as a result of many factors , including those factors set forth in the “ risk factors ” section of this annual report on form 10-k , our actual results could differ materially from the results described in , or implied by , these forward-looking statements . overview we are a genome editing company focused on developing medicines to durably treat rare diseases in patients with significant unmet medical need using generide , our proprietary technology platform . our generide technology enables the site-specific integration of a therapeutic transgene without nucleases or exogenous promoters by harnessing the native process of homologous recombination . we are developing lb-001 , a wholly owned genome editing program leveraging generide for the treatment of methylmalonic acidemia , or mma . in addition , we have a research collaboration with takeda pharmaceutical company limited , of takeda , to develop lb-301 , an investigational therapy leveraging generide for the treatment of the rare pediatric disease crigler-najjar syndrome , or cn . we are also developing saavy , a next generation capsid platform for use in gene editing and gene therapy . at the american society of gene and cell therapy , or asgct , conference in may 2020 , data was presented showing that the capsids delivered highly efficient functional transduction of human hepatocytes in a humanized mouse model . the data also showed the capsids exhibited improved manufacturability with low levels of pre-existing neutralizing antibodies in human samples . based on these data , we believe the top-tier capsid candidates from this effort demonstrated the potential to achieve significant improvements over benchmark adeno-associated viruses , or aavs , that are currently in clinical development . we are developing these highly potent vectors for use in our internal development candidates and potentially for business development collaborations . we plan to announce data generated from translational animal models using these capsids in the first half of 2021. in january 2021 , we announced the extension of our collaboration with children 's medical research institute , or cmri , to continue to develop next-generation capsids for gene therapy and gene editing applications in the liver as well as two additional tissues . based on our generide technology , we are developing lb-001 to treat mma . in january 2020 , we announced the submission of an investigational new drug application , or ind , to support the initiation of a phase 1/2 clinical trial in pediatric patients with mma , which was cleared by the u.s. food and drug administration , or the fda , in august 2020. the sunrise trial is a multi-center , open-label , phase 1/2 clinical trial designed to assess the safety and tolerability of a single intravenous infusion of lb-001 in pediatric patients with mma characterized by methylmalonyl-coa mutase gene ( mmut ) mutations . we expect seven leading centers in the united states to participate in the sunrise trial . t he sunrise phase 1/2 clinical trial is expected to enroll eight pediatric patients with ages ranging from 6 months to 12 years , initially starting with 3 to 12 year old patients and then adding patients aged 6 months to 2 years . the sunrise trial will evaluate two dose cohorts of lb-001 ( cohort 1 = 5 x 10 13 vg/kg and cohort 2 = 1 x 10 14 vg/kg ) . after initially starting with the lower dose in the 3 to 12 year old patient group ( cohort 1 , older age group , n=2 ) , age de-escalation ( cohort 1 , younger age group , n=2 ) and dose escalation ( cohort 2 , older age group , n=2 ) are planned to occur in parallel . the decision to escalate the dose will be determined based solely on safety , whereas the decision to age de-escalate will be based on both safety and the detection of the pharmacodynamic biomarker , albumin-2a . afterwards , based on a review of safety and or the detection of albumin-2a , as applicable , from these two patient groups , the trial would progress to dosing additional patients in the younger age group at the higher dose ( cohort 2 , younger age group , n=2 ) . the sunrise trial includes a six-week staggering interval between the dosing of each patient . patients will participate in a pre-dosing observational period and will be administered a prophylactic steroid regimen . the primary endpoint of the sunrise trial is to assess the safety and tolerability of lb-001 at 52 weeks after a single infusion . additional endpoints include changes in disease-related biomarkers , including serum methylmalonic acid , clinical outcomes such as growth and healthcare utilization , and the pharmacodynamic marker albumin-2a . we expect to enroll the first patient in early 2021 and provide an operational update regarding the dose escalation and age de-escalation in mid-2021 . based on the parallel age de-escalation and dose escalation plan and current projections for enrollment , we expect to announce interim data from both age groups and both dose cohorts in the sunrise trial by the end of 2021 . 102 in addition to the phase 1/2 sunrise trial , we have completed a retrospective natural history study designed to evaluate disease progression in pediatric patients with mma . we expect this study will provide us with insights into , among other matters , the course of disease progression , the impact of a liver transplant on the outcomes of mma patients and potential endpoints such as the relevance of methylmalonic acid levels on clinical outcomes , with the goal of informing our future clinical development in mma and our discussions withregulatory agencies as we look toward advancing our mma program . story_separator_special_tag contractual obligations and commitments : we are a smaller reporting company , as defined in rule 12b-2 under the securities exchange act of 1934 , as amended , for this reporting period and are not required to provide the information required under this item . critical accounting policies and significant judgments and estimates our management 's discussion and analysis of financial condition and results of operations is based on our consolidated financial statements , which have been prepared in accordance with generally accepted accounting principles in the united states . the preparation of our consolidated financial statements and related disclosures requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities , costs and expenses and the disclosure of contingent assets and liabilities in our financial statements . we base our estimates on historical experience , known trends and events and various other factors that we believe are reasonable under the circumstances , the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources . we evaluate our estimates and assumptions on an ongoing basis . our actual results may differ from these estimates under different assumptions or conditions . while our significant accounting policies are described in greater detail in note 2 to our consolidated financial statements appearing at the end of this annual report on form 10-k , we believe that the following accounting policies are those most critical to the judgments and estimates used in the preparation of our consolidated financial statements . revenue recognition to date , our only revenue has consisted of service revenue , all of which is attributable to our research cost reimbursement under our january 2020 research agreement with takeda for the development of product candidate lb-301 to treat cn ( the “ takeda agreement ” ) . we have not generated any revenue from product sales and do not expect to generate any revenue from product sales for the foreseeable future . we recognize revenue in accordance with accounting standards codification ( “ asc ” ) topic 606 , revenue from contracts with customers ( “ asc 606 ” ) . asc 606 applies to all contracts with customers , except for contracts that are within the scope of other standards , such as leases , insurance , collaboration arrangements and financial instruments . under asc 606 , we recognize revenue when its customer obtains control of promised goods or services , in an amount that reflects the consideration we expect to receive in exchange for those goods or services . to determine revenue recognition for arrangements that an entity determines are within the scope of asc 606 , we perform the following five steps : ( i ) identification of the promised goods or services in the contract ; 109 ( ii ) determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract ; ( iii ) measurement of the transaction price , including the constraint on variable consideration ; ( iv ) allocation of the transaction price to the performance obligations ; and ( v ) recognition of revenue when ( or as ) each performance obligation is satisfied . if a contract is determined to be within the scope of asc 606 at inception , we assess the goods or services promised within such contract , determine which of those goods and services are performance obligations , and assess whether each promised good or service is distinct . we may provide options to additional items in such arrangements , which are accounted for as separate contracts when the customer elects to exercise such options , unless the option provides a material right to the customer . we determine transaction price based on the amount of consideration we expect to receive for transferring the promised goods or services in the contract . consideration may be fixed , variable , or a combination of both . we then allocate the transaction price to each performance obligation based on the relative standalone selling price and recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation when ( or as ) control is transferred to the customer and the performance obligation is satisfied . amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue in our consolidated balance sheets . if the related performance obligation is expected to be satisfied within the next twelve months , deferred revenue will be classified in current liabilities . amounts recognized as revenue prior to receipt are recorded as contract assets in our consolidated balance sheets . if we expect to have an unconditional right to receive the consideration in the next twelve months , this will be classified in current assets . a net contract asset or liability is presented for each contract with a customer . accrued research and development expenses as part of the process of preparing our consolidated financial statements , we are required to estimate our accrued research and development expenses . we make estimates of our accrued expenses as of each balance sheet date in the consolidated financial statements based on facts and circumstances known to us at that time . there may be instances in which payments made to our vendors will exceed the level of services provided and result in a prepayment of the expense . in accruing service fees , we estimate the time period over which services will be performed and the level of effort to be expended in each period . if the actual timing of the performance of services or the level of effort varies from the estimate , we adjust the accrual or the amount of prepaid expenses accordingly . although we do not expect our estimates to be materially different from amounts actually incurred , our understanding of the

liquidity and capital resources overview since our inception and through december 31 , 2020 , we have not generated any product revenue and have incurred significant losses and negative cash flows from our operations . as of december 31 , 2020 , we had cash and cash equivalents of $ 70.1 million . cash flows the following table summarized our cash flows for each of the years ended december 31 , 2020 and 2019 : replace_table_token_3_th operating activities during the year ended december 31 , 2020 , net cash used in operating activities was approximately $ 28.9 million , primarily related to our net loss adjusted for non-cash charges and changes in the components of working capital . the $ 9.8 million decrease in cash used in operating activities during the year ended december 31 , 2020 compared to the year ended december 31 , 2019 , was primarily driven by a decrease in our net loss and increases in both non-cash stock-based compensation and non-cash lease expenses . investing activities during the year ended december 31 , 2020 , net cash provided by investing activities was approximately $ 17.0 million , as the proceeds from our short-term investments that matured during the period were not reinvested and were instead held as cash and cash equivalents . during the year ended december 31 , 2019 , net cash used in investing activities was $ 18.5 million , primarily related to net short-term investments activity of $ 17.1 million and purchases of property and equipment of $ 1.4 million . financing activities during the year ended december 31 , 2020 , net cash provided by financing activities was $ 48.7 million , primarily related to net proceeds of $ 45.2 million from our october 2020 follow-on offering as well as approximately $ 3.4 million in net proceeds from sales of our common stock under the open market sales agreement with jefferies llc .


 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 overview since our inception and through december 31 , 2020 , we have not generated any product revenue and have incurred significant losses and negative cash flows from our operations . as of december 31 , 2020 , we had cash and cash equivalents of $ 70.1 million . cash flows the following table summarized our cash flows for each of the years ended december 31 , 2020 and 2019 : replace_table_token_3_th operating activities during the year ended december 31 , 2020 , net cash used in operating activities was approximately $ 28.9 million , primarily related to our net loss adjusted for non-cash charges and changes in the components of working capital . the $ 9.8 million decrease in cash used in operating activities during the year ended december 31 , 2020 compared to the year ended december 31 , 2019 , was primarily driven by a decrease in our net loss and increases in both non-cash stock-based compensation and non-cash lease expenses . investing activities during the year ended december 31 , 2020 , net cash provided by investing activities was approximately $ 17.0 million , as the proceeds from our short-term investments that matured during the period were not reinvested and were instead held as cash and cash equivalents . during the year ended december 31 , 2019 , net cash used in investing activities was $ 18.5 million , primarily related to net short-term investments activity of $ 17.1 million and purchases of property and equipment of $ 1.4 million . financing activities during the year ended december 31 , 2020 , net cash provided by financing activities was $ 48.7 million , primarily related to net proceeds of $ 45.2 million from our october 2020 follow-on offering as well as approximately $ 3.4 million in net proceeds from sales of our common stock under the open market sales agreement with jefferies llc .
```    
 Suspicious Activity Report : as a result of many factors , including those factors set forth in the “ risk factors ” section of this annual report on form 10-k , our actual results could differ materially from the results described in , or implied by , these forward-looking statements . overview we are a genome editing company focused on developing medicines to durably treat rare diseases in patients with significant unmet medical need using generide , our proprietary technology platform . our generide technology enables the site-specific integration of a therapeutic transgene without nucleases or exogenous promoters by harnessing the native process of homologous recombination . we are developing lb-001 , a wholly owned genome editing program leveraging generide for the treatment of methylmalonic acidemia , or mma . in addition , we have a research collaboration with takeda pharmaceutical company limited , of takeda , to develop lb-301 , an investigational therapy leveraging generide for the treatment of the rare pediatric disease crigler-najjar syndrome , or cn . we are also developing saavy , a next generation capsid platform for use in gene editing and gene therapy . at the american society of gene and cell therapy , or asgct , conference in may 2020 , data was presented showing that the capsids delivered highly efficient functional transduction of human hepatocytes in a humanized mouse model . the data also showed the capsids exhibited improved manufacturability with low levels of pre-existing neutralizing antibodies in human samples . based on these data , we believe the top-tier capsid candidates from this effort demonstrated the potential to achieve significant improvements over benchmark adeno-associated viruses , or aavs , that are currently in clinical development . we are developing these highly potent vectors for use in our internal development candidates and potentially for business development collaborations . we plan to announce data generated from translational animal models using these capsids in the first half of 2021. in january 2021 , we announced the extension of our collaboration with children 's medical research institute , or cmri , to continue to develop next-generation capsids for gene therapy and gene editing applications in the liver as well as two additional tissues . based on our generide technology , we are developing lb-001 to treat mma . in january 2020 , we announced the submission of an investigational new drug application , or ind , to support the initiation of a phase 1/2 clinical trial in pediatric patients with mma , which was cleared by the u.s. food and drug administration , or the fda , in august 2020. the sunrise trial is a multi-center , open-label , phase 1/2 clinical trial designed to assess the safety and tolerability of a single intravenous infusion of lb-001 in pediatric patients with mma characterized by methylmalonyl-coa mutase gene ( mmut ) mutations . we expect seven leading centers in the united states to participate in the sunrise trial . t he sunrise phase 1/2 clinical trial is expected to enroll eight pediatric patients with ages ranging from 6 months to 12 years , initially starting with 3 to 12 year old patients and then adding patients aged 6 months to 2 years . the sunrise trial will evaluate two dose cohorts of lb-001 ( cohort 1 = 5 x 10 13 vg/kg and cohort 2 = 1 x 10 14 vg/kg ) . after initially starting with the lower dose in the 3 to 12 year old patient group ( cohort 1 , older age group , n=2 ) , age de-escalation ( cohort 1 , younger age group , n=2 ) and dose escalation ( cohort 2 , older age group , n=2 ) are planned to occur in parallel . the decision to escalate the dose will be determined based solely on safety , whereas the decision to age de-escalate will be based on both safety and the detection of the pharmacodynamic biomarker , albumin-2a . afterwards , based on a review of safety and or the detection of albumin-2a , as applicable , from these two patient groups , the trial would progress to dosing additional patients in the younger age group at the higher dose ( cohort 2 , younger age group , n=2 ) . the sunrise trial includes a six-week staggering interval between the dosing of each patient . patients will participate in a pre-dosing observational period and will be administered a prophylactic steroid regimen . the primary endpoint of the sunrise trial is to assess the safety and tolerability of lb-001 at 52 weeks after a single infusion . additional endpoints include changes in disease-related biomarkers , including serum methylmalonic acid , clinical outcomes such as growth and healthcare utilization , and the pharmacodynamic marker albumin-2a . we expect to enroll the first patient in early 2021 and provide an operational update regarding the dose escalation and age de-escalation in mid-2021 . based on the parallel age de-escalation and dose escalation plan and current projections for enrollment , we expect to announce interim data from both age groups and both dose cohorts in the sunrise trial by the end of 2021 . 102 in addition to the phase 1/2 sunrise trial , we have completed a retrospective natural history study designed to evaluate disease progression in pediatric patients with mma . we expect this study will provide us with insights into , among other matters , the course of disease progression , the impact of a liver transplant on the outcomes of mma patients and potential endpoints such as the relevance of methylmalonic acid levels on clinical outcomes , with the goal of informing our future clinical development in mma and our discussions withregulatory agencies as we look toward advancing our mma program . story_separator_special_tag contractual obligations and commitments : we are a smaller reporting company , as defined in rule 12b-2 under the securities exchange act of 1934 , as amended , for this reporting period and are not required to provide the information required under this item . critical accounting policies and significant judgments and estimates our management 's discussion and analysis of financial condition and results of operations is based on our consolidated financial statements , which have been prepared in accordance with generally accepted accounting principles in the united states . the preparation of our consolidated financial statements and related disclosures requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities , costs and expenses and the disclosure of contingent assets and liabilities in our financial statements . we base our estimates on historical experience , known trends and events and various other factors that we believe are reasonable under the circumstances , the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources . we evaluate our estimates and assumptions on an ongoing basis . our actual results may differ from these estimates under different assumptions or conditions . while our significant accounting policies are described in greater detail in note 2 to our consolidated financial statements appearing at the end of this annual report on form 10-k , we believe that the following accounting policies are those most critical to the judgments and estimates used in the preparation of our consolidated financial statements . revenue recognition to date , our only revenue has consisted of service revenue , all of which is attributable to our research cost reimbursement under our january 2020 research agreement with takeda for the development of product candidate lb-301 to treat cn ( the “ takeda agreement ” ) . we have not generated any revenue from product sales and do not expect to generate any revenue from product sales for the foreseeable future . we recognize revenue in accordance with accounting standards codification ( “ asc ” ) topic 606 , revenue from contracts with customers ( “ asc 606 ” ) . asc 606 applies to all contracts with customers , except for contracts that are within the scope of other standards , such as leases , insurance , collaboration arrangements and financial instruments . under asc 606 , we recognize revenue when its customer obtains control of promised goods or services , in an amount that reflects the consideration we expect to receive in exchange for those goods or services . to determine revenue recognition for arrangements that an entity determines are within the scope of asc 606 , we perform the following five steps : ( i ) identification of the promised goods or services in the contract ; 109 ( ii ) determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract ; ( iii ) measurement of the transaction price , including the constraint on variable consideration ; ( iv ) allocation of the transaction price to the performance obligations ; and ( v ) recognition of revenue when ( or as ) each performance obligation is satisfied . if a contract is determined to be within the scope of asc 606 at inception , we assess the goods or services promised within such contract , determine which of those goods and services are performance obligations , and assess whether each promised good or service is distinct . we may provide options to additional items in such arrangements , which are accounted for as separate contracts when the customer elects to exercise such options , unless the option provides a material right to the customer . we determine transaction price based on the amount of consideration we expect to receive for transferring the promised goods or services in the contract . consideration may be fixed , variable , or a combination of both . we then allocate the transaction price to each performance obligation based on the relative standalone selling price and recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation when ( or as ) control is transferred to the customer and the performance obligation is satisfied . amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue in our consolidated balance sheets . if the related performance obligation is expected to be satisfied within the next twelve months , deferred revenue will be classified in current liabilities . amounts recognized as revenue prior to receipt are recorded as contract assets in our consolidated balance sheets . if we expect to have an unconditional right to receive the consideration in the next twelve months , this will be classified in current assets . a net contract asset or liability is presented for each contract with a customer . accrued research and development expenses as part of the process of preparing our consolidated financial statements , we are required to estimate our accrued research and development expenses . we make estimates of our accrued expenses as of each balance sheet date in the consolidated financial statements based on facts and circumstances known to us at that time . there may be instances in which payments made to our vendors will exceed the level of services provided and result in a prepayment of the expense . in accruing service fees , we estimate the time period over which services will be performed and the level of effort to be expended in each period . if the actual timing of the performance of services or the level of effort varies from the estimate , we adjust the accrual or the amount of prepaid expenses accordingly . although we do not expect our estimates to be materially different from amounts actually incurred , our understanding of the

