrying amount of an asset to the future net cash flows expected to be generated by the assets . although we believe the factors used by management to evaluate future net cash flows are reasonable , this evaluation requires a high degree of judgment , and results could vary if the actual amounts are materially different than management 's estimates . in addition , we base estimates of useful lives and related amortization or depreciation expense on our subjective estimate of the period the assets will generate revenue or otherwise be used by us . if long-lived assets are considered impaired , the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets . assets to be disposed of are reported at the lower of the carrying amount or fair value , less selling costs . equity-based awards the company grants equity-based awards ( typically stock options or restricted stock units ) under our stock-based compensation plan and outside of our stock-based compensation plan , with terms generally similar to the terms under our stock-based compensation plan . the company estimates the fair value of stock option awards using the black-scholes option valuation model . for employees , directors and consultants , the fair value of the award is measured on the grant date . prior to the adoption of asu 2018-07 on august 1 , 2018 , the fair value of the award for non-employees was generally re-measured on vesting dates and interim financial reporting dates until the service period was complete . the fair value amount is then recognized over the period during which services are required to be provided in exchange for the award , usually the vesting period . the black-scholes option valuation model requires the input of subjective assumptions , including price volatility of the underlying stock , risk-free interest rate , dividend yield , and expected life of the option . the company estimates the fair value of restricted stock unit awards based on the closing

