we acknowledge the fda 's feedback contained in the crl and in the end of review meeting minutes , and we continue to evaluate various potential pathways forward , including the possibility of conducting a trial consistent with the fda 's recommendations , to potentially secure approval in the united states for octreotide capsules . the fda also stated that it considers pathways alternative to its recommendations to be less ideal and ultimately risky to our efforts to secure approval of our nda . the fda strongly recommended that we work with the fda to reach a common understanding of expectations prior to initiating and executing any alternative plans . we believe additional discussions with the fda will enable our executive team and board to chart the most prudent path forward for chiasma and our shareholders . 90 we can not provide any assurance that even if we conduct a new clinical trial consistent with the strong recommendations of the fda , or pursue any other alternative development pathway , whether acceptable or unacceptable to the fda , we will receive u.s. regulatory approval of octreotide capsules for acromegaly . if our efforts to address the fda 's concerns are unsuccessful , we may be unable to obtain u.s. regulatory approval for the marketing and sale of octreotide capsules at all . conducting one or more additional clinical trials would significantly delay our ability to secure regulatory approval , if we are able to secure approval at all , and introduce new risks and uncertainties depending on the trial design and timing of any trials conducted . conducting a randomized , double-blind and controlled trial in this indication , as strongly recommended by the fda , would be particularly challenging . for example , it may be difficult to identify patients with acromegaly willing to enroll in a trial with this design , the trial could take years to complete , and the fda 's review of the data would also likely consume significant time . we can not estimate how long this process could take but it could be several years . we may not have sufficient capital resources to fully fund any new trials that the fda requires as a condition to approval , in particular the controlled trial strongly recommended by the fda . we were incorporated in 2001 and commenced active operations in the same year . our operations to date have been limited to organizing and staffing our company , business planning , raising capital , developing our tpe technology , identifying potential drug candidates , undertaking nonclinical studies and , beginning in 2010 , conducting clinical trials and preparing for regulatory submissions . to date , we have financed our operations primarily through private placements , funding received from a licensing agreement , a loan agreement and our initial public offering . we have no products approved for sale and all of our revenue has been related to one license agreement , which has been terminated . since our inception and through december 31 , 2016 , we have raised an aggregate of $ 366.2 million to fund our operations , of which $ 86.3 million was through our license agreement with f. hoffmann-la roche ltd. and hoffmann-la roche inc. , collectively roche , $ 106.5 million from issuing shares of common stock in our initial public offering , or ipo , $ 161.4 million was from the issuance of private securities and $ 12.0 million was from borrowings under a loan agreement . in 2013 , using proceeds from the roche license agreement , as described in more detail below , we repaid all outstanding borrowings under our loan agreement and paid an aggregate of $ 55.0 million in cash as partial consideration for the redemption of certain shares of our redeemable preferred stock . as of december 31 , 2016 , our consolidated cash , cash equivalents and marketable securities were $ 93.0 million , of which $ 0.7 million was held by chiasma ( israel ) ltd. , our wholly owned israeli subsidiary . we have incurred significant operating losses since our inception . our net loss was $ 61.1 million and $ 35.9 million for the years ended december 31 , 2016 and 2015 respectively . as of december 31 , 2016 , we had an accumulated deficit of $ 178.5 million . we expect to incur significant operating losses over the next several years . these losses , combined with prior losses will continue to have an adverse effect on our cash resources , stockholders ' equity and working capital . we expect to continue to conduct the international phase 3 clinical trial of octreotide capsules in acromegaly that we initiated in march 2016 to support potential regulatory approval in europe . in june and august 2016 , we announced two separate corporate restructuring plans intended to focus our resources on the continued development of octreotide capsules for the maintenance treatment of adult acromegaly patients . as a result of the august 2016 reduction in workforce , we eliminated our research and discovery functions and are currently not investing in those areas . because of the numerous risks and uncertainties facing our company and associated with developing and commercializing pharmaceutical products generally , we are unable to predict the extent of any future losses or when we will become profitable , if at all . until such time , if ever , as we can generate substantial product revenues , we expect to finance our cash needs through a combination of equity offerings , debt financings , as well as license and collaboration agreements with potential partners . we may be unable to raise capital when needed or on attractive terms , or to enter into collaboration agreements , which could force us to delay , limit , reduce or terminate our product development or future commercialization efforts . story_separator_special_tag our effective tax rate differs from the statutory rate each year primarily due to a full valuation allowance maintained against u.s. deferred tax assets and due to lower tax rates applied to income of our israeli subsidiary . 96 liquidity and capital resources since our inception and through december 31 , 2016 , we have raised an aggregate of $ 366.2 million to fund our operations , of which $ 86.3 million was through our license agreement with roche , approximately $ 106.5 million from selling shares of common stock in our ipo , $ 161.4 million from the issuance of private securities , and $ 12.0 million from borrowings under a loan agreement . in march 2013 , using proceeds from the roche license agreement , we repaid all outstanding borrowings under our loan agreement and paid an aggregate of $ 55.0 million in cash as partial consideration for the redemption of certain shares of our preferred stock . as of december 31 , 2016 , our cash and cash equivalents were $ 37.0 million , of which $ 0.7 million was held by our israeli subsidiary . in addition , as of december 31 , 2016 , we have $ 56.0 million invested in short-term marketable securities . plan of operations and future funding requirements we expect that our primary uses of capital will be associated with seeking regulatory approval of octreotide capsules in the united states and europe , including potential additional development after we evaluate pathways to determine whether we can produce additional data sufficient to satisfy the fda of the efficacy and safety of octreotide capsules in adult patients with acromegaly , manufacturing of octreotide capsules for market consumption , if approved , and clinical trial uses , clinical trial costs ( including the international phase 3 clinical trial that we initiated in march 2016 to support anticipated european regulatory approval of octreotide capsules and a possible additional clinical trial or trials to support united states regulatory approval of octreotide capsules ) , legal and regulatory expenses related to seeking regulatory approval of octreotide capsules in the united states and europe , compensation and related expenses , third-party clinical development services , legal and other regulatory expenses , and other general operating costs . in june 2016 , following the crl and our end of review meeting , we announced a corporate restructuring plan intended to focus our resources on the continued development of mycapssa for the potential maintenance treatment of adult acromegaly patients . this plan included a reduction of approximately 33 % of our workforce at the time , including substantially all of our commercial personnel . in august 2016 we announced a second corporate restructuring plan that included the reduction of approximately 44 % of our remaining workforce . in aggregate , these restructuring plans resulted in a reduction to our workforce of more than 60 % since may 1 , 2016. we currently expect our existing cash , cash equivalents and marketable securities to fund our operations beyond 2018. because of the uncertainty created by the crl , we can not estimate the actual amounts necessary to successfully complete the development and commercialization of octreotide capsules , if at all , and any other product candidates we may develop or whether , or when , we may achieve profitability . our future capital requirements will depend on many factors , including , but not limited to : the costs , timing and outcome of regulatory review of octreotide capsules and any future product candidates we may develop ; the progress and results of our ongoing clinical trial of octreotide capsules or any future clinical trials or studies we may conduct ; the costs and timing of future commercialization activities , including product manufacturing , marketing , sales and distribution , for octreotide capsules and any other future product candidates for which we receive marketing approval ; proceeds , if any , received from commercial sales of octreotide capsules and any future product candidates for which we receive marketing approval ; the number and development requirements of other product candidates that we may pursue , if any ; the costs and timing of preparing , filing and prosecuting patent applications , maintaining and enforcing our intellectual property rights and defending any intellectual property-related claims ; and the extent to which we acquire or in-license other products and technologies or explore or consummate other strategic transactions . 97 until such time , if ever , as we can generate substantial product sales , we expect to finance our cash needs through a combination of equity offerings , debt financings and license and collaboration arrangements . we are currently eligible to file a shelf registration statement and believe that shelf registration statements can contribute , when used , to greater financial flexibility . to that end , we plan to consider filing a shelf registration statement on form s-3 with the securities and exchange commission in the future . to the extent that we raise additional capital through future issuance of equity or debt , the ownership interest of our stockholders will be diluted , and the terms of these securities may include liquidation or other preferences that adversely affect the rights of our existing common stockholders . if we raise additional funds through collaboration arrangements , we may have to relinquish valuable rights to our current or future product candidates , exploratory programs , technologies or future revenue streams on terms that may not be favorable to us . if we are unable to raise additional funds through equity or debt financings when needed , we may be required to delay , limit , reduce or terminate our product development or future commercialization efforts of octreotide capsules or grant rights to develop and market future potential product candidates that we would otherwise prefer to develop and market ourselves . story_separator_special_tag based on cost incurred to date as a percentage of total estimated cost

cash flows the following is a summary of cash flows for the years ended december 31 , 2016 and 2015 : replace_table_token_7_th operating activities net cash used in operating activities was $ 52.0 million in 2016 , and primarily consisted of $ 61.1 million in net loss , adjusted for non-cash items of $ 5.4 million ( primarily stock-based compensation of $ 3.3 million and non-cash restructuring charges of $ 1.5 million ) and was offset by working capital increases of $ 3.7 million ( primarily driven by the increase in accounts payable and accrued expenses and the decrease in prepaid and other current assets ) . net cash used in operating activities was $ 33.3 million in 2015 , and primarily consisted of $ 35.9 million in net loss , adjusted for non-cash items of $ 3.8 million ( primarily stock-based compensation and imputed interest related to our roche liability ) and was offset by working capital increases of $ 1.2 million . the primary drivers for the increase in our operating activity spending rate was driven by our ongoing international phase 3 trial , purchases of api , restructuring payments , pre-commercial marketing expenditures , activities associated with the manufacturing process validation , as well as compensation-related expenses associated with our expanded u.s. office . investing activities net cash provided by investing activities was $ 49.0 million in 2016 , primarily related to the maturity of marketable securities and was partially offset by $ 3.0 million of purchases of property and equipment , compared to net cash used in investing activities of $ 109.1 million for the year ended december 31 , 2015 , primarily related to the investment of our ipo funds through the acquisition of marketable securities . financing activities net cash used in financing activities was $ 1.1 million in 2016 , primarily related to the first $ 1.7 million installment payment related to the termination of the roche license agreement and was partially offset by $ 0.6 million of proceeds from stock option exercises .


 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 is a summary of cash flows for the years ended december 31 , 2016 and 2015 : replace_table_token_7_th operating activities net cash used in operating activities was $ 52.0 million in 2016 , and primarily consisted of $ 61.1 million in net loss , adjusted for non-cash items of $ 5.4 million ( primarily stock-based compensation of $ 3.3 million and non-cash restructuring charges of $ 1.5 million ) and was offset by working capital increases of $ 3.7 million ( primarily driven by the increase in accounts payable and accrued expenses and the decrease in prepaid and other current assets ) . net cash used in operating activities was $ 33.3 million in 2015 , and primarily consisted of $ 35.9 million in net loss , adjusted for non-cash items of $ 3.8 million ( primarily stock-based compensation and imputed interest related to our roche liability ) and was offset by working capital increases of $ 1.2 million . the primary drivers for the increase in our operating activity spending rate was driven by our ongoing international phase 3 trial , purchases of api , restructuring payments , pre-commercial marketing expenditures , activities associated with the manufacturing process validation , as well as compensation-related expenses associated with our expanded u.s. office . investing activities net cash provided by investing activities was $ 49.0 million in 2016 , primarily related to the maturity of marketable securities and was partially offset by $ 3.0 million of purchases of property and equipment , compared to net cash used in investing activities of $ 109.1 million for the year ended december 31 , 2015 , primarily related to the investment of our ipo funds through the acquisition of marketable securities . financing activities net cash used in financing activities was $ 1.1 million in 2016 , primarily related to the first $ 1.7 million installment payment related to the termination of the roche license agreement and was partially offset by $ 0.6 million of proceeds from stock option exercises .
```    
 Suspicious Activity Report : we acknowledge the fda 's feedback contained in the crl and in the end of review meeting minutes , and we continue to evaluate various potential pathways forward , including the possibility of conducting a trial consistent with the fda 's recommendations , to potentially secure approval in the united states for octreotide capsules . the fda also stated that it considers pathways alternative to its recommendations to be less ideal and ultimately risky to our efforts to secure approval of our nda . the fda strongly recommended that we work with the fda to reach a common understanding of expectations prior to initiating and executing any alternative plans . we believe additional discussions with the fda will enable our executive team and board to chart the most prudent path forward for chiasma and our shareholders . 90 we can not provide any assurance that even if we conduct a new clinical trial consistent with the strong recommendations of the fda , or pursue any other alternative development pathway , whether acceptable or unacceptable to the fda , we will receive u.s. regulatory approval of octreotide capsules for acromegaly . if our efforts to address the fda 's concerns are unsuccessful , we may be unable to obtain u.s. regulatory approval for the marketing and sale of octreotide capsules at all . conducting one or more additional clinical trials would significantly delay our ability to secure regulatory approval , if we are able to secure approval at all , and introduce new risks and uncertainties depending on the trial design and timing of any trials conducted . conducting a randomized , double-blind and controlled trial in this indication , as strongly recommended by the fda , would be particularly challenging . for example , it may be difficult to identify patients with acromegaly willing to enroll in a trial with this design , the trial could take years to complete , and the fda 's review of the data would also likely consume significant time . we can not estimate how long this process could take but it could be several years . we may not have sufficient capital resources to fully fund any new trials that the fda requires as a condition to approval , in particular the controlled trial strongly recommended by the fda . we were incorporated in 2001 and commenced active operations in the same year . our operations to date have been limited to organizing and staffing our company , business planning , raising capital , developing our tpe technology , identifying potential drug candidates , undertaking nonclinical studies and , beginning in 2010 , conducting clinical trials and preparing for regulatory submissions . to date , we have financed our operations primarily through private placements , funding received from a licensing agreement , a loan agreement and our initial public offering . we have no products approved for sale and all of our revenue has been related to one license agreement , which has been terminated . since our inception and through december 31 , 2016 , we have raised an aggregate of $ 366.2 million to fund our operations , of which $ 86.3 million was through our license agreement with f. hoffmann-la roche ltd. and hoffmann-la roche inc. , collectively roche , $ 106.5 million from issuing shares of common stock in our initial public offering , or ipo , $ 161.4 million was from the issuance of private securities and $ 12.0 million was from borrowings under a loan agreement . in 2013 , using proceeds from the roche license agreement , as described in more detail below , we repaid all outstanding borrowings under our loan agreement and paid an aggregate of $ 55.0 million in cash as partial consideration for the redemption of certain shares of our redeemable preferred stock . as of december 31 , 2016 , our consolidated cash , cash equivalents and marketable securities were $ 93.0 million , of which $ 0.7 million was held by chiasma ( israel ) ltd. , our wholly owned israeli subsidiary . we have incurred significant operating losses since our inception . our net loss was $ 61.1 million and $ 35.9 million for the years ended december 31 , 2016 and 2015 respectively . as of december 31 , 2016 , we had an accumulated deficit of $ 178.5 million . we expect to incur significant operating losses over the next several years . these losses , combined with prior losses will continue to have an adverse effect on our cash resources , stockholders ' equity and working capital . we expect to continue to conduct the international phase 3 clinical trial of octreotide capsules in acromegaly that we initiated in march 2016 to support potential regulatory approval in europe . in june and august 2016 , we announced two separate corporate restructuring plans intended to focus our resources on the continued development of octreotide capsules for the maintenance treatment of adult acromegaly patients . as a result of the august 2016 reduction in workforce , we eliminated our research and discovery functions and are currently not investing in those areas . because of the numerous risks and uncertainties facing our company and associated with developing and commercializing pharmaceutical products generally , we are unable to predict the extent of any future losses or when we will become profitable , if at all . until such time , if ever , as we can generate substantial product revenues , we expect to finance our cash needs through a combination of equity offerings , debt financings , as well as license and collaboration agreements with potential partners . we may be unable to raise capital when needed or on attractive terms , or to enter into collaboration agreements , which could force us to delay , limit , reduce or terminate our product development or future commercialization efforts . story_separator_special_tag our effective tax rate differs from the statutory rate each year primarily due to a full valuation allowance maintained against u.s. deferred tax assets and due to lower tax rates applied to income of our israeli subsidiary . 96 liquidity and capital resources since our inception and through december 31 , 2016 , we have raised an aggregate of $ 366.2 million to fund our operations , of which $ 86.3 million was through our license agreement with roche , approximately $ 106.5 million from selling shares of common stock in our ipo , $ 161.4 million from the issuance of private securities , and $ 12.0 million from borrowings under a loan agreement . in march 2013 , using proceeds from the roche license agreement , we repaid all outstanding borrowings under our loan agreement and paid an aggregate of $ 55.0 million in cash as partial consideration for the redemption of certain shares of our preferred stock . as of december 31 , 2016 , our cash and cash equivalents were $ 37.0 million , of which $ 0.7 million was held by our israeli subsidiary . in addition , as of december 31 , 2016 , we have $ 56.0 million invested in short-term marketable securities . plan of operations and future funding requirements we expect that our primary uses of capital will be associated with seeking regulatory approval of octreotide capsules in the united states and europe , including potential additional development after we evaluate pathways to determine whether we can produce additional data sufficient to satisfy the fda of the efficacy and safety of octreotide capsules in adult patients with acromegaly , manufacturing of octreotide capsules for market consumption , if approved , and clinical trial uses , clinical trial costs ( including the international phase 3 clinical trial that we initiated in march 2016 to support anticipated european regulatory approval of octreotide capsules and a possible additional clinical trial or trials to support united states regulatory approval of octreotide capsules ) , legal and regulatory expenses related to seeking regulatory approval of octreotide capsules in the united states and europe , compensation and related expenses , third-party clinical development services , legal and other regulatory expenses , and other general operating costs . in june 2016 , following the crl and our end of review meeting , we announced a corporate restructuring plan intended to focus our resources on the continued development of mycapssa for the potential maintenance treatment of adult acromegaly patients . this plan included a reduction of approximately 33 % of our workforce at the time , including substantially all of our commercial personnel . in august 2016 we announced a second corporate restructuring plan that included the reduction of approximately 44 % of our remaining workforce . in aggregate , these restructuring plans resulted in a reduction to our workforce of more than 60 % since may 1 , 2016. we currently expect our existing cash , cash equivalents and marketable securities to fund our operations beyond 2018. because of the uncertainty created by the crl , we can not estimate the actual amounts necessary to successfully complete the development and commercialization of octreotide capsules , if at all , and any other product candidates we may develop or whether , or when , we may achieve profitability . our future capital requirements will depend on many factors , including , but not limited to : the costs , timing and outcome of regulatory review of octreotide capsules and any future product candidates we may develop ; the progress and results of our ongoing clinical trial of octreotide capsules or any future clinical trials or studies we may conduct ; the costs and timing of future commercialization activities , including product manufacturing , marketing , sales and distribution , for octreotide capsules and any other future product candidates for which we receive marketing approval ; proceeds , if any , received from commercial sales of octreotide capsules and any future product candidates for which we receive marketing approval ; the number and development requirements of other product candidates that we may pursue , if any ; the costs and timing of preparing , filing and prosecuting patent applications , maintaining and enforcing our intellectual property rights and defending any intellectual property-related claims ; and the extent to which we acquire or in-license other products and technologies or explore or consummate other strategic transactions . 97 until such time , if ever , as we can generate substantial product sales , we expect to finance our cash needs through a combination of equity offerings , debt financings and license and collaboration arrangements . we are currently eligible to file a shelf registration statement and believe that shelf registration statements can contribute , when used , to greater financial flexibility . to that end , we plan to consider filing a shelf registration statement on form s-3 with the securities and exchange commission in the future . to the extent that we raise additional capital through future issuance of equity or debt , the ownership interest of our stockholders will be diluted , and the terms of these securities may include liquidation or other preferences that adversely affect the rights of our existing common stockholders . if we raise additional funds through collaboration arrangements , we may have to relinquish valuable rights to our current or future product candidates , exploratory programs , technologies or future revenue streams on terms that may not be favorable to us . if we are unable to raise additional funds through equity or debt financings when needed , we may be required to delay , limit , reduce or terminate our product development or future commercialization efforts of octreotide capsules or grant rights to develop and market future potential product candidates that we would otherwise prefer to develop and market ourselves . story_separator_special_tag based on cost incurred to date as a percentage of total estimated cost

