the financial information presented from april 20 , 2009 ( inception ) to december 31 , 2010 was based solely on the results of clovis oncology , inc. subsequent to january 1 , 2011 , the financial information is consolidated and includes the results of our wholly owned subsidiary in the united kingdom . all intercompany transactions and balances are eliminated in this consolidation . product license agreements co-101 in november 2009 , we entered into a license agreement with clavis to develop and commercialize co-101 in north america , central america , south america and europe . under the terms of the license agreement , we made an up-front payment to clavis in the amount $ 15.0 million , which was comprised of $ 13.1 million for development costs incurred prior to the execution of the agreement , which we recognized as acquired in-process research and development and $ 1.9 million for the prepayment of preclinical activities to be performed by clavis . in november 2010 , the license agreement was amended to expand the license territory to include asia and other international markets . we paid clavis $ 10.0 million for the territory expansion and recognized that payment as acquired in-process research and development expense . as part of the amendment to the license agreement , clavis has also agreed to reimburse up to $ 3.0 million of our research and development costs for certain co-101 development activities subject to our incurring such costs . we are responsible for all remaining development and commercialization costs of the compound and , if approved , clavis will be entitled to receive royalties based on the volume of annual net sales achieved . we may be required to pay clavis an aggregate of up to $ 115.0 million in development and regulatory milestone payments if certain clinical study objectives and regulatory filings , acceptances and approvals are achieved . in addition , we may be required to pay clavis an aggregate of up to $ 445.0 million in sales milestone payments if certain annual sales targets are met for co-101 . subject to certain conditions set forth in the license agreement , clavis may elect to co-develop and co-promote co-101 in europe . if clavis were to make this election , it would be required to reimburse us for a portion of both past and future development costs . in addition , our milestone payment obligations described above would be reduced . clavis would not be entitled to royalties on the net sales in europe , but would instead share equally in the pretax profits or losses resulting from commercialization activities in europe . 50 co-1686 in may 2010 , we entered into a worldwide license agreement with avila to discover , develop and commercialize preclinical covalent inhibitors of mutant forms of egfr . co-1686 was identified as the lead inhibitor candidate developed by avila under the license agreement . we are responsible for all preclinical , clinical , regulatory and other activities necessary to develop and commercialize co-1686 . we made an up-front payment of $ 2.0 million to avila upon execution of the license agreement which we recognized as acquired in-process research and development expense . we are obligated to pay avila royalties on net sales of co-1686 , based on the volume of annual net sales achieved . avila has the option to increase royalty rates by electing to reimburse a portion of our development expenses . this option must be exercised within a limited period of time of avila 's being notified by us of our intent to pursue regulatory approval of co-1686 in the united states or the european union as a first-line treatment . we may be required to pay avila up to an aggregate of $ 119.0 million in development and regulatory milestone payments if certain clinical study objectives and regulatory filings , acceptances and approvals are achieved . in addition , we may be required to pay avila up to an aggregate of $ 120.0 million in sales milestone payments if certain annual sales targets are achieved . in january 2012 , the u.s. food and drug administration accepted our investigational new drug application to begin clinical investigation of co-1686 , which triggered the first development milestone payment to avila of $ 4.0 million . rucaparib in june 2011 , we entered into a license agreement with pfizer to acquire exclusive global development and commercialization rights to pfizer 's drug candidate pf-01367338 , also known as co-338 or rucaparib . this drug candidate is a small molecule parp inhibitor which we are developing for the treatment of selected solid tumors . pursuant to the terms of the license agreement , we made an up-front payment by issuing pfizer $ 7.0 million principal amount of a 5 % convertible promissory note due 2012 , which was subsequently converted to common stock immediately prior to our initial public offering . we are responsible for all development and commercialization costs of rucaparib and , if approved , we will be required to pay pfizer royalties on sales of the product . in addition , we may be required to pay pfizer up to an aggregate of $ 259.0 million in milestone payments if certain development , regulatory and sales milestones are achieved . financial operations overview revenue to date , we have not generated any revenues . in the future , we may generate revenue from the sales of product candidates that are currently under development . based on our current development plans , we do not expect to generate significant revenues until 2014 at the earliest . if we fail to complete the development of our product candidates and , together with our partners , companion diagnostics or obtain regulatory approval for them , our ability to generate future revenue , and our results of operations and financial position , will be adversely affected . story_separator_special_tag , the ipo ) , as well as the in-licensing of our third product candidate , rucaparib , and the issuance in may and june 2011 of $ 35.0 million in aggregate principal amount of our 5 % convertible promissory notes due 2012. in accordance with the practice aid , we determined that the probability weighted expected return method , or pwerm , was the most appropriate valuation methodology going forward . accordingly , we updated the valuation of our common stock effective june 30 , 2011. in our application of pwerm , we estimated the fair value of our common stock using three potential liquidity scenarios and then probability weighted the resulting valuation under each of these scenarios . the three liquidity scenarios assumed were as follows : completing the ipo , or the ipo scenario ; remaining as a private company and selling the company at a future date , or the merger and acquisition , or m & a , scenario ; and remaining as a private company and executing an ipo at a future date , or the future ipo scenario . in order to estimate our equity value under the ipo scenario , we employed an income approach using a discounted cash flow analysis . net cash flows from the multi-year forecast for each of our product candidates were discounted to their present value based on our estimated weighted average cost of capital , or wacc . the wacc was estimated using a capital asset pricing model , taking into account risk-free interest rates , an equity risk premium , risk premiums for our industry and entity size , company-specific risks associated with the development and commercialization of our product candidates , and the cost and capital structure weighting of our debt . the estimated future cash flows were based on anticipated timing of the clinical development and regulatory approvals for each of our product candidates as well as their commercialization opportunity . this equity value was applied to the number of common shares outstanding determined on a fully diluted basis to calculate the per share fair value of our common stock , assuming the conversion of all preferred stock into common stock . to value our common stock under the m & a and future ipo scenarios , we utilized the option pricing method as described above . however , for these scenarios the current value of our underlying common and preferred equity was determined using a discounted cash flow analysis that is substantially the same as the analysis performed for the ipo scenario rather than using a marketable equity value based on recent rounds of our preferred stock issuances as was used in the december 31 , 2009 and 2010 valuations . we believed this to be a more accurate measurement of our equity value as of june 30 , 2011 due to the 19 month time gap since our last issuance of preferred stock . once our equity value for the m & a and future ipo scenarios was determined , we allocated a portion of the value to our common stock based on a best economic outcome model . for the m & a scenario , the value assigned to our common stock was determined using a break point analysis to estimate the various enterprise values at which holders of each series of our preferred stock would elect to convert to common stock and the points at which holders of options would exercise as a result of the value of the common stock exceeding the exercise price . for the future ipo scenario , the value assigned to our common stock was estimated using a fully diluted outstanding share analysis assuming the conversion of all preferred stock into common stock as such a conversion would be required to execute an ipo . the following tables summarize the significant assumptions utilized for each of the valuation scenarios used to determine the fair value of our common stock as of june 30 , 2011. replace_table_token_6_th the estimated per share fair value of our common stock determined as of june 30 , 2011 increased significantly from the december 31 , 2010 valuation . this is primarily due to the april 2011 decision by our board of directors to authorize management to pursue an ipo and the june 2011 authorization of our board of directors to file a registration statement with the sec , which , among other things , contributed to the elimination of the discount for lack of marketability from the ipo scenario in the june 30 , 2011 analysis . given the assumed acceleration of the ipo to october 1 , 2011 , we believe the value of our common stock no longer warrants a discount from its marketable price . in addition , the june 30 , 2011 valuation was positively impacted by the assumption that all preferred stock would automatically convert into common stock upon the ipo , thereby eliminating the impact of preferred stock liquidation preferences on the value of the common stock . we utilized the common stock valuation contemporaneously prepared as of december 31 , 2010 to set the exercise price for stock options granted during the six months ended june 30 , 2011. in light of the close proximity of the stock option grants in march , april , may and june 2011 to the april and june 2011 actions by our board of directors with respect to the ipo and our june 2011 entry into a license agreement to acquire exclusive global development and commercialization rights to rucaparib , we retrospectively determined to use the fair value of our common stock as of june 30 , 2011 to calculate stock-based compensation expense for those stock option grants . no stock options were granted in january or february 2011 . 55 the following table presents the grant dates and related exercise prices of stock options granted to our employees and our board of directors from april

liquidity and capital resources we have funded our operations primarily through the private placement of equity , convertible debt securities and our initial public offering completed in november 2011. as of december 31 , 2011 , we have received $ 75.5 million in net proceeds from the issuance of convertible preferred stock and $ 129.4 million in net proceeds from the issuance of common stock through our initial public offering . in may and june 2011 , we received proceeds of $ 28.0 million through the issuance of convertible promissory notes . the outstanding principal amount and all accrued and unpaid interest converted into shares of our common stock immediately prior to the closing of our initial public offering at $ 13.00 per share , equal to our initial public offering price . as of december 31 , 2011 , we had cash , cash equivalents and available for sale securities totaling $ 140.2 million . the following table sets forth the primary sources and uses of cash for each of the periods set forth below : replace_table_token_12_th operating activities the use of cash in all periods resulted primarily from our net losses adjusted for non-cash charges and changes in components of working capital .


 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 we have funded our operations primarily through the private placement of equity , convertible debt securities and our initial public offering completed in november 2011. as of december 31 , 2011 , we have received $ 75.5 million in net proceeds from the issuance of convertible preferred stock and $ 129.4 million in net proceeds from the issuance of common stock through our initial public offering . in may and june 2011 , we received proceeds of $ 28.0 million through the issuance of convertible promissory notes . the outstanding principal amount and all accrued and unpaid interest converted into shares of our common stock immediately prior to the closing of our initial public offering at $ 13.00 per share , equal to our initial public offering price . as of december 31 , 2011 , we had cash , cash equivalents and available for sale securities totaling $ 140.2 million . the following table sets forth the primary sources and uses of cash for each of the periods set forth below : replace_table_token_12_th operating activities the use of cash in all periods resulted primarily from our net losses adjusted for non-cash charges and changes in components of working capital .
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 Suspicious Activity Report : the financial information presented from april 20 , 2009 ( inception ) to december 31 , 2010 was based solely on the results of clovis oncology , inc. subsequent to january 1 , 2011 , the financial information is consolidated and includes the results of our wholly owned subsidiary in the united kingdom . all intercompany transactions and balances are eliminated in this consolidation . product license agreements co-101 in november 2009 , we entered into a license agreement with clavis to develop and commercialize co-101 in north america , central america , south america and europe . under the terms of the license agreement , we made an up-front payment to clavis in the amount $ 15.0 million , which was comprised of $ 13.1 million for development costs incurred prior to the execution of the agreement , which we recognized as acquired in-process research and development and $ 1.9 million for the prepayment of preclinical activities to be performed by clavis . in november 2010 , the license agreement was amended to expand the license territory to include asia and other international markets . we paid clavis $ 10.0 million for the territory expansion and recognized that payment as acquired in-process research and development expense . as part of the amendment to the license agreement , clavis has also agreed to reimburse up to $ 3.0 million of our research and development costs for certain co-101 development activities subject to our incurring such costs . we are responsible for all remaining development and commercialization costs of the compound and , if approved , clavis will be entitled to receive royalties based on the volume of annual net sales achieved . we may be required to pay clavis an aggregate of up to $ 115.0 million in development and regulatory milestone payments if certain clinical study objectives and regulatory filings , acceptances and approvals are achieved . in addition , we may be required to pay clavis an aggregate of up to $ 445.0 million in sales milestone payments if certain annual sales targets are met for co-101 . subject to certain conditions set forth in the license agreement , clavis may elect to co-develop and co-promote co-101 in europe . if clavis were to make this election , it would be required to reimburse us for a portion of both past and future development costs . in addition , our milestone payment obligations described above would be reduced . clavis would not be entitled to royalties on the net sales in europe , but would instead share equally in the pretax profits or losses resulting from commercialization activities in europe . 50 co-1686 in may 2010 , we entered into a worldwide license agreement with avila to discover , develop and commercialize preclinical covalent inhibitors of mutant forms of egfr . co-1686 was identified as the lead inhibitor candidate developed by avila under the license agreement . we are responsible for all preclinical , clinical , regulatory and other activities necessary to develop and commercialize co-1686 . we made an up-front payment of $ 2.0 million to avila upon execution of the license agreement which we recognized as acquired in-process research and development expense . we are obligated to pay avila royalties on net sales of co-1686 , based on the volume of annual net sales achieved . avila has the option to increase royalty rates by electing to reimburse a portion of our development expenses . this option must be exercised within a limited period of time of avila 's being notified by us of our intent to pursue regulatory approval of co-1686 in the united states or the european union as a first-line treatment . we may be required to pay avila up to an aggregate of $ 119.0 million in development and regulatory milestone payments if certain clinical study objectives and regulatory filings , acceptances and approvals are achieved . in addition , we may be required to pay avila up to an aggregate of $ 120.0 million in sales milestone payments if certain annual sales targets are achieved . in january 2012 , the u.s. food and drug administration accepted our investigational new drug application to begin clinical investigation of co-1686 , which triggered the first development milestone payment to avila of $ 4.0 million . rucaparib in june 2011 , we entered into a license agreement with pfizer to acquire exclusive global development and commercialization rights to pfizer 's drug candidate pf-01367338 , also known as co-338 or rucaparib . this drug candidate is a small molecule parp inhibitor which we are developing for the treatment of selected solid tumors . pursuant to the terms of the license agreement , we made an up-front payment by issuing pfizer $ 7.0 million principal amount of a 5 % convertible promissory note due 2012 , which was subsequently converted to common stock immediately prior to our initial public offering . we are responsible for all development and commercialization costs of rucaparib and , if approved , we will be required to pay pfizer royalties on sales of the product . in addition , we may be required to pay pfizer up to an aggregate of $ 259.0 million in milestone payments if certain development , regulatory and sales milestones are achieved . financial operations overview revenue to date , we have not generated any revenues . in the future , we may generate revenue from the sales of product candidates that are currently under development . based on our current development plans , we do not expect to generate significant revenues until 2014 at the earliest . if we fail to complete the development of our product candidates and , together with our partners , companion diagnostics or obtain regulatory approval for them , our ability to generate future revenue , and our results of operations and financial position , will be adversely affected . story_separator_special_tag , the ipo ) , as well as the in-licensing of our third product candidate , rucaparib , and the issuance in may and june 2011 of $ 35.0 million in aggregate principal amount of our 5 % convertible promissory notes due 2012. in accordance with the practice aid , we determined that the probability weighted expected return method , or pwerm , was the most appropriate valuation methodology going forward . accordingly , we updated the valuation of our common stock effective june 30 , 2011. in our application of pwerm , we estimated the fair value of our common stock using three potential liquidity scenarios and then probability weighted the resulting valuation under each of these scenarios . the three liquidity scenarios assumed were as follows : completing the ipo , or the ipo scenario ; remaining as a private company and selling the company at a future date , or the merger and acquisition , or m & a , scenario ; and remaining as a private company and executing an ipo at a future date , or the future ipo scenario . in order to estimate our equity value under the ipo scenario , we employed an income approach using a discounted cash flow analysis . net cash flows from the multi-year forecast for each of our product candidates were discounted to their present value based on our estimated weighted average cost of capital , or wacc . the wacc was estimated using a capital asset pricing model , taking into account risk-free interest rates , an equity risk premium , risk premiums for our industry and entity size , company-specific risks associated with the development and commercialization of our product candidates , and the cost and capital structure weighting of our debt . the estimated future cash flows were based on anticipated timing of the clinical development and regulatory approvals for each of our product candidates as well as their commercialization opportunity . this equity value was applied to the number of common shares outstanding determined on a fully diluted basis to calculate the per share fair value of our common stock , assuming the conversion of all preferred stock into common stock . to value our common stock under the m & a and future ipo scenarios , we utilized the option pricing method as described above . however , for these scenarios the current value of our underlying common and preferred equity was determined using a discounted cash flow analysis that is substantially the same as the analysis performed for the ipo scenario rather than using a marketable equity value based on recent rounds of our preferred stock issuances as was used in the december 31 , 2009 and 2010 valuations . we believed this to be a more accurate measurement of our equity value as of june 30 , 2011 due to the 19 month time gap since our last issuance of preferred stock . once our equity value for the m & a and future ipo scenarios was determined , we allocated a portion of the value to our common stock based on a best economic outcome model . for the m & a scenario , the value assigned to our common stock was determined using a break point analysis to estimate the various enterprise values at which holders of each series of our preferred stock would elect to convert to common stock and the points at which holders of options would exercise as a result of the value of the common stock exceeding the exercise price . for the future ipo scenario , the value assigned to our common stock was estimated using a fully diluted outstanding share analysis assuming the conversion of all preferred stock into common stock as such a conversion would be required to execute an ipo . the following tables summarize the significant assumptions utilized for each of the valuation scenarios used to determine the fair value of our common stock as of june 30 , 2011. replace_table_token_6_th the estimated per share fair value of our common stock determined as of june 30 , 2011 increased significantly from the december 31 , 2010 valuation . this is primarily due to the april 2011 decision by our board of directors to authorize management to pursue an ipo and the june 2011 authorization of our board of directors to file a registration statement with the sec , which , among other things , contributed to the elimination of the discount for lack of marketability from the ipo scenario in the june 30 , 2011 analysis . given the assumed acceleration of the ipo to october 1 , 2011 , we believe the value of our common stock no longer warrants a discount from its marketable price . in addition , the june 30 , 2011 valuation was positively impacted by the assumption that all preferred stock would automatically convert into common stock upon the ipo , thereby eliminating the impact of preferred stock liquidation preferences on the value of the common stock . we utilized the common stock valuation contemporaneously prepared as of december 31 , 2010 to set the exercise price for stock options granted during the six months ended june 30 , 2011. in light of the close proximity of the stock option grants in march , april , may and june 2011 to the april and june 2011 actions by our board of directors with respect to the ipo and our june 2011 entry into a license agreement to acquire exclusive global development and commercialization rights to rucaparib , we retrospectively determined to use the fair value of our common stock as of june 30 , 2011 to calculate stock-based compensation expense for those stock option grants . no stock options were granted in january or february 2011 . 55 the following table presents the grant dates and related exercise prices of stock options granted to our employees and our board of directors from april

