this is intended to allow us to diversify the risks associated with our research and development expenditures . as a result , we believe our future capital requirements and our future financial success are not substantially dependent on any one product candidate . to the extent we are unable to maintain a broad range of product candidates , our dependence on the success of one or a few product candidates increases . regulatory approval is required before we can market our product candidates as therapeutic products . in order to proceed to subsequent clinical trial stages and to ultimately achieve regulatory approval , the regulatory agency must conclude that our clinical data is safe and effective . historically , the results from preclinical testing and early clinical trials ( through phase 2 ) have often not been predictive of results obtained in later clinical trials . a number of new drugs and biologics have shown promising results in early clinical trials , but subsequently failed to establish sufficient safety and efficacy data to obtain necessary regulatory approvals . furthermore , our business strategy includes the option of entering into collaborative arrangements with third parties to complete the development and commercialization of our product candidates . in the event that third parties take over the clinical trial process for one of our product candidates , the estimated completion date would largely be under control of that third party rather than us . we can not forecast with any degree of certainty which proprietary products , if any , will be subject to future collaborative arrangements , in whole or in part , and how such arrangements would affect our development plan or capital requirements . our programs may also benefit from subsidies , grants , contracts or government or agency-sponsored studies that could reduce our development costs . as a result of the uncertainties discussed above , among others , it is difficult to accurately estimate the duration and completion costs of our research and development projects or when , if ever , and to what extent we will receive cash inflows from the commercialization and sale of a product . our inability to complete our research and development projects in a timely manner or our failure to enter into collaborative agreements , when appropriate , could significantly increase our capital requirements and 41 could adversely impact our liquidity . these uncertainties could force us to seek additional , external sources of financing from time to time in order to continue with our business strategy . our inability to raise additional capital , or to do so on terms reasonably acceptable to us , would jeopardize the future success of our business . during the past five years through december 31 , 2012 , we incurred an aggregate of $ 156.3 million in research and development expenses . the following table indicates the amount incurred for each of our significant research programs and for other identified research and development activities during the years ended december 31 , 2012 , 2011 and 2010. the amounts disclosed in the following table reflect direct research and development costs , license fees associated with the underlying technology and an allocation of indirect research and development costs to each program . replace_table_token_13_th clinical development programs rindopepimut our lead clinical development program , rindopepimut , is a targeted immunotherapeutic that targets the tumor-specific molecule , epidermal growth factor receptor variant iii , or egfrviii . egfrviii is a mutated form of the epidermal growth factor receptor , or egfr , that is only expressed in cancer cells and not in normal tissue and can directly contribute to cancer cell growth . egfrviii is expressed in approximately 30 % of glioblastoma , or gb , tumors , also referred to as glioblastoma multiforme , or gbm , the most common and aggressive form of brain cancer . rindopepimut is composed of the egfrviii peptide linked to a carrier protein called keyhole limpet hemocyanin , or klh , and administered together with the adjuvant gm-csf . the food and drug administration , or fda , and the european medicines agency , or ema , have both granted orphan drug designation for rindopepimut for the treatment of egfrviii expressing gb . the fda has also granted fast track designation . in april 2008 , we and pfizer inc. entered into a license and development agreement under which pfizer was granted an exclusive worldwide license to rindopepimut . this agreement provided for reimbursement by pfizer of all costs incurred by us in connection with the collaboration since the effective date . in november 2010 , the agreement was terminated and all rights to rindopepimut were returned to us . since the termination of this agreement , pfizer is no longer funding the development of rindopepimut . the phase 2a study of rindopepimut referred to as activate was led by collaborating investigators at the brain center at duke comprehensive cancer center in durham , north carolina and at m.d . anderson cancer center in houston , texas and enrolled 18 evaluable gb patients . an extension of the phase 2a study referred to as act ii evaluated 22 additional gb patients treated in 42 combination with the current standard of care , maintenance temozolomide , or tmz , at the same two institutions . we initiated act iii , a phase 2b/3 randomized study of rindopepimut combined with standard of care , tmz , versus standard of care alone in patients with gb in over 30 sites throughout the united states . in december 2008 , we announced an amendment to convert the act iii study to a single-arm phase 2 clinical trial in which all patients were to receive rindopepimut in combination with tmz . story_separator_special_tag the phase 1 study evaluated seven different dosing regimens of cdx-301 to determine the appropriate dose for further development based on safety , tolerability , and biological activity . the data from the study were consistent with previous clinical experience and demonstrated that cdx-301 was well-tolerated and can effectively mobilize hematopoietic stem cell populations in healthy volunteers . based on the safety profile and the increases observed for cd34+ stem cells and dendritic cells , we plan to initiate a pilot study in hematopoietic stem cell transplant by the end of 2013. cdx-1401 cdx-1401 , developed from our apc targeting technology , is a fusion protein consisting of a fully human monoclonal antibody with specificity for the dendritic cell receptor , dec-205 , linked to the ny-eso-1 tumor antigen . in humans , ny-eso-1 has been detected in 20 - 30 % of all melanoma , lung , esophageal , liver , gastric , prostate , ovarian and bladder cancers , thus representing a broad opportunity . this product is intended to selectively deliver the ny-eso-1 antigen to dendritic cells for generating robust immune responses against cancer cells expressing ny-eso-1 . we are developing cdx-1401 for the treatment of malignant melanoma and a variety of solid tumors which express the proprietary cancer antigen ny-eso-1 , which we licensed from the ludwig institute for cancer research in 2006. preclinical studies have shown that cdx-1401 is effective for activation of human t cell responses against ny-eso-1 . in october 2012 , we announced results from a dose-escalating , multi-center , phase 1 study that evaluated three different doses of cdx-1401 in combination with toll-like receptor agonists poly-iclc or hiltonol and or r848 or resiquimod . in total , the study enrolled 45 patients with advanced malignancies that had progressed after any available curative and or salvage therapies . 60 % of patients had confirmed ny-eso expression in archived tumor sample . thirteen patients maintained stable disease for up to 13.4 months with a median of 6.7 months . treatment was well-tolerated and there were no dose limiting toxicities . humoral responses were elicited in both ny-eso-1 positive and negative patients . ny-eso-1-specific t cell responses were absent or low at baseline , but increased post-vaccination in 53 % of evaluable patients , including both cd4 and or cd8 t cell responses . robust immune responses were observed with cdx-1401 with resiquimod and poly iclc alone and in combination . the study has identified a well-tolerated and immunogenic regimen to take forward into the future studies and we expect that a study sponsored by the cancer immunotherapy trials network of the national cancer institute will be initiated in 2013. preclinical programs cdx-014 cdx-014 is a fully-human monoclonal adc that targets tim-1 , a molecule that is highly expressed on renal and ovarian cancers with minimal expression in normal tissues . the antibody , cdx-014 , is linked to mmae using seattle genetics ' proprietary technology . the adc is designed to 48 be stable in the bloodstream , but to release mmae upon internalization into tim-1-expressing tumor cells , resulting in a targeted cell-killing effect . cdx-014 has shown potent activity in preclinical models of ovarian and renal cancer . we are conducting proof-of-concept studies in 2013 to optimize the drug candidate to move into future manufacturing and ind-enabling studies . marketed products rotavirus vaccine rotavirus is a major cause of diarrhea and vomiting in infants and children . in 1997 , we licensed our oral rotavirus strain to glaxo and glaxo assumed responsibility for all subsequent clinical trials and all other development activities . we licensed-in the rotavirus strain that was used to develop glaxo 's rotarix rotavirus vaccine in 1995 and owe a license fee of 30 % to cincinnati children 's hospital medical center , or cch , on net royalties received from glaxo . in may 2005 , we entered into an agreement whereby an affiliate of paul royalty fund ii , l.p. , or prf , purchased a 70 % interest in the net royalties we received on worldwide sales of rotarix . in december 2012 , a u.s. patent for our rotavirus strain that we licensed to glaxo expired . the glaxo agreement terminates automatically upon the expiration , lapse or invalidation of the last relevant patent right ( patent or patent application ) covered by the glaxo agreement . the only remaining relevant patent right is a patent application in mexico with a projected final expiry date in may 2013 which is under appeal . the prf agreement provided for a normal expiry of the prf agreement on december 12 , 2012 except that the prf agreement provides for an exclusive 120-day right of negotiation for extension in certain circumstances . critical accounting policies and estimates our significant accounting policies are described in note 2 to the consolidated financial statements included in item 8 of this form 10-k. we believe our most critical accounting policies include accounting for business combinations , revenue recognition , impairment of long-lived assets , research and development expenses and stock-based compensation expense . the methods , estimates and judgments we use in applying our most critical accounting policies have a significant impact on the results we report in our consolidated financial statements . we evaluate our estimates and judgments on an on-going basis . we base our estimates on historical experience and on assumptions that we believe to be reasonable under the circumstances . our experience and assumptions form the basis for our judgments about the carrying value of assets and liabilities that are not readily apparent from other sources . actual results may vary from what we anticipate and different assumptions or estimates about the future could materially change our reported results . we believe the following accounting policies are the most critical to us in that they are important to the portrayal of our financial statements and they require our most difficult , subjective or complex judgments in the

liquidity and capital resources our cash equivalents are highly liquid investments with a maturity of three months or less at the date of purchase and consist primarily of investments in money market mutual funds with commercial banks and financial institutions . we maintain cash balances with financial institutions in excess of insured limits . we do not anticipate any losses with respect to such cash balances . we invest our excess cash balances in marketable securities including municipal bond securities , u.s. government agency securities , and high-grade corporate bonds that meet high credit quality standards , as specified in our investment policy . our investment policy seeks to manage these assets to achieve our goals of preserving principal and maintaining adequate liquidity . the use of our cash flows for operations has primarily consisted of salaries and wages for our employees , facility and facility-related costs for our offices , laboratories and manufacturing facility , fees paid in connection with preclinical studies , clinical studies , contract manufacturing , laboratory supplies and services , consulting , legal and other professional fees . to date , the primary sources of cash flows from operations have been payments received from our collaborative partners and from government entities . the timing of any new collaboration agreements , government contracts or grants and any payments under these agreements , contracts or grants can not be easily predicted and may vary significantly from quarter to quarter . at december 31 , 2012 , our principal sources of liquidity consisted of cash , cash equivalents and marketable securities of $ 84.0 million . our working capital at december 31 , 2012 was $ 67.4 million . at december 31 , 2012 , our term loan balance was $ 11.3 million . we incurred a loss of $ 59.1 million for the year ended december 31 , 2012. net cash used in operations for the year ended december 31 , 2012 was $ 49.8 million . in january 2013 , we issued 2,433,608 shares of common stock under the cantor amendment and raised $ 17.1 million in net proceeds .


 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 our cash equivalents are highly liquid investments with a maturity of three months or less at the date of purchase and consist primarily of investments in money market mutual funds with commercial banks and financial institutions . we maintain cash balances with financial institutions in excess of insured limits . we do not anticipate any losses with respect to such cash balances . we invest our excess cash balances in marketable securities including municipal bond securities , u.s. government agency securities , and high-grade corporate bonds that meet high credit quality standards , as specified in our investment policy . our investment policy seeks to manage these assets to achieve our goals of preserving principal and maintaining adequate liquidity . the use of our cash flows for operations has primarily consisted of salaries and wages for our employees , facility and facility-related costs for our offices , laboratories and manufacturing facility , fees paid in connection with preclinical studies , clinical studies , contract manufacturing , laboratory supplies and services , consulting , legal and other professional fees . to date , the primary sources of cash flows from operations have been payments received from our collaborative partners and from government entities . the timing of any new collaboration agreements , government contracts or grants and any payments under these agreements , contracts or grants can not be easily predicted and may vary significantly from quarter to quarter . at december 31 , 2012 , our principal sources of liquidity consisted of cash , cash equivalents and marketable securities of $ 84.0 million . our working capital at december 31 , 2012 was $ 67.4 million . at december 31 , 2012 , our term loan balance was $ 11.3 million . we incurred a loss of $ 59.1 million for the year ended december 31 , 2012. net cash used in operations for the year ended december 31 , 2012 was $ 49.8 million . in january 2013 , we issued 2,433,608 shares of common stock under the cantor amendment and raised $ 17.1 million in net proceeds .
```    
 Suspicious Activity Report : this is intended to allow us to diversify the risks associated with our research and development expenditures . as a result , we believe our future capital requirements and our future financial success are not substantially dependent on any one product candidate . to the extent we are unable to maintain a broad range of product candidates , our dependence on the success of one or a few product candidates increases . regulatory approval is required before we can market our product candidates as therapeutic products . in order to proceed to subsequent clinical trial stages and to ultimately achieve regulatory approval , the regulatory agency must conclude that our clinical data is safe and effective . historically , the results from preclinical testing and early clinical trials ( through phase 2 ) have often not been predictive of results obtained in later clinical trials . a number of new drugs and biologics have shown promising results in early clinical trials , but subsequently failed to establish sufficient safety and efficacy data to obtain necessary regulatory approvals . furthermore , our business strategy includes the option of entering into collaborative arrangements with third parties to complete the development and commercialization of our product candidates . in the event that third parties take over the clinical trial process for one of our product candidates , the estimated completion date would largely be under control of that third party rather than us . we can not forecast with any degree of certainty which proprietary products , if any , will be subject to future collaborative arrangements , in whole or in part , and how such arrangements would affect our development plan or capital requirements . our programs may also benefit from subsidies , grants , contracts or government or agency-sponsored studies that could reduce our development costs . as a result of the uncertainties discussed above , among others , it is difficult to accurately estimate the duration and completion costs of our research and development projects or when , if ever , and to what extent we will receive cash inflows from the commercialization and sale of a product . our inability to complete our research and development projects in a timely manner or our failure to enter into collaborative agreements , when appropriate , could significantly increase our capital requirements and 41 could adversely impact our liquidity . these uncertainties could force us to seek additional , external sources of financing from time to time in order to continue with our business strategy . our inability to raise additional capital , or to do so on terms reasonably acceptable to us , would jeopardize the future success of our business . during the past five years through december 31 , 2012 , we incurred an aggregate of $ 156.3 million in research and development expenses . the following table indicates the amount incurred for each of our significant research programs and for other identified research and development activities during the years ended december 31 , 2012 , 2011 and 2010. the amounts disclosed in the following table reflect direct research and development costs , license fees associated with the underlying technology and an allocation of indirect research and development costs to each program . replace_table_token_13_th clinical development programs rindopepimut our lead clinical development program , rindopepimut , is a targeted immunotherapeutic that targets the tumor-specific molecule , epidermal growth factor receptor variant iii , or egfrviii . egfrviii is a mutated form of the epidermal growth factor receptor , or egfr , that is only expressed in cancer cells and not in normal tissue and can directly contribute to cancer cell growth . egfrviii is expressed in approximately 30 % of glioblastoma , or gb , tumors , also referred to as glioblastoma multiforme , or gbm , the most common and aggressive form of brain cancer . rindopepimut is composed of the egfrviii peptide linked to a carrier protein called keyhole limpet hemocyanin , or klh , and administered together with the adjuvant gm-csf . the food and drug administration , or fda , and the european medicines agency , or ema , have both granted orphan drug designation for rindopepimut for the treatment of egfrviii expressing gb . the fda has also granted fast track designation . in april 2008 , we and pfizer inc. entered into a license and development agreement under which pfizer was granted an exclusive worldwide license to rindopepimut . this agreement provided for reimbursement by pfizer of all costs incurred by us in connection with the collaboration since the effective date . in november 2010 , the agreement was terminated and all rights to rindopepimut were returned to us . since the termination of this agreement , pfizer is no longer funding the development of rindopepimut . the phase 2a study of rindopepimut referred to as activate was led by collaborating investigators at the brain center at duke comprehensive cancer center in durham , north carolina and at m.d . anderson cancer center in houston , texas and enrolled 18 evaluable gb patients . an extension of the phase 2a study referred to as act ii evaluated 22 additional gb patients treated in 42 combination with the current standard of care , maintenance temozolomide , or tmz , at the same two institutions . we initiated act iii , a phase 2b/3 randomized study of rindopepimut combined with standard of care , tmz , versus standard of care alone in patients with gb in over 30 sites throughout the united states . in december 2008 , we announced an amendment to convert the act iii study to a single-arm phase 2 clinical trial in which all patients were to receive rindopepimut in combination with tmz . story_separator_special_tag the phase 1 study evaluated seven different dosing regimens of cdx-301 to determine the appropriate dose for further development based on safety , tolerability , and biological activity . the data from the study were consistent with previous clinical experience and demonstrated that cdx-301 was well-tolerated and can effectively mobilize hematopoietic stem cell populations in healthy volunteers . based on the safety profile and the increases observed for cd34+ stem cells and dendritic cells , we plan to initiate a pilot study in hematopoietic stem cell transplant by the end of 2013. cdx-1401 cdx-1401 , developed from our apc targeting technology , is a fusion protein consisting of a fully human monoclonal antibody with specificity for the dendritic cell receptor , dec-205 , linked to the ny-eso-1 tumor antigen . in humans , ny-eso-1 has been detected in 20 - 30 % of all melanoma , lung , esophageal , liver , gastric , prostate , ovarian and bladder cancers , thus representing a broad opportunity . this product is intended to selectively deliver the ny-eso-1 antigen to dendritic cells for generating robust immune responses against cancer cells expressing ny-eso-1 . we are developing cdx-1401 for the treatment of malignant melanoma and a variety of solid tumors which express the proprietary cancer antigen ny-eso-1 , which we licensed from the ludwig institute for cancer research in 2006. preclinical studies have shown that cdx-1401 is effective for activation of human t cell responses against ny-eso-1 . in october 2012 , we announced results from a dose-escalating , multi-center , phase 1 study that evaluated three different doses of cdx-1401 in combination with toll-like receptor agonists poly-iclc or hiltonol and or r848 or resiquimod . in total , the study enrolled 45 patients with advanced malignancies that had progressed after any available curative and or salvage therapies . 60 % of patients had confirmed ny-eso expression in archived tumor sample . thirteen patients maintained stable disease for up to 13.4 months with a median of 6.7 months . treatment was well-tolerated and there were no dose limiting toxicities . humoral responses were elicited in both ny-eso-1 positive and negative patients . ny-eso-1-specific t cell responses were absent or low at baseline , but increased post-vaccination in 53 % of evaluable patients , including both cd4 and or cd8 t cell responses . robust immune responses were observed with cdx-1401 with resiquimod and poly iclc alone and in combination . the study has identified a well-tolerated and immunogenic regimen to take forward into the future studies and we expect that a study sponsored by the cancer immunotherapy trials network of the national cancer institute will be initiated in 2013. preclinical programs cdx-014 cdx-014 is a fully-human monoclonal adc that targets tim-1 , a molecule that is highly expressed on renal and ovarian cancers with minimal expression in normal tissues . the antibody , cdx-014 , is linked to mmae using seattle genetics ' proprietary technology . the adc is designed to 48 be stable in the bloodstream , but to release mmae upon internalization into tim-1-expressing tumor cells , resulting in a targeted cell-killing effect . cdx-014 has shown potent activity in preclinical models of ovarian and renal cancer . we are conducting proof-of-concept studies in 2013 to optimize the drug candidate to move into future manufacturing and ind-enabling studies . marketed products rotavirus vaccine rotavirus is a major cause of diarrhea and vomiting in infants and children . in 1997 , we licensed our oral rotavirus strain to glaxo and glaxo assumed responsibility for all subsequent clinical trials and all other development activities . we licensed-in the rotavirus strain that was used to develop glaxo 's rotarix rotavirus vaccine in 1995 and owe a license fee of 30 % to cincinnati children 's hospital medical center , or cch , on net royalties received from glaxo . in may 2005 , we entered into an agreement whereby an affiliate of paul royalty fund ii , l.p. , or prf , purchased a 70 % interest in the net royalties we received on worldwide sales of rotarix . in december 2012 , a u.s. patent for our rotavirus strain that we licensed to glaxo expired . the glaxo agreement terminates automatically upon the expiration , lapse or invalidation of the last relevant patent right ( patent or patent application ) covered by the glaxo agreement . the only remaining relevant patent right is a patent application in mexico with a projected final expiry date in may 2013 which is under appeal . the prf agreement provided for a normal expiry of the prf agreement on december 12 , 2012 except that the prf agreement provides for an exclusive 120-day right of negotiation for extension in certain circumstances . critical accounting policies and estimates our significant accounting policies are described in note 2 to the consolidated financial statements included in item 8 of this form 10-k. we believe our most critical accounting policies include accounting for business combinations , revenue recognition , impairment of long-lived assets , research and development expenses and stock-based compensation expense . the methods , estimates and judgments we use in applying our most critical accounting policies have a significant impact on the results we report in our consolidated financial statements . we evaluate our estimates and judgments on an on-going basis . we base our estimates on historical experience and on assumptions that we believe to be reasonable under the circumstances . our experience and assumptions form the basis for our judgments about the carrying value of assets and liabilities that are not readily apparent from other sources . actual results may vary from what we anticipate and different assumptions or estimates about the future could materially change our reported results . we believe the following accounting policies are the most critical to us in that they are important to the portrayal of our financial statements and they require our most difficult , subjective or complex judgments in the

