we also have collaborations for our adc technology with a number of biotechnology and pharmaceutical companies , including abbott biotechnology ltd. , or abbott ; bayer pharmaceuticals corporation , or bayer ; celldex therapeutics , inc. , or celldex ; daiichi sankyo co. , ltd. , or daiichi sankyo ; genentech , inc. , a member of the roche group , or genentech ; glaxosmithkline llc , or gsk ; millennium , pfizer , inc. , or pfizer , and psma development company llc , a subsidiary of progenics pharmaceuticals inc. , or progenics ; as well as adc co-development agreements with agensys , inc. , an affiliate of astellas pharma , inc. , or agensys , genmab a/s , or genmab , and oxford biotherapeutics ltd. , or obt . 46 we began commercializing adcetris in august 2011 and the commercial potential of and our ability to successfully commercialize adcetris is unknown . our success in commercializing adcetris will require , among other things , effective sales , marketing , manufacturing , distribution , information systems and pricing strategies , as well as compliance with applicable laws and regulations . the fda granted accelerated approval of adcetris which means that we are , among other things , obligated to conduct specific post-approval clinical studies to confirm patient benefit as a condition of that approval . in addition , we intend to explore the use of adcetris earlier in the treatment of hodgkin lymphoma and salcl and in other cd30-positive malignancies . in order to do this , we will be required to conduct additional extensive clinical studies and , if successful , we intend to seek additional regulatory approvals . these activities will require substantial amounts of capital and may not ultimately prove successful . further , our other product candidates are in relatively early stages of development . these product candidates will require significant further development , financial resources and personnel to obtain regulatory approval and develop into commercially viable products , if at all . accordingly , over the next several years , we expect that we will incur substantial expenses , primarily as a result of activities related to the commercialization and continued development of adcetris . we will also continue to invest in research , development and manufacturing of our other product candidates . our commitment of resources to the continuing development , regulatory and commercialization activities for adcetris and the research , continued development and manufacturing of our other product candidates may require us to raise substantial amounts of additional capital and our operating expenses will fluctuate as a result of such activities . in addition , we may incur significant milestone payment obligations as our product candidates progress through clinical trials towards potential commercialization . although we have begun to recognize revenue from adcetris product sales in the united states , we are very early in the product launch and our future adcetris product sales can not be accurately predicted . our sales revenue may vary significantly from period to period as the launch progresses . we also expect that amounts earned from our collaboration agreements will continue to be an important source of our revenues and cash flows . these revenues will be impacted by future development funding and the achievement of development and clinical milestones by our collaborators under our existing collaboration and license agreements , including , in particular , our adcetris collaboration with millennium , as well as entering into new collaboration and license agreements . our results of operations may vary substantially from year to year and from quarter to quarter and , as a result , we believe that period to period comparisons of our operating results may not be meaningful and you should not rely on them as being indicative of our future performance . financial summary although we began commercial sales of adcetris in the united states during the third quarter of 2011 , our revenues to date have principally come from our collaboration and license agreements . these revenues reflect the earned amount of upfront technology access fees , milestone payments , reimbursement for support and materials supplied to our collaborators , and development cost-sharing under our product collaborations . total revenues decreased to $ 94.8 million in 2011 , compared to $ 107.5 million in 2010. this decrease was due to approximately $ 70 million of revenue earned in the first half of 2010 under our former dacetuzumab collaboration with genentech that ended in june 2010 , partially offset by revenue earned from our other collaboration agreements and product sales of adcetris . total costs and expenses increased 36 % to $ 239.2 million in 2011 , compared to $ 175.7 million in 2010. this reflects increases in sales and marketing expenses and research and development activities , including clinical development activities to explore additional potential applications of adcetris , as well as our activities to continue developing our adc pipeline programs . as of december 31 , 2011 , we had $ 330.7 million in cash , cash equivalents and investments , and $ 218.8 million in total stockholders ' equity . critical accounting policies the preparation of financial statements in accordance with generally accepted accounting principles requires us to make estimates , assumptions and judgments that affect the reported amounts of assets , liabilities , revenues 47 and expenses , and related disclosures of contingent assets and liabilities . we believe the following critical accounting policies describe the more significant judgments and estimates used in the preparation of our financial statements . revenue recognition . our revenues are comprised of adcetris net product sales and amounts earned under our collaboration and licensing agreements . revenue recognition is predicated upon persuasive evidence of an agreement existing , delivery of products or services being rendered , amounts payable being fixed or determinable , and collectibility being reasonably assured . net product sales we sell adcetris through a limited number of pharmaceutical distributors . story_separator_special_tag results of operations years ended december 31 , 2011 , 2010 and 2009 net product sales we began selling adcetris following its accelerated approval by the fda on august 19 , 2011 and net product sales were $ 43.2 million in 2011. we record product sales net of estimated government-mandated rebates and chargebacks , distribution fees , product returns and other deductions . these are generally referred to as gross to net deductions . the following table summarizes our gross to net deductions , net of related payments and credits , for the period from fda approval of adcetris through december 31 , 2011 ( in thousands ) : replace_table_token_5_th we entered into a mdra in late september 2011 and we finalized our interim fss agreement in december 2011. our ppa became effective in january 2012. the ppa enables healthcare providers eligible under the public heath services act to receive discounts on their covered purchases of adcetris . as a result , only a portion of our adcetris sales were subject to government rebates and discounts during 2011. we expect our deductions from gross sales to increase in 2012 as a result of the ppa being finalized and due to the mdra and fss agreement being in effect in future periods . we expect our net product sales to increase in 2012 reflecting a full year of product sales and expected continuing adoption of adcetris by health care providers . however , due to the recent approval by the fda of adcetris in its two indications and the lack of historical sales data , adcetris sales will be difficult to predict from period to period and as a result , you should not rely on adcetris sales results in any period as being indicative of future performance and sales of adcetris . collaboration and license agreement revenues collaboration and license agreement revenues reflect amounts earned under product collaborations and adc collaboration and co-development agreements . these revenues reflect the earned portion of payments received by us including technology access and maintenance fees , milestone payments and reimbursement payments for research and development support we provide to our collaborators . collaboration and license agreement revenues increased by 107 % in 2010 to $ 107.5 million from 2009 , and decreased by 52 % in 2011 to $ 51.5 million from 2010. collaboration and license agreement revenues during 2009 and 2010 from genentech were primarily comprised of revenues earned under our dacetuzumab collaboration with genentech that ended in june 2010. we continue to have an adc collaboration with genentech . the increase in collaboration revenues 52 from millennium during 2010 and 2011 reflect the earned portion of payments received under our adcetris collaboration agreement with millennium entered into in december 2009. collaboration and license agreement revenues are summarized by collaborator as follows : replace_table_token_6_th ( 1 ) no amount in comparable period . our revenues are impacted by the term and duration of our collaboration and co-development agreements and by progress-dependent milestones , annual maintenance fees and reimbursement of materials and support services as our collaborators advance their adc product candidates through the development process . revenues may vary substantially from year to year and quarter to quarter depending on the progress made by our collaborators with their product candidates , the level of support we provide to our collaborators , the timing of milestones achieved , and our ability to enter into additional collaboration and co-development agreements . we expect our collaboration and license agreement revenues to increase in 2012 compared to 2011 , primarily as a result of our adcetris collaboration with millennium . we have a significant balance of deferred revenue , representing prior payments from our collaborators that have not yet been recognized as revenue . this deferred revenue will be recognized as revenue in future periods using a time-based approach as we fulfill our performance obligations . product collaboration agreements millennium adcetris and adc collaborations revenues earned under our adcetris and adc collaborations with millennium represented 54 % of our collaboration and license agreement revenues in 2011 , 15 % in 2010 and 3 % in 2009. revenues from millennium increased in 2011 and 2010 from prior year amounts primarily as a result of amounts earned under the adcetris collaboration . under this collaboration , we are entitled to receive progress- and sales-dependent milestone payments based on millennium 's achievement of certain events related to adcetris , including approval of adcetris by the ema for which millennium is responsible . we are also entitled to tiered royalties at percentages starting in the mid-teens and escalating to the mid-twenties based on net sales of adcetris within millennium 's licensed territories , subject to offsets for third party royalties paid by millennium . total milestone payments to us under the adcetris collaboration could exceed $ 230 million , of which up to $ 7 million relate to the achievement of development milestones , up to $ 162.5 million relate to the achievement of regulatory milestones and up to $ 65 million relate to the achievement of commercial milestones . in 2011 , we received a $ 5 million milestone payment as a result of the acceptance of millennium 's maa by the ema . genentech in january 2007 , we entered into an exclusive worldwide collaboration agreement with genentech for the development and commercialization of dacetuzumab . under the terms of the dacetuzumab agreement , we received an upfront payment of $ 60 million and progress-dependent milestone payments of $ 20 million . 53 genentech also funded ongoing research , development and manufacturing costs for dacetuzumab under the collaboration . in december 2009 , genentech provided the requisite six-month notice to us of its election to terminate the collaboration effective june 2010. as a result , the remaining performance obligation period under the collaboration was shortened to six months . all deferred revenue , representing payments received in advance of the culmination of the earnings process was fully recognized

liquidity and capital resources replace_table_token_11_th 59 we have financed the majority of our operations from the issuance of equity securities , amounts received under product development collaborations , including our dacetuzumab collaboration with genentech and our adcetris collaboration with millennium , and amounts received from our adc collaborations . these financing sources have historically allowed us to maintain adequate levels of cash and investments . our combined cash , cash equivalents and investment securities increased to $ 330.7 million at december 31 , 2011 , compared to $ 294.8 million at december 31 , 2010 , and $ 287.7 million at december 31 , 2009. these increases reflect proceeds from the sale of common stock and amounts generated from product collaborations and adc licensing activities for the years ended december 31 , as follows ( in millions ) : replace_table_token_12_th during 2011 , we used $ 124.0 million of cash in our operating activities compared to $ 6.8 million generated from operating activities in 2010 and $ 61.8 million used in 2009. our working capital was $ 308.4 million at december 31 , 2011 , compared to $ 249.3 million at december 31 , 2010 and $ 244.1 million at december 31 , 2009. we have structured our investment portfolio to provide working capital as needed . our cash , cash equivalents and investments are held in a variety of instruments and subject to investment guidelines allowing for holdings in u.s. government and agency securities , corporate bonds , taxable municipal bonds , auction rate securities , commercial paper and money market accounts . as of december 31 , 2011 , we held auction rate securities valued at $ 5.8 million that have failed at auction and are currently illiquid . liquidity of these investments is subject to a successful auction process , redemption of the investment , a sale of the security in a secondary market or a negotiated or adjudicated resolution . each of the securities continues to pay interest according to the stated terms on a monthly basis .


 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 replace_table_token_11_th 59 we have financed the majority of our operations from the issuance of equity securities , amounts received under product development collaborations , including our dacetuzumab collaboration with genentech and our adcetris collaboration with millennium , and amounts received from our adc collaborations . these financing sources have historically allowed us to maintain adequate levels of cash and investments . our combined cash , cash equivalents and investment securities increased to $ 330.7 million at december 31 , 2011 , compared to $ 294.8 million at december 31 , 2010 , and $ 287.7 million at december 31 , 2009. these increases reflect proceeds from the sale of common stock and amounts generated from product collaborations and adc licensing activities for the years ended december 31 , as follows ( in millions ) : replace_table_token_12_th during 2011 , we used $ 124.0 million of cash in our operating activities compared to $ 6.8 million generated from operating activities in 2010 and $ 61.8 million used in 2009. our working capital was $ 308.4 million at december 31 , 2011 , compared to $ 249.3 million at december 31 , 2010 and $ 244.1 million at december 31 , 2009. we have structured our investment portfolio to provide working capital as needed . our cash , cash equivalents and investments are held in a variety of instruments and subject to investment guidelines allowing for holdings in u.s. government and agency securities , corporate bonds , taxable municipal bonds , auction rate securities , commercial paper and money market accounts . as of december 31 , 2011 , we held auction rate securities valued at $ 5.8 million that have failed at auction and are currently illiquid . liquidity of these investments is subject to a successful auction process , redemption of the investment , a sale of the security in a secondary market or a negotiated or adjudicated resolution . each of the securities continues to pay interest according to the stated terms on a monthly basis .
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 Suspicious Activity Report : we also have collaborations for our adc technology with a number of biotechnology and pharmaceutical companies , including abbott biotechnology ltd. , or abbott ; bayer pharmaceuticals corporation , or bayer ; celldex therapeutics , inc. , or celldex ; daiichi sankyo co. , ltd. , or daiichi sankyo ; genentech , inc. , a member of the roche group , or genentech ; glaxosmithkline llc , or gsk ; millennium , pfizer , inc. , or pfizer , and psma development company llc , a subsidiary of progenics pharmaceuticals inc. , or progenics ; as well as adc co-development agreements with agensys , inc. , an affiliate of astellas pharma , inc. , or agensys , genmab a/s , or genmab , and oxford biotherapeutics ltd. , or obt . 46 we began commercializing adcetris in august 2011 and the commercial potential of and our ability to successfully commercialize adcetris is unknown . our success in commercializing adcetris will require , among other things , effective sales , marketing , manufacturing , distribution , information systems and pricing strategies , as well as compliance with applicable laws and regulations . the fda granted accelerated approval of adcetris which means that we are , among other things , obligated to conduct specific post-approval clinical studies to confirm patient benefit as a condition of that approval . in addition , we intend to explore the use of adcetris earlier in the treatment of hodgkin lymphoma and salcl and in other cd30-positive malignancies . in order to do this , we will be required to conduct additional extensive clinical studies and , if successful , we intend to seek additional regulatory approvals . these activities will require substantial amounts of capital and may not ultimately prove successful . further , our other product candidates are in relatively early stages of development . these product candidates will require significant further development , financial resources and personnel to obtain regulatory approval and develop into commercially viable products , if at all . accordingly , over the next several years , we expect that we will incur substantial expenses , primarily as a result of activities related to the commercialization and continued development of adcetris . we will also continue to invest in research , development and manufacturing of our other product candidates . our commitment of resources to the continuing development , regulatory and commercialization activities for adcetris and the research , continued development and manufacturing of our other product candidates may require us to raise substantial amounts of additional capital and our operating expenses will fluctuate as a result of such activities . in addition , we may incur significant milestone payment obligations as our product candidates progress through clinical trials towards potential commercialization . although we have begun to recognize revenue from adcetris product sales in the united states , we are very early in the product launch and our future adcetris product sales can not be accurately predicted . our sales revenue may vary significantly from period to period as the launch progresses . we also expect that amounts earned from our collaboration agreements will continue to be an important source of our revenues and cash flows . these revenues will be impacted by future development funding and the achievement of development and clinical milestones by our collaborators under our existing collaboration and license agreements , including , in particular , our adcetris collaboration with millennium , as well as entering into new collaboration and license agreements . our results of operations may vary substantially from year to year and from quarter to quarter and , as a result , we believe that period to period comparisons of our operating results may not be meaningful and you should not rely on them as being indicative of our future performance . financial summary although we began commercial sales of adcetris in the united states during the third quarter of 2011 , our revenues to date have principally come from our collaboration and license agreements . these revenues reflect the earned amount of upfront technology access fees , milestone payments , reimbursement for support and materials supplied to our collaborators , and development cost-sharing under our product collaborations . total revenues decreased to $ 94.8 million in 2011 , compared to $ 107.5 million in 2010. this decrease was due to approximately $ 70 million of revenue earned in the first half of 2010 under our former dacetuzumab collaboration with genentech that ended in june 2010 , partially offset by revenue earned from our other collaboration agreements and product sales of adcetris . total costs and expenses increased 36 % to $ 239.2 million in 2011 , compared to $ 175.7 million in 2010. this reflects increases in sales and marketing expenses and research and development activities , including clinical development activities to explore additional potential applications of adcetris , as well as our activities to continue developing our adc pipeline programs . as of december 31 , 2011 , we had $ 330.7 million in cash , cash equivalents and investments , and $ 218.8 million in total stockholders ' equity . critical accounting policies the preparation of financial statements in accordance with generally accepted accounting principles requires us to make estimates , assumptions and judgments that affect the reported amounts of assets , liabilities , revenues 47 and expenses , and related disclosures of contingent assets and liabilities . we believe the following critical accounting policies describe the more significant judgments and estimates used in the preparation of our financial statements . revenue recognition . our revenues are comprised of adcetris net product sales and amounts earned under our collaboration and licensing agreements . revenue recognition is predicated upon persuasive evidence of an agreement existing , delivery of products or services being rendered , amounts payable being fixed or determinable , and collectibility being reasonably assured . net product sales we sell adcetris through a limited number of pharmaceutical distributors . story_separator_special_tag results of operations years ended december 31 , 2011 , 2010 and 2009 net product sales we began selling adcetris following its accelerated approval by the fda on august 19 , 2011 and net product sales were $ 43.2 million in 2011. we record product sales net of estimated government-mandated rebates and chargebacks , distribution fees , product returns and other deductions . these are generally referred to as gross to net deductions . the following table summarizes our gross to net deductions , net of related payments and credits , for the period from fda approval of adcetris through december 31 , 2011 ( in thousands ) : replace_table_token_5_th we entered into a mdra in late september 2011 and we finalized our interim fss agreement in december 2011. our ppa became effective in january 2012. the ppa enables healthcare providers eligible under the public heath services act to receive discounts on their covered purchases of adcetris . as a result , only a portion of our adcetris sales were subject to government rebates and discounts during 2011. we expect our deductions from gross sales to increase in 2012 as a result of the ppa being finalized and due to the mdra and fss agreement being in effect in future periods . we expect our net product sales to increase in 2012 reflecting a full year of product sales and expected continuing adoption of adcetris by health care providers . however , due to the recent approval by the fda of adcetris in its two indications and the lack of historical sales data , adcetris sales will be difficult to predict from period to period and as a result , you should not rely on adcetris sales results in any period as being indicative of future performance and sales of adcetris . collaboration and license agreement revenues collaboration and license agreement revenues reflect amounts earned under product collaborations and adc collaboration and co-development agreements . these revenues reflect the earned portion of payments received by us including technology access and maintenance fees , milestone payments and reimbursement payments for research and development support we provide to our collaborators . collaboration and license agreement revenues increased by 107 % in 2010 to $ 107.5 million from 2009 , and decreased by 52 % in 2011 to $ 51.5 million from 2010. collaboration and license agreement revenues during 2009 and 2010 from genentech were primarily comprised of revenues earned under our dacetuzumab collaboration with genentech that ended in june 2010. we continue to have an adc collaboration with genentech . the increase in collaboration revenues 52 from millennium during 2010 and 2011 reflect the earned portion of payments received under our adcetris collaboration agreement with millennium entered into in december 2009. collaboration and license agreement revenues are summarized by collaborator as follows : replace_table_token_6_th ( 1 ) no amount in comparable period . our revenues are impacted by the term and duration of our collaboration and co-development agreements and by progress-dependent milestones , annual maintenance fees and reimbursement of materials and support services as our collaborators advance their adc product candidates through the development process . revenues may vary substantially from year to year and quarter to quarter depending on the progress made by our collaborators with their product candidates , the level of support we provide to our collaborators , the timing of milestones achieved , and our ability to enter into additional collaboration and co-development agreements . we expect our collaboration and license agreement revenues to increase in 2012 compared to 2011 , primarily as a result of our adcetris collaboration with millennium . we have a significant balance of deferred revenue , representing prior payments from our collaborators that have not yet been recognized as revenue . this deferred revenue will be recognized as revenue in future periods using a time-based approach as we fulfill our performance obligations . product collaboration agreements millennium adcetris and adc collaborations revenues earned under our adcetris and adc collaborations with millennium represented 54 % of our collaboration and license agreement revenues in 2011 , 15 % in 2010 and 3 % in 2009. revenues from millennium increased in 2011 and 2010 from prior year amounts primarily as a result of amounts earned under the adcetris collaboration . under this collaboration , we are entitled to receive progress- and sales-dependent milestone payments based on millennium 's achievement of certain events related to adcetris , including approval of adcetris by the ema for which millennium is responsible . we are also entitled to tiered royalties at percentages starting in the mid-teens and escalating to the mid-twenties based on net sales of adcetris within millennium 's licensed territories , subject to offsets for third party royalties paid by millennium . total milestone payments to us under the adcetris collaboration could exceed $ 230 million , of which up to $ 7 million relate to the achievement of development milestones , up to $ 162.5 million relate to the achievement of regulatory milestones and up to $ 65 million relate to the achievement of commercial milestones . in 2011 , we received a $ 5 million milestone payment as a result of the acceptance of millennium 's maa by the ema . genentech in january 2007 , we entered into an exclusive worldwide collaboration agreement with genentech for the development and commercialization of dacetuzumab . under the terms of the dacetuzumab agreement , we received an upfront payment of $ 60 million and progress-dependent milestone payments of $ 20 million . 53 genentech also funded ongoing research , development and manufacturing costs for dacetuzumab under the collaboration . in december 2009 , genentech provided the requisite six-month notice to us of its election to terminate the collaboration effective june 2010. as a result , the remaining performance obligation period under the collaboration was shortened to six months . all deferred revenue , representing payments received in advance of the culmination of the earnings process was fully recognized

