the tinivo trial is being led by the institut gustave roussy in paris under the direction of professor bernard escudier , md , chairman of the genitourinary oncology committee . the phase 1 trial will primarily evaluate the safety of tivozanib in combination with nivolumab at escalating doses of tivozanib and , assuming favorable results , is expected to be followed by a phase 2 expansion at the established combination dose . we expect to receive initial data from the phase 1 portion of the tinivo trial in the first half of 2017 . in february 2016 , eusa pharma ( uk ) ltd. , or eusa , our european licensee , submitted a marketing authorization application , or maa , for tivozanib with the european medicines agency , or ema , for the treatment of rcc . the application was validated in march 2016 , confirming that the submission was complete and that the ema would initiate its review process . eusa received the day 120 list of questions from the committee for medicinal products for human use , or chmp , of the ema in july 2016 , and submitted its responses in november 2016. in january 2017 , eusa received the day 180 list of outstanding issues , or loi , from the chmp , of the ema . the day 180 loi signifies that the maa is not approvable at the present time , and outlines outstanding deficiencies , which are then required to be satisfactorily addressed in an oral explanation and or in writing prior to a final application decision . eusa has informed aveo that it expects to submit written responses to the day 180 loi in april 2017 , and the ema has tentatively scheduled eusa to provide an oral explanation to the chmp in may 2017. we also have a pipeline of monoclonal antibodies , including : ( i ) ficlatuzumab , a potent hepatocyte growth factor , or hgf , antibody that inhibits the activity of the hgf/c-met pathway . ficlatuzumab is in early stage clinical development , with ongoing studies in acute myloid leukemia , or aml , and squamous cell cancer of the head and neck , or scchn . we and our worldwide partner biodesix , inc. , or biodesix , will share equally in all future costs and profits relating to the development of ficlatuzumab ; ( ii ) av-203 , a potent , high-affinity inhibitor of the erbb3 pathway . our partner canbridge life sciences ltd. , or canbridge , will fund manufacturing and clinical development through proof-of-concept in esophageal squamous cell carcinoma ; 65 ( iii ) av-380 , a potent , humanized igg1 inhibitory monoclonal antibody targeting growth differentiating factor-15 , or gdf15 , a divergent member of the tgf-ß family , for the potential treatment or prevention of cachexia . we have licensed av-380 to novartis , which will fund all development , manufacturing and commercialization ; and ( iv ) the av-353 platform , a family of potent inhibitory antibody candidates specific to notch 3 , one of which has demonstrated an ability in preclinical models to potentially reverse disease phenotype for pulmonary arterial hypertension , or pah . we are currently seeking a partner to advance development of the av-353 platform for the potential treatment of pah . going concern we have identified conditions and events that raise substantial doubt about our ability to continue as a going concern . to continue as a going concern , we must secure additional capital to provide us with additional liquidity . we believe that our approximate $ 23.3 million in cash , cash equivalents and marketable securities at december 31 , 2016 , could allow us to fund our planned operations into the fourth quarter of 2017 ; however , additional funds will be needed to extend these operations into 2018 and maintain compliance with our $ 10.0 million financial covenant under our loan agreement with hercules technology ii , l.p. and hercules technology iii , l.p. , affiliates of hercules technology growth , which we collectively refer to as hercules . we expect that , in order to obtain additional capital , we will need to complete public or private financings of debt or equity , and / or receive milestone payments from our partners . we may also seek to procure additional funds through future arrangements with collaborators , licensees or other third parties , and these arrangements would generally require us to relinquish or encumber rights to some of our technologies or drug candidates . moreover , we may not be able receive milestone payments or complete additional financing or enter into such arrangements on acceptable terms , if at all . for more information , refer to “ —liquidity and capital resources—operating capital requirements and going concern ” below and note 1 to our consolidated financial statements included elsewhere in this annual report on form 10-k. strategic partnerships canbridge in march 2016 , which we refer to as the effective date , we entered into a collaboration and license agreement with canbridge , or the canbridge agreement , under which we granted canbridge the exclusive right to develop , manufacture and commercialize av-203 , our proprietary erbb3 ( her3 ) inhibitory antibody , for the diagnosis , treatment and prevention of disease in humans and animals in all countries other than the united states , canada and mexico . under the terms of the canbridge agreement , if we determine to grant a license to any erbb3 inhibitory antibody in the united states , canada or mexico , we are obligated to first negotiate with canbridge for the grant to canbridge of a license to such rights . the parties have both agreed not to directly or indirectly develop or commercialize any other erbb3 inhibitory antibody product during the term of the canbridge agreement other than pursuant to the canbridge agreement . story_separator_special_tag in accordance with the astellas agreement , committed development costs , including the costs of completing certain tivozanib clinical development activities , continue to be shared equally . biogen idec in march 2009 , we entered into an exclusive option and license agreement with biogen idec regarding the development and commercialization of our discovery-stage erbb3-targeted antibodies for the potential treatment and diagnosis of cancer and other diseases in humans outside of north america . in march 2014 , we amended our agreement with biogen idec , and regained worldwide rights to av-203 . pursuant to the amendment , we were obligated to in good faith use reasonable efforts to seek a collaboration partner to fund further development and commercialization of erbb3-targeted antibodies . we satisfied this obligation in march 2016 upon entering into our license agreement with canbridge . we are obligated to pay biogen idec a percentage of milestone payments we receive under the canbridge agreement and single-digit royalty payments on net sales related to the sale of av-203 , up to cumulative maximum amount of $ 50.0 million . kyowa hakko kirin in december 2006 , we entered into a license agreement with khk under which we obtained an exclusive license , with the right to grant sublicenses subject to certain restrictions , to research , develop , manufacture and commercialize tivozanib , pharmaceutical 69 compositions thereof and associated biomarkers . our exclusive license covers all territories in the world except for asia and the middle east , where khk has retained the rights to tivozanib . under the license agreement , we obtained exclusive rights in our territory under certain khk patents , patent applications and know-how related to tivozanib , to research , develop , make , have made , use , import , offer for sale , and sell tivozanib for the diagnosis , prevention and treatment of any and all human diseases and conditions . we and khk each have access to and can benefit from the other party 's clinical data and regulatory filings with respect to tivozanib and biomarkers identified in the conduct of activities under the license agreement . under the license agreement , we are obligated to use commercially reasonable efforts to develop and commercialize tivozanib in our territory , including meeting certain specified diligence goals . prior to the first anniversary of the first post-marketing approval sale of tivozanib in our territory , neither we nor any of our subsidiaries has the right to conduct certain clinical trials of , seek marketing approval for or commercialize any other cancer product that also works by inhibiting the activity of a vegf receptor . we have upfront , milestone and royalty payment obligations to khk under our license agreement . upon entering into the license agreement with khk , we made an upfront payment in the amount of $ 5.0 million . in march 2010 , we made a milestone payment to khk in the amount of $ 10.0 million in connection with the dosing of the first patient in our first phase 3 clinical trial of tivozanib ( tivo-1 ) . in december 2012 , we made a $ 12.0 million milestone payment to khk in connection with the acceptance by the fda of our 2012 new drug application , or nda filing for tivozanib . each milestone under the khk agreement is a one-time only payment obligation . accordingly , we did not owe khk another milestone payment in connection with the dosing of the first patient in our tivo-3 trial , and would not owe a milestone payment to khk if we file an nda with the fda following the completion of our tivo-3 clinical trial . if we obtain approval for tivozanib in the u.s. , we would owe khk a one-time milestone payment of $ 18.0 million , provided that we do not sublicense u.s. rights for tivozanib prior to obtaining a u.s. regulatory approval . if we were to sublicense the u.s. rights , the associated u.s. regulatory milestone would be replaced by a specified percentage of sublicensing revenue , as set forth below . if we sublicense any of our rights to tivozanib to a third party , as we have done with eusa pursuant to our license agreement , the sublicense defines the payment obligations of the sublicensee , which may vary from the milestone and royalty payment obligations under our khk license relating to rights we retain . we are required to pay khk a fixed 30 % of amounts we receive from our sublicensees , including upfront license fees , milestone payments and royalties , but excluding amounts we receive in respect of research and development funding or equity investments , subject to certain limitations . in accordance with the sublicensing provisions of our khk agreement , in 2011 we made a $ 22.5 million payment to khk related to the upfront license payment received under a collaboration and license agreement we entered into with astellas pharmaceuticals , inc. , the termination of which became effective on august 11 , 2014. if tivozanib is approved in the european union , or eu , the $ 4.0 million research and development reimbursement milestone that would be owed to us by eusa would not be subject to a sublicense revenue payment to khk , nor would a research and development reimbursement payment upon an election by eusa to use the data generated from our tivo-3 or tinivo trials for regulatory or commercial purposes , which could be up to $ 20.0 million for the tivo-3 data and up to $ 2.0 million tinivo data . we would , however , owe khk 30 % of other , non-research and development payments we may receive from eusa pursuant to our license agreement , including eu reimbursement approval milestones in up to five specified eu countries , eu marketing approvals for up to three additional indications beyond rcc , marketing approvals in up to three

liquidity and capital resources we have financed our operations to date primarily through the sale of private placements and public offerings of our common stock and preferred stock , license fees , milestone payments and research and development funding from strategic partners , and loan proceeds . in may 2016 , we raised approximately $ 20.3 million in net cash proceeds , consisting of $ 15.4 million in net proceeds from a private placement of 17,642,842 units , each including one share of our common stock and a warrant to purchase one share of our common stock , and $ 4.9 million in net proceeds from additional borrowings under our hercules loan agreement . as of december 31 , 2016 , we had cash , cash equivalents and marketable securities of approximately $ 23.3 million . see “ — operating capital requirements and going concern ” below and note 1 to the consolidated financial statements included elsewhere in this annual report on form 10-k for a further discussion of our liquidity and the conditions and events which raise substantial doubt regarding our ability to continue as a going concern . currently , our funds are invested in a u.s. government money market fund , and corporate debt securities , including commercial paper . the following table sets forth the primary sources and uses of cash for each of the periods set forth below : replace_table_token_14_th our operating activities used cash of $ 31.1 million , $ 18.2 million and $ 54.2 million in 2016 , 2015 and 2014 , respectively . cash used in operations was due principally to our net loss adjusted for non-cash items and changes in working capital .


 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 we have financed our operations to date primarily through the sale of private placements and public offerings of our common stock and preferred stock , license fees , milestone payments and research and development funding from strategic partners , and loan proceeds . in may 2016 , we raised approximately $ 20.3 million in net cash proceeds , consisting of $ 15.4 million in net proceeds from a private placement of 17,642,842 units , each including one share of our common stock and a warrant to purchase one share of our common stock , and $ 4.9 million in net proceeds from additional borrowings under our hercules loan agreement . as of december 31 , 2016 , we had cash , cash equivalents and marketable securities of approximately $ 23.3 million . see “ — operating capital requirements and going concern ” below and note 1 to the consolidated financial statements included elsewhere in this annual report on form 10-k for a further discussion of our liquidity and the conditions and events which raise substantial doubt regarding our ability to continue as a going concern . currently , our funds are invested in a u.s. government money market fund , and corporate debt securities , including commercial paper . the following table sets forth the primary sources and uses of cash for each of the periods set forth below : replace_table_token_14_th our operating activities used cash of $ 31.1 million , $ 18.2 million and $ 54.2 million in 2016 , 2015 and 2014 , respectively . cash used in operations was due principally to our net loss adjusted for non-cash items and changes in working capital .
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 Suspicious Activity Report : the tinivo trial is being led by the institut gustave roussy in paris under the direction of professor bernard escudier , md , chairman of the genitourinary oncology committee . the phase 1 trial will primarily evaluate the safety of tivozanib in combination with nivolumab at escalating doses of tivozanib and , assuming favorable results , is expected to be followed by a phase 2 expansion at the established combination dose . we expect to receive initial data from the phase 1 portion of the tinivo trial in the first half of 2017 . in february 2016 , eusa pharma ( uk ) ltd. , or eusa , our european licensee , submitted a marketing authorization application , or maa , for tivozanib with the european medicines agency , or ema , for the treatment of rcc . the application was validated in march 2016 , confirming that the submission was complete and that the ema would initiate its review process . eusa received the day 120 list of questions from the committee for medicinal products for human use , or chmp , of the ema in july 2016 , and submitted its responses in november 2016. in january 2017 , eusa received the day 180 list of outstanding issues , or loi , from the chmp , of the ema . the day 180 loi signifies that the maa is not approvable at the present time , and outlines outstanding deficiencies , which are then required to be satisfactorily addressed in an oral explanation and or in writing prior to a final application decision . eusa has informed aveo that it expects to submit written responses to the day 180 loi in april 2017 , and the ema has tentatively scheduled eusa to provide an oral explanation to the chmp in may 2017. we also have a pipeline of monoclonal antibodies , including : ( i ) ficlatuzumab , a potent hepatocyte growth factor , or hgf , antibody that inhibits the activity of the hgf/c-met pathway . ficlatuzumab is in early stage clinical development , with ongoing studies in acute myloid leukemia , or aml , and squamous cell cancer of the head and neck , or scchn . we and our worldwide partner biodesix , inc. , or biodesix , will share equally in all future costs and profits relating to the development of ficlatuzumab ; ( ii ) av-203 , a potent , high-affinity inhibitor of the erbb3 pathway . our partner canbridge life sciences ltd. , or canbridge , will fund manufacturing and clinical development through proof-of-concept in esophageal squamous cell carcinoma ; 65 ( iii ) av-380 , a potent , humanized igg1 inhibitory monoclonal antibody targeting growth differentiating factor-15 , or gdf15 , a divergent member of the tgf-ß family , for the potential treatment or prevention of cachexia . we have licensed av-380 to novartis , which will fund all development , manufacturing and commercialization ; and ( iv ) the av-353 platform , a family of potent inhibitory antibody candidates specific to notch 3 , one of which has demonstrated an ability in preclinical models to potentially reverse disease phenotype for pulmonary arterial hypertension , or pah . we are currently seeking a partner to advance development of the av-353 platform for the potential treatment of pah . going concern we have identified conditions and events that raise substantial doubt about our ability to continue as a going concern . to continue as a going concern , we must secure additional capital to provide us with additional liquidity . we believe that our approximate $ 23.3 million in cash , cash equivalents and marketable securities at december 31 , 2016 , could allow us to fund our planned operations into the fourth quarter of 2017 ; however , additional funds will be needed to extend these operations into 2018 and maintain compliance with our $ 10.0 million financial covenant under our loan agreement with hercules technology ii , l.p. and hercules technology iii , l.p. , affiliates of hercules technology growth , which we collectively refer to as hercules . we expect that , in order to obtain additional capital , we will need to complete public or private financings of debt or equity , and / or receive milestone payments from our partners . we may also seek to procure additional funds through future arrangements with collaborators , licensees or other third parties , and these arrangements would generally require us to relinquish or encumber rights to some of our technologies or drug candidates . moreover , we may not be able receive milestone payments or complete additional financing or enter into such arrangements on acceptable terms , if at all . for more information , refer to “ —liquidity and capital resources—operating capital requirements and going concern ” below and note 1 to our consolidated financial statements included elsewhere in this annual report on form 10-k. strategic partnerships canbridge in march 2016 , which we refer to as the effective date , we entered into a collaboration and license agreement with canbridge , or the canbridge agreement , under which we granted canbridge the exclusive right to develop , manufacture and commercialize av-203 , our proprietary erbb3 ( her3 ) inhibitory antibody , for the diagnosis , treatment and prevention of disease in humans and animals in all countries other than the united states , canada and mexico . under the terms of the canbridge agreement , if we determine to grant a license to any erbb3 inhibitory antibody in the united states , canada or mexico , we are obligated to first negotiate with canbridge for the grant to canbridge of a license to such rights . the parties have both agreed not to directly or indirectly develop or commercialize any other erbb3 inhibitory antibody product during the term of the canbridge agreement other than pursuant to the canbridge agreement . story_separator_special_tag in accordance with the astellas agreement , committed development costs , including the costs of completing certain tivozanib clinical development activities , continue to be shared equally . biogen idec in march 2009 , we entered into an exclusive option and license agreement with biogen idec regarding the development and commercialization of our discovery-stage erbb3-targeted antibodies for the potential treatment and diagnosis of cancer and other diseases in humans outside of north america . in march 2014 , we amended our agreement with biogen idec , and regained worldwide rights to av-203 . pursuant to the amendment , we were obligated to in good faith use reasonable efforts to seek a collaboration partner to fund further development and commercialization of erbb3-targeted antibodies . we satisfied this obligation in march 2016 upon entering into our license agreement with canbridge . we are obligated to pay biogen idec a percentage of milestone payments we receive under the canbridge agreement and single-digit royalty payments on net sales related to the sale of av-203 , up to cumulative maximum amount of $ 50.0 million . kyowa hakko kirin in december 2006 , we entered into a license agreement with khk under which we obtained an exclusive license , with the right to grant sublicenses subject to certain restrictions , to research , develop , manufacture and commercialize tivozanib , pharmaceutical 69 compositions thereof and associated biomarkers . our exclusive license covers all territories in the world except for asia and the middle east , where khk has retained the rights to tivozanib . under the license agreement , we obtained exclusive rights in our territory under certain khk patents , patent applications and know-how related to tivozanib , to research , develop , make , have made , use , import , offer for sale , and sell tivozanib for the diagnosis , prevention and treatment of any and all human diseases and conditions . we and khk each have access to and can benefit from the other party 's clinical data and regulatory filings with respect to tivozanib and biomarkers identified in the conduct of activities under the license agreement . under the license agreement , we are obligated to use commercially reasonable efforts to develop and commercialize tivozanib in our territory , including meeting certain specified diligence goals . prior to the first anniversary of the first post-marketing approval sale of tivozanib in our territory , neither we nor any of our subsidiaries has the right to conduct certain clinical trials of , seek marketing approval for or commercialize any other cancer product that also works by inhibiting the activity of a vegf receptor . we have upfront , milestone and royalty payment obligations to khk under our license agreement . upon entering into the license agreement with khk , we made an upfront payment in the amount of $ 5.0 million . in march 2010 , we made a milestone payment to khk in the amount of $ 10.0 million in connection with the dosing of the first patient in our first phase 3 clinical trial of tivozanib ( tivo-1 ) . in december 2012 , we made a $ 12.0 million milestone payment to khk in connection with the acceptance by the fda of our 2012 new drug application , or nda filing for tivozanib . each milestone under the khk agreement is a one-time only payment obligation . accordingly , we did not owe khk another milestone payment in connection with the dosing of the first patient in our tivo-3 trial , and would not owe a milestone payment to khk if we file an nda with the fda following the completion of our tivo-3 clinical trial . if we obtain approval for tivozanib in the u.s. , we would owe khk a one-time milestone payment of $ 18.0 million , provided that we do not sublicense u.s. rights for tivozanib prior to obtaining a u.s. regulatory approval . if we were to sublicense the u.s. rights , the associated u.s. regulatory milestone would be replaced by a specified percentage of sublicensing revenue , as set forth below . if we sublicense any of our rights to tivozanib to a third party , as we have done with eusa pursuant to our license agreement , the sublicense defines the payment obligations of the sublicensee , which may vary from the milestone and royalty payment obligations under our khk license relating to rights we retain . we are required to pay khk a fixed 30 % of amounts we receive from our sublicensees , including upfront license fees , milestone payments and royalties , but excluding amounts we receive in respect of research and development funding or equity investments , subject to certain limitations . in accordance with the sublicensing provisions of our khk agreement , in 2011 we made a $ 22.5 million payment to khk related to the upfront license payment received under a collaboration and license agreement we entered into with astellas pharmaceuticals , inc. , the termination of which became effective on august 11 , 2014. if tivozanib is approved in the european union , or eu , the $ 4.0 million research and development reimbursement milestone that would be owed to us by eusa would not be subject to a sublicense revenue payment to khk , nor would a research and development reimbursement payment upon an election by eusa to use the data generated from our tivo-3 or tinivo trials for regulatory or commercial purposes , which could be up to $ 20.0 million for the tivo-3 data and up to $ 2.0 million tinivo data . we would , however , owe khk 30 % of other , non-research and development payments we may receive from eusa pursuant to our license agreement , including eu reimbursement approval milestones in up to five specified eu countries , eu marketing approvals for up to three additional indications beyond rcc , marketing approvals in up to three

