we also do not own or operate , and currently have no plans to establish , any manufacturing facilities . we rely , and expect to continue to rely , on third parties for the manufacture of our product candidates for preclinical and clinical testing , as well as for commercial manufacturing if any of our product candidates obtain marketing approval . we believe that this strategy allows us to maintain a more efficient infrastructure by eliminating the need for us to invest in our own manufacturing facilities , equipment and personnel while also enabling us to focus our expertise and resources on the development of our product candidates . to date , we have financed our operations primarily through proceeds from the issuance of common stock and private placements of our convertible preferred stock . as of december 31 , 2020 , we had cash and cash equivalents and short-term investments of $ 396.9 million . based on our current operating plan , we believe that our current cash and cash equivalents will be sufficient to fund our planned operating expenses and capital expenditure requirements for at least the next 12 months . we have incurred significant losses since the commencement of our operations . our net losses for the years ended december 31 , 2020 and 2019 were $ 35.8 million and $ 12.0 million , respectively , and we expect to continue to incur significant and increasing losses for the foreseeable future as we continue to advance our product candidates and any future product candidates from discovery through preclinical development and into clinical trials as we seek regulatory approval for these product candidates . our net losses may fluctuate significantly from period to period , depending on the timing of expenditures on our research and development activities . as of december 31 , 2020 , we had an accumulated deficit of $ 53.3 million . 98 we expect our expenses and capital requirements will increase substantially in connection with our ongoing activities as we : ● advance our raf and fgfr programs from discovery and preclinical development into and through clinical development ; ● advance the development of our other small molecule research programs , including our cdk12 inhibitor ; ● expand our pipeline of product candidates through our own product discovery and development efforts ; ● seek to discover and develop additional product candidates ; ● seek regulatory approvals for any product candidates that successfully complete clinical trials ; ● establish a sales , marketing and distribution infrastructure to commercialize any approved product candidates and related additional commercial manufacturing costs ; ● implement operational , financial and management systems ; ● attract , hire and retain additional clinical , scientific , management and administrative personnel ; ● maintain , expand , protect and enforce our intellectual property portfolio , including patents , trade secrets and know how ; and ● operate as a public company . we will require substantial additional funding to develop our product candidates and support our continuing operations . until such time that we can generate significant revenue from product sales or other sources , if ever , we expect to finance our operations through the sale of equity , debt financings or other capital sources , which could include income from collaborations , strategic partnerships or marketing , distribution , licensing or other strategic arrangements with third parties , or from grants . we may be unable to raise additional funds or to enter into such agreements or arrangements on favorable terms , or at all . our ability to raise additional funds may be adversely impacted by potential worsening global economic conditions and the recent disruptions to , and volatility in , the credit and financial markets in the united states and worldwide resulting from the ongoing covid-19 pandemic and otherwise . our failure to obtain sufficient funds on acceptable terms when needed could have a material adverse effect on our business , results of operations or financial condition , including requiring us to have to delay , reduce or eliminate our product development or future commercialization efforts . insufficient liquidity may also require us to relinquish rights to product candidates at an earlier stage of development or on less favorable terms than we would otherwise choose . the amount and timing of our future funding requirements will depend on many factors , including the pace and results of our development efforts . we can not provide assurance that we will ever be profitable or generate positive cash flow from operating activities . the global covid-19 pandemic continues to rapidly evolve . the extent of the impact of the covid-19 on our business , operations and development timelines and plans remains uncertain , and will depend on certain developments , including the duration and spread of the outbreak and its impact on our development activities , planned clinical trial enrollment , future trial sites , cros , third-party manufacturers , and other third parties with whom we do business , as well as its impact on regulatory authorities and our key scientific and management personnel . the ultimate impact of the covid-19 pandemic or a similar health epidemic is highly uncertain and subject to change . to the extent possible , we are conducting business as usual , with necessary or advisable modifications to employee travel and with our employees working remotely . we will continue to actively monitor the rapidly evolving situation related to covid-19 and may take further actions that alter our operations , including those that may be required by federal , state or local authorities , or that we determine are in the best interests of our employees and other third parties with whom we do business . at this point , the extent to which the covid-19 pandemic may affect our business , operations and development timelines and plans , including the resulting impact on our expenditures and capital needs , remains uncertain . story_separator_special_tag or royalties on , our current or future product candidates , if any ; and ● the costs associated with operating as a public company . a change in the outcome of any of these or other factors with respect to the development of any of our product candidates could significantly change the costs and timing associated with the development of that product candidate . furthermore , our operating plans may change in the future , and we may need additional funds to meet operational needs and capital requirements associated with such operating plans . story_separator_special_tag our actual results may differ from these estimates . 105 while our significant accounting policies are described in more detail in the notes to our financial statements appearing elsewhere in this annual report on form 10-k , we believe that the following accounting policies are critical to understanding our historical and future performance , as the policies relate to the more significant areas involving management 's judgments and estimates used in the preparation of our financial statements . research and development expenses as part of the process of preparing our financial statements , we are required to estimate our accrued research and development expenses as of each balance sheet date . this process involves reviewing open contracts and purchase orders , communicating with our personnel to identify services that have been performed on our behalf and estimating the level of service performed and the associated cost incurred for the service when we have not yet been invoiced or otherwise notified of actual costs . the majority of our service providers invoice us in arrears for services performed , based on a pre-determined schedule or when contractual milestones are met , but some require advance payments . we make estimates of our accrued expenses as of each balance sheet date in the financial statements based on facts and circumstances known to us at that time . if timelines or contracts are modified based upon changes in the protocol or scope of work to be performed , we modify our estimates and accruals accordingly on a prospective basis . we base our expenses related to external research and development services on our estimates of the services received and efforts expended pursuant to quotes and contracts with vendors that conduct research and development on our behalf . the financial terms of these agreements are subject to negotiation , vary from contract to contract and may result in uneven payment flows . 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 status and timing of services performed relative to the actual status and timing of services performed may vary and may result in reporting amounts that are too high or too low in any particular period . to date , there have not been any material adjustments to our prior estimates of accrued research and development expenses . stock-based compensation stock-based compensation expense represents the cost of the grant date fair value of employee , officer , director and non-employee stock option grants , estimated in accordance with the applicable accounting guidance , recognized on a straight-line basis over the vesting period . the vesting period generally approximates the expected service period of the awards . we recognize forfeitures as they occur . the fair value of stock options is estimated using a black-scholes valuation model on the date of grant . the black-scholes option-pricing model requires inputs based on certain subjective assumptions . changes to these assumptions can materially affect the fair value of stock options and ultimately the amount of stock-based compensation expense recognized in our financial statements . these assumptions include : ● fair value of common stock- prior to our initial public offering , the estimated fair value of our common stock was determined by our board of directors as of the date of each option grant , with input from management , considering our most recently available third-party valuation of our common stock as well as our board of directors ' assessment of additional objective and subjective factors that it believed were relevant and which may have changed from the date of the most recent third-party valuation to the date of the grant . since the completion of our initial public offering , the fair value of each share of common stock underlying stock option grants is based on the closing price of our common stock on the nasdaq global select market as reported on the date of grant . ● expected term-we have opted to use the “ simplified method ” for estimating the expected term of options , whereby the expected term equals the arithmetic average of the vesting term and the original contractual term of the option , which is generally 10 years . ● expected volatility-due to our limited operating history and a lack of company-specific historical and implied volatility data , we have based our estimate of expected volatility on the historical volatility of a group of similar companies that are publicly traded . the historical volatility data was computed using the daily closing prices for the selected companies ' shares during the equivalent period of the calculated expected term of the stock-based awards . we will continue to apply this process until a sufficient amount of historical information regarding the volatility of our own stock price becomes available . ● risk-free interest rate-the risk-free interest rates used are based on

cash flows the following tables summarizes our cash flow for the periods indicated : replace_table_token_3_th operating activities net cash used in operating activities during the year ended december 31 , 2020 was $ 30.2 million . this consisted of our net loss of $ 35.8 million offset by a net increase in working capital of $ 3.1 million , primarily due to increases in accounts payable and accrued expenses for research and development activities , increases in prepaid expenses and other assets and a decrease in intercompany receivables , net of stock compensation expense of $ 2.5 million . net cash used in operating activities during the year ended december 31 , 2019 was $ 10.5 million . this consisted of our net loss of $ 12.0 million offset by a net increase in working capital of $ 1.4 million , primarily due to increases in accounts payable and accrued expenses for research and development activities . investing activities net cash used in investing activities during the year ended december 31 , 2020 was $ 31.7 million and related to purchases of short-term investments of $ 31.4 million and purchases of property and equipment of $ 0.3 million . there was no cash used in or provided by investing activities during the year ended december 31 , 2019. financing activities net cash provided by financing activities during the year ended december 31 , 2020 was $ 350.9 million . this consisted primarily of proceeds of $ 97.7 million from the sale of shares of series c convertible preferred stock , net of issuance costs , and proceeds of $ 253.3 million from our initial public offering , net of issuance costs , in december 2020 . 104 net cash provided by financing activities during the year ended december 31 , 2019 was $ 80.0 million . this primarily consisted of proceeds of $ 5.8 million resulting from the sale of shares of series a convertible preferred stock , net of issuance costs , and proceeds of $ 74.2 million resulting from the sale of shares of series b convertible preferred stock , net of issuance costs .


 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.
     ```cash flows the following tables summarizes our cash flow for the periods indicated : replace_table_token_3_th operating activities net cash used in operating activities during the year ended december 31 , 2020 was $ 30.2 million . this consisted of our net loss of $ 35.8 million offset by a net increase in working capital of $ 3.1 million , primarily due to increases in accounts payable and accrued expenses for research and development activities , increases in prepaid expenses and other assets and a decrease in intercompany receivables , net of stock compensation expense of $ 2.5 million . net cash used in operating activities during the year ended december 31 , 2019 was $ 10.5 million . this consisted of our net loss of $ 12.0 million offset by a net increase in working capital of $ 1.4 million , primarily due to increases in accounts payable and accrued expenses for research and development activities . investing activities net cash used in investing activities during the year ended december 31 , 2020 was $ 31.7 million and related to purchases of short-term investments of $ 31.4 million and purchases of property and equipment of $ 0.3 million . there was no cash used in or provided by investing activities during the year ended december 31 , 2019. financing activities net cash provided by financing activities during the year ended december 31 , 2020 was $ 350.9 million . this consisted primarily of proceeds of $ 97.7 million from the sale of shares of series c convertible preferred stock , net of issuance costs , and proceeds of $ 253.3 million from our initial public offering , net of issuance costs , in december 2020 . 104 net cash provided by financing activities during the year ended december 31 , 2019 was $ 80.0 million . this primarily consisted of proceeds of $ 5.8 million resulting from the sale of shares of series a convertible preferred stock , net of issuance costs , and proceeds of $ 74.2 million resulting from the sale of shares of series b convertible preferred stock , net of issuance costs .
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 Suspicious Activity Report : we also do not own or operate , and currently have no plans to establish , any manufacturing facilities . we rely , and expect to continue to rely , on third parties for the manufacture of our product candidates for preclinical and clinical testing , as well as for commercial manufacturing if any of our product candidates obtain marketing approval . we believe that this strategy allows us to maintain a more efficient infrastructure by eliminating the need for us to invest in our own manufacturing facilities , equipment and personnel while also enabling us to focus our expertise and resources on the development of our product candidates . to date , we have financed our operations primarily through proceeds from the issuance of common stock and private placements of our convertible preferred stock . as of december 31 , 2020 , we had cash and cash equivalents and short-term investments of $ 396.9 million . based on our current operating plan , we believe that our current cash and cash equivalents will be sufficient to fund our planned operating expenses and capital expenditure requirements for at least the next 12 months . we have incurred significant losses since the commencement of our operations . our net losses for the years ended december 31 , 2020 and 2019 were $ 35.8 million and $ 12.0 million , respectively , and we expect to continue to incur significant and increasing losses for the foreseeable future as we continue to advance our product candidates and any future product candidates from discovery through preclinical development and into clinical trials as we seek regulatory approval for these product candidates . our net losses may fluctuate significantly from period to period , depending on the timing of expenditures on our research and development activities . as of december 31 , 2020 , we had an accumulated deficit of $ 53.3 million . 98 we expect our expenses and capital requirements will increase substantially in connection with our ongoing activities as we : ● advance our raf and fgfr programs from discovery and preclinical development into and through clinical development ; ● advance the development of our other small molecule research programs , including our cdk12 inhibitor ; ● expand our pipeline of product candidates through our own product discovery and development efforts ; ● seek to discover and develop additional product candidates ; ● seek regulatory approvals for any product candidates that successfully complete clinical trials ; ● establish a sales , marketing and distribution infrastructure to commercialize any approved product candidates and related additional commercial manufacturing costs ; ● implement operational , financial and management systems ; ● attract , hire and retain additional clinical , scientific , management and administrative personnel ; ● maintain , expand , protect and enforce our intellectual property portfolio , including patents , trade secrets and know how ; and ● operate as a public company . we will require substantial additional funding to develop our product candidates and support our continuing operations . until such time that we can generate significant revenue from product sales or other sources , if ever , we expect to finance our operations through the sale of equity , debt financings or other capital sources , which could include income from collaborations , strategic partnerships or marketing , distribution , licensing or other strategic arrangements with third parties , or from grants . we may be unable to raise additional funds or to enter into such agreements or arrangements on favorable terms , or at all . our ability to raise additional funds may be adversely impacted by potential worsening global economic conditions and the recent disruptions to , and volatility in , the credit and financial markets in the united states and worldwide resulting from the ongoing covid-19 pandemic and otherwise . our failure to obtain sufficient funds on acceptable terms when needed could have a material adverse effect on our business , results of operations or financial condition , including requiring us to have to delay , reduce or eliminate our product development or future commercialization efforts . insufficient liquidity may also require us to relinquish rights to product candidates at an earlier stage of development or on less favorable terms than we would otherwise choose . the amount and timing of our future funding requirements will depend on many factors , including the pace and results of our development efforts . we can not provide assurance that we will ever be profitable or generate positive cash flow from operating activities . the global covid-19 pandemic continues to rapidly evolve . the extent of the impact of the covid-19 on our business , operations and development timelines and plans remains uncertain , and will depend on certain developments , including the duration and spread of the outbreak and its impact on our development activities , planned clinical trial enrollment , future trial sites , cros , third-party manufacturers , and other third parties with whom we do business , as well as its impact on regulatory authorities and our key scientific and management personnel . the ultimate impact of the covid-19 pandemic or a similar health epidemic is highly uncertain and subject to change . to the extent possible , we are conducting business as usual , with necessary or advisable modifications to employee travel and with our employees working remotely . we will continue to actively monitor the rapidly evolving situation related to covid-19 and may take further actions that alter our operations , including those that may be required by federal , state or local authorities , or that we determine are in the best interests of our employees and other third parties with whom we do business . at this point , the extent to which the covid-19 pandemic may affect our business , operations and development timelines and plans , including the resulting impact on our expenditures and capital needs , remains uncertain . story_separator_special_tag or royalties on , our current or future product candidates , if any ; and ● the costs associated with operating as a public company . a change in the outcome of any of these or other factors with respect to the development of any of our product candidates could significantly change the costs and timing associated with the development of that product candidate . furthermore , our operating plans may change in the future , and we may need additional funds to meet operational needs and capital requirements associated with such operating plans . story_separator_special_tag our actual results may differ from these estimates . 105 while our significant accounting policies are described in more detail in the notes to our financial statements appearing elsewhere in this annual report on form 10-k , we believe that the following accounting policies are critical to understanding our historical and future performance , as the policies relate to the more significant areas involving management 's judgments and estimates used in the preparation of our financial statements . research and development expenses as part of the process of preparing our financial statements , we are required to estimate our accrued research and development expenses as of each balance sheet date . this process involves reviewing open contracts and purchase orders , communicating with our personnel to identify services that have been performed on our behalf and estimating the level of service performed and the associated cost incurred for the service when we have not yet been invoiced or otherwise notified of actual costs . the majority of our service providers invoice us in arrears for services performed , based on a pre-determined schedule or when contractual milestones are met , but some require advance payments . we make estimates of our accrued expenses as of each balance sheet date in the financial statements based on facts and circumstances known to us at that time . if timelines or contracts are modified based upon changes in the protocol or scope of work to be performed , we modify our estimates and accruals accordingly on a prospective basis . we base our expenses related to external research and development services on our estimates of the services received and efforts expended pursuant to quotes and contracts with vendors that conduct research and development on our behalf . the financial terms of these agreements are subject to negotiation , vary from contract to contract and may result in uneven payment flows . 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 status and timing of services performed relative to the actual status and timing of services performed may vary and may result in reporting amounts that are too high or too low in any particular period . to date , there have not been any material adjustments to our prior estimates of accrued research and development expenses . stock-based compensation stock-based compensation expense represents the cost of the grant date fair value of employee , officer , director and non-employee stock option grants , estimated in accordance with the applicable accounting guidance , recognized on a straight-line basis over the vesting period . the vesting period generally approximates the expected service period of the awards . we recognize forfeitures as they occur . the fair value of stock options is estimated using a black-scholes valuation model on the date of grant . the black-scholes option-pricing model requires inputs based on certain subjective assumptions . changes to these assumptions can materially affect the fair value of stock options and ultimately the amount of stock-based compensation expense recognized in our financial statements . these assumptions include : ● fair value of common stock- prior to our initial public offering , the estimated fair value of our common stock was determined by our board of directors as of the date of each option grant , with input from management , considering our most recently available third-party valuation of our common stock as well as our board of directors ' assessment of additional objective and subjective factors that it believed were relevant and which may have changed from the date of the most recent third-party valuation to the date of the grant . since the completion of our initial public offering , the fair value of each share of common stock underlying stock option grants is based on the closing price of our common stock on the nasdaq global select market as reported on the date of grant . ● expected term-we have opted to use the “ simplified method ” for estimating the expected term of options , whereby the expected term equals the arithmetic average of the vesting term and the original contractual term of the option , which is generally 10 years . ● expected volatility-due to our limited operating history and a lack of company-specific historical and implied volatility data , we have based our estimate of expected volatility on the historical volatility of a group of similar companies that are publicly traded . the historical volatility data was computed using the daily closing prices for the selected companies ' shares during the equivalent period of the calculated expected term of the stock-based awards . we will continue to apply this process until a sufficient amount of historical information regarding the volatility of our own stock price becomes available . ● risk-free interest rate-the risk-free interest rates used are based on

