we have retained the worldwide development and commercialization rights to all of our drug candidates other than rivipansel . we commenced operations in 2003 , and our operations to date have been limited to organizing and staffing our company , business planning , raising capital , developing our glycomimetics platform , identifying potential drug candidates , undertaking preclinical studies and , beginning in 2008 , conducting clinical trials of rivipansel and gmi-1271 . to date , we have financed our operations primarily through private placements of our securities , upfront and milestone payments under our collaboration with pfizer and the net proceeds from our ipo in january 2014. we have no products currently available for sale , and substantially all of our revenue to date has been revenue from the upfront and milestone payments from pfizer , although we have received nominal amounts of revenue under research grants . prior to our ipo , we raised an aggregate of $ 86.6 million to fund our operations , of which $ 22.5 million was an upfront payment under our collaboration with pfizer and $ 64.1 million was from the sale of our convertible promissory notes and convertible preferred stock . the ipo provided us with net proceeds of $ 57.2 million , and we received a non-refundable milestone payment from pfizer in may 2014 of $ 15.0 million . since inception , we have incurred significant operating losses . although we have generated cumulative revenue of $ 38.6 million since our inception through december 31 , 2014 , primarily consisting of the $ 22.5 million upfront payment from pfizer in 2011 and the $ 15.0 million non-refundable milestone payment in may 2014 , we had an accumulated deficit of $ 74.4 million as of december 31 , 2014 and we expect to continue to incur significant expenses and operating losses over at least the next several years . our net losses may fluctuate significantly from quarter to quarter and year to year , depending on the timing of our clinical trials , the receipt of milestone payments , if any , under our collaboration with pfizer , and our expenditures on other research and development activities . we anticipate that our expenses will increase substantially as we : initiate and conduct our planned clinical trials of gmi-1271 in 2015 ; continue the research and development of our other drug candidates ; seek to discover and develop additional drug candidates ; seek regulatory approvals for any drug candidates other than rivipansel that successfully complete clinical trials ; ultimately establish a sales , marketing and distribution infrastructure and scale up external manufacturing capabilities to commercialize any drug candidates other than rivipansel for which we may obtain regulatory approval ; maintain , expand and protect our intellectual property portfolio ; hire additional clinical , quality control and scientific personnel ; and add operational , financial and management information systems and personnel , including personnel to support our drug development and potential future commercialization efforts . to fund further operations , we will need to raise capital in addition to the net proceeds we received from our ipo and additional milestone payments we may receive under our collaboration with pfizer . we may obtain additional financing in the future through the issuance of our common stock , through other equity or debt financings or through collaborations or partnerships with other companies . we may not be able to raise additional capital on terms acceptable to us , or at all , and any failure to raise capital as and when needed could compromise our ability to execute on our business plan . although it is difficult to predict future liquidity requirements , we believe that our existing cash and cash equivalents , together with interest thereon , will be sufficient to fund our operations for at least the next 12 months . however , our ability to successfully transition to profitability will be dependent upon achieving a level of revenues adequate to support our cost structure . we can not assure you that we will ever be profitable or generate positive cash flow from operating activities . 64 our collaboration with pfizer in october 2011 , we entered into the license agreement with pfizer under which we granted pfizer an exclusive worldwide license to develop and commercialize products containing rivipansel for all fields and uses . the license also covers specified back-up compounds along with modifications of and improvements to rivipansel that meet defined chemical properties . pfizer is required to use commercially reasonable efforts , at its expense , to develop , obtain regulatory approval for and commercialize rivipansel for sickle cell disease in the united states . under the terms of the agreement , we received a $ 22.5 million upfront payment . we are also eligible to earn potential milestone payments of up to $ 115.0 million upon the achievement of specified development milestones , including the dosing of the first patients in phase 3 clinical trials for up to two indications and the first commercial sale of a licensed product in the united states and selected european countries for up to two indications , up to $ 70.0 million upon the achievement of specified regulatory milestones , including the acceptance of our filings for regulatory approval by regulatory authorities in the united states and europe for up to two indications , and up to $ 135.0 million upon the achievement of specified levels of annual net sales of licensed products . we are also eligible to receive tiered royalties for each licensed product , with percentages ranging from the low double digits to the low teens , based on net sales worldwide , subject to reductions in specified circumstances . the first potential milestone payment under the pfizer agreement was $ 35.0 million upon the initiation of dosing of the first patient in a phase 3 trial of rivipansel by pfizer . under the collaboration , pfizer made a $ 15.0 story_separator_special_tag as of december 31 , 2014 , we had federal and state nol carryforwards of $ 55.0 million , research and development tax credit carryforwards of $ 5.8 million , and $ 1.0 million of orphan drug tax credit carryforwards available to reduce future taxable income , if any . our federal and state nol carryforwards will begin to expire at various dates starting in 2026. in general , if we experience a greater than 50 percentage point aggregate change in ownership of specified significant stockholders over a three-year period , utilization of our pre-change nol carryforwards will be subject to an annual limitation under section 382 of the u.s. internal revenue code of 1986 , as amended , and similar state laws . such limitations may result in expiration of a portion of the nol carryforwards before utilization and may be substantial . if we experience a section 382 ownership change as a result of changes in our stock ownership , some of which changes may be outside our control , the tax benefits related to the nol carryforwards may be further limited or lost . components of operating results revenue to date , we have not generated any revenue from product sales and do not expect to generate any revenue from the sale of drugs in the near future . substantially all of our revenue recognized to date has consisted of the upfront payment under our agreement with pfizer . as of december 31 , 2014 , we have received a developmental milestone payment of $ 15.0 million but have not received any regulatory or commercial milestone payments or any royalties under the pfizer collaboration . since our inception , we have also recognized a nominal amount of revenue under research grant contracts , generally to the extent of our costs incurred in connection with specific research or development activities . research and development research and development expenses consist of expenses incurred in performing research and development activities , including compensation and benefits for full-time research and development employees , facilities expenses , overhead expenses , cost of laboratory supplies , clinical trial and related clinical manufacturing expenses , fees paid to cros and other consultants and other outside expenses . other preclinical research and platform programs include activities related to exploratory efforts , target validation , lead optimization for our earlier programs and our proprietary glycomimetics platform . to date , our research and development expenses have related primarily to the development of rivipansel and our other drug candidates . as of april 2013 , when we completed our phase 2 clinical trial of rivipansel , all further clinical development obligations associated with rivipansel have shifted to pfizer . we do not currently utilize a formal time allocation system to capture expenses on a project-by-project basis because we are organized and record expense by functional department and our employees may allocate time to more than one development project . accordingly , we only allocate a portion of our research and development expenses by functional area and by drug candidate . research and development costs are expensed as incurred . non-refundable advance payments for goods or services to be received in the future for use in research and development activities are deferred and capitalized . the capitalized amounts are expensed as the related goods are delivered or the services are performed . research and development activities are central to our business model . drug candidates in later stages of clinical development generally have higher development costs than those in earlier stages of clinical development , primarily due to the increased size and duration of later stage clinical trials . we expect our research 70 and development expenses to increase over the next several years as we seek to progress gmi-1271 and our other drug candidates through clinical development . however , it is difficult to determine with certainty the duration and completion costs of our current or future preclinical studies and clinical trials of our drug candidates , or if , when or to what extent we will generate revenues from the commercialization and sale of any of our drug candidates that obtain regulatory approval . we may never succeed in achieving regulatory approval for any of our drug candidates . the duration , costs and timing of clinical trials and development of our drug candidates will depend on a variety of factors that include , but are not limited to : per patient trial costs ; the number of patients that participate in the trials ; the number of sites included in the trials ; the countries in which the trial is conducted ; the length of time required to enroll eligible patients ; the number of doses that patients receive ; the drop-out or discontinuation rates of patients ; potential additional safety monitoring or other studies requested by regulatory agencies ; the duration of patient follow-up ; and the safety and efficacy profile of the drug candidate . in addition , the probability of success for each drug candidate will depend on numerous factors , including competition , manufacturing capability and commercial viability . we will determine which programs to pursue and how much to fund each program in response to the scientific and clinical success of each drug candidate , as well as an assessment of each drug candidate 's commercial potential . general and administrative general and administrative expenses consist primarily of salaries and other related costs , including stock-based compensation , for personnel in executive , finance , accounting , business development and human resources functions . other significant costs include facility costs not otherwise included in research and development expenses , legal fees relating to patent and corporate matters and fees for accounting and consulting services . we anticipate that our general and administrative expenses will increase in the future to support our continued research and development activities , potential commercialization of our drug candidates and the increased costs of operating as

cash flows the following table summarizes our cash flows for the years ended december 31 , 2014 , 2013 and 2012. replace_table_token_11_th 76 in assessing cash used in operating activities , we consider several principal factors : ( i ) net loss for the period ; ( ii ) adjustments for non-cash charges including stock-based compensation expense and depreciation and amortization of property and equipment ; and ( iii ) the extent to which receivables , accounts payable and other liabilities , or other working capital components increase or decrease . year ended december 31 , 2014 compared to year ended december 31 , 2013 operating activities net cash used in operating activities was $ 4.3 million during the year ended december 31 , 2014 compared to $ 15.5 million during the year ended december 31 , 2013. the decrease in cash used in operating activities in the year ended december 31 , 2014 compared to the year ended december 31 , 2013 was driven by the receipt of the $ 15.0 million non-refundable milestone payment from pfizer , offset by the amounts used to conduct our preclinical studies and clinical trials and to support the manufacturing development of gmi-1271 . net cash used in operating activities for the year ended december 31 , 2013 reflects the amounts used for the manufacturing and process development of gmi-1271 in preparation for the filing of the ind for this drug candidate that was completed in the first quarter of 2014. investing activities net cash used in investing activities relates primarily to the purchase of property and equipment .


 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 table summarizes our cash flows for the years ended december 31 , 2014 , 2013 and 2012. replace_table_token_11_th 76 in assessing cash used in operating activities , we consider several principal factors : ( i ) net loss for the period ; ( ii ) adjustments for non-cash charges including stock-based compensation expense and depreciation and amortization of property and equipment ; and ( iii ) the extent to which receivables , accounts payable and other liabilities , or other working capital components increase or decrease . year ended december 31 , 2014 compared to year ended december 31 , 2013 operating activities net cash used in operating activities was $ 4.3 million during the year ended december 31 , 2014 compared to $ 15.5 million during the year ended december 31 , 2013. the decrease in cash used in operating activities in the year ended december 31 , 2014 compared to the year ended december 31 , 2013 was driven by the receipt of the $ 15.0 million non-refundable milestone payment from pfizer , offset by the amounts used to conduct our preclinical studies and clinical trials and to support the manufacturing development of gmi-1271 . net cash used in operating activities for the year ended december 31 , 2013 reflects the amounts used for the manufacturing and process development of gmi-1271 in preparation for the filing of the ind for this drug candidate that was completed in the first quarter of 2014. investing activities net cash used in investing activities relates primarily to the purchase of property and equipment .
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 Suspicious Activity Report : we have retained the worldwide development and commercialization rights to all of our drug candidates other than rivipansel . we commenced operations in 2003 , and our operations to date have been limited to organizing and staffing our company , business planning , raising capital , developing our glycomimetics platform , identifying potential drug candidates , undertaking preclinical studies and , beginning in 2008 , conducting clinical trials of rivipansel and gmi-1271 . to date , we have financed our operations primarily through private placements of our securities , upfront and milestone payments under our collaboration with pfizer and the net proceeds from our ipo in january 2014. we have no products currently available for sale , and substantially all of our revenue to date has been revenue from the upfront and milestone payments from pfizer , although we have received nominal amounts of revenue under research grants . prior to our ipo , we raised an aggregate of $ 86.6 million to fund our operations , of which $ 22.5 million was an upfront payment under our collaboration with pfizer and $ 64.1 million was from the sale of our convertible promissory notes and convertible preferred stock . the ipo provided us with net proceeds of $ 57.2 million , and we received a non-refundable milestone payment from pfizer in may 2014 of $ 15.0 million . since inception , we have incurred significant operating losses . although we have generated cumulative revenue of $ 38.6 million since our inception through december 31 , 2014 , primarily consisting of the $ 22.5 million upfront payment from pfizer in 2011 and the $ 15.0 million non-refundable milestone payment in may 2014 , we had an accumulated deficit of $ 74.4 million as of december 31 , 2014 and we expect to continue to incur significant expenses and operating losses over at least the next several years . our net losses may fluctuate significantly from quarter to quarter and year to year , depending on the timing of our clinical trials , the receipt of milestone payments , if any , under our collaboration with pfizer , and our expenditures on other research and development activities . we anticipate that our expenses will increase substantially as we : initiate and conduct our planned clinical trials of gmi-1271 in 2015 ; continue the research and development of our other drug candidates ; seek to discover and develop additional drug candidates ; seek regulatory approvals for any drug candidates other than rivipansel that successfully complete clinical trials ; ultimately establish a sales , marketing and distribution infrastructure and scale up external manufacturing capabilities to commercialize any drug candidates other than rivipansel for which we may obtain regulatory approval ; maintain , expand and protect our intellectual property portfolio ; hire additional clinical , quality control and scientific personnel ; and add operational , financial and management information systems and personnel , including personnel to support our drug development and potential future commercialization efforts . to fund further operations , we will need to raise capital in addition to the net proceeds we received from our ipo and additional milestone payments we may receive under our collaboration with pfizer . we may obtain additional financing in the future through the issuance of our common stock , through other equity or debt financings or through collaborations or partnerships with other companies . we may not be able to raise additional capital on terms acceptable to us , or at all , and any failure to raise capital as and when needed could compromise our ability to execute on our business plan . although it is difficult to predict future liquidity requirements , we believe that our existing cash and cash equivalents , together with interest thereon , will be sufficient to fund our operations for at least the next 12 months . however , our ability to successfully transition to profitability will be dependent upon achieving a level of revenues adequate to support our cost structure . we can not assure you that we will ever be profitable or generate positive cash flow from operating activities . 64 our collaboration with pfizer in october 2011 , we entered into the license agreement with pfizer under which we granted pfizer an exclusive worldwide license to develop and commercialize products containing rivipansel for all fields and uses . the license also covers specified back-up compounds along with modifications of and improvements to rivipansel that meet defined chemical properties . pfizer is required to use commercially reasonable efforts , at its expense , to develop , obtain regulatory approval for and commercialize rivipansel for sickle cell disease in the united states . under the terms of the agreement , we received a $ 22.5 million upfront payment . we are also eligible to earn potential milestone payments of up to $ 115.0 million upon the achievement of specified development milestones , including the dosing of the first patients in phase 3 clinical trials for up to two indications and the first commercial sale of a licensed product in the united states and selected european countries for up to two indications , up to $ 70.0 million upon the achievement of specified regulatory milestones , including the acceptance of our filings for regulatory approval by regulatory authorities in the united states and europe for up to two indications , and up to $ 135.0 million upon the achievement of specified levels of annual net sales of licensed products . we are also eligible to receive tiered royalties for each licensed product , with percentages ranging from the low double digits to the low teens , based on net sales worldwide , subject to reductions in specified circumstances . the first potential milestone payment under the pfizer agreement was $ 35.0 million upon the initiation of dosing of the first patient in a phase 3 trial of rivipansel by pfizer . under the collaboration , pfizer made a $ 15.0 story_separator_special_tag as of december 31 , 2014 , we had federal and state nol carryforwards of $ 55.0 million , research and development tax credit carryforwards of $ 5.8 million , and $ 1.0 million of orphan drug tax credit carryforwards available to reduce future taxable income , if any . our federal and state nol carryforwards will begin to expire at various dates starting in 2026. in general , if we experience a greater than 50 percentage point aggregate change in ownership of specified significant stockholders over a three-year period , utilization of our pre-change nol carryforwards will be subject to an annual limitation under section 382 of the u.s. internal revenue code of 1986 , as amended , and similar state laws . such limitations may result in expiration of a portion of the nol carryforwards before utilization and may be substantial . if we experience a section 382 ownership change as a result of changes in our stock ownership , some of which changes may be outside our control , the tax benefits related to the nol carryforwards may be further limited or lost . components of operating results revenue to date , we have not generated any revenue from product sales and do not expect to generate any revenue from the sale of drugs in the near future . substantially all of our revenue recognized to date has consisted of the upfront payment under our agreement with pfizer . as of december 31 , 2014 , we have received a developmental milestone payment of $ 15.0 million but have not received any regulatory or commercial milestone payments or any royalties under the pfizer collaboration . since our inception , we have also recognized a nominal amount of revenue under research grant contracts , generally to the extent of our costs incurred in connection with specific research or development activities . research and development research and development expenses consist of expenses incurred in performing research and development activities , including compensation and benefits for full-time research and development employees , facilities expenses , overhead expenses , cost of laboratory supplies , clinical trial and related clinical manufacturing expenses , fees paid to cros and other consultants and other outside expenses . other preclinical research and platform programs include activities related to exploratory efforts , target validation , lead optimization for our earlier programs and our proprietary glycomimetics platform . to date , our research and development expenses have related primarily to the development of rivipansel and our other drug candidates . as of april 2013 , when we completed our phase 2 clinical trial of rivipansel , all further clinical development obligations associated with rivipansel have shifted to pfizer . we do not currently utilize a formal time allocation system to capture expenses on a project-by-project basis because we are organized and record expense by functional department and our employees may allocate time to more than one development project . accordingly , we only allocate a portion of our research and development expenses by functional area and by drug candidate . research and development costs are expensed as incurred . non-refundable advance payments for goods or services to be received in the future for use in research and development activities are deferred and capitalized . the capitalized amounts are expensed as the related goods are delivered or the services are performed . research and development activities are central to our business model . drug candidates in later stages of clinical development generally have higher development costs than those in earlier stages of clinical development , primarily due to the increased size and duration of later stage clinical trials . we expect our research 70 and development expenses to increase over the next several years as we seek to progress gmi-1271 and our other drug candidates through clinical development . however , it is difficult to determine with certainty the duration and completion costs of our current or future preclinical studies and clinical trials of our drug candidates , or if , when or to what extent we will generate revenues from the commercialization and sale of any of our drug candidates that obtain regulatory approval . we may never succeed in achieving regulatory approval for any of our drug candidates . the duration , costs and timing of clinical trials and development of our drug candidates will depend on a variety of factors that include , but are not limited to : per patient trial costs ; the number of patients that participate in the trials ; the number of sites included in the trials ; the countries in which the trial is conducted ; the length of time required to enroll eligible patients ; the number of doses that patients receive ; the drop-out or discontinuation rates of patients ; potential additional safety monitoring or other studies requested by regulatory agencies ; the duration of patient follow-up ; and the safety and efficacy profile of the drug candidate . in addition , the probability of success for each drug candidate will depend on numerous factors , including competition , manufacturing capability and commercial viability . we will determine which programs to pursue and how much to fund each program in response to the scientific and clinical success of each drug candidate , as well as an assessment of each drug candidate 's commercial potential . general and administrative general and administrative expenses consist primarily of salaries and other related costs , including stock-based compensation , for personnel in executive , finance , accounting , business development and human resources functions . other significant costs include facility costs not otherwise included in research and development expenses , legal fees relating to patent and corporate matters and fees for accounting and consulting services . we anticipate that our general and administrative expenses will increase in the future to support our continued research and development activities , potential commercialization of our drug candidates and the increased costs of operating as

