open-label extension studies are ongoing in ssc and dm following the completion of the phase 2 studies in these indications . the u.s. food and drug administration , or the fda , has granted lenabasum orphan designation as well as fast track status for ssc and cf , and orphan drug designation for dm . the european medicines authority , or the ema , has granted lenabasum orphan designation for ssc , cf and dm . since our inception , we have devoted substantially all of our efforts to business planning , research and development , recruiting management and technical staff , acquiring operating assets and raising capital . our research and development activities have included conducting pre-clinical studies , developing manufacturing methods and the manufacturing of our drug lenabasum for clinical trials and conducting clinical studies in patients . two of the four clinical programs for lenabasum are being supported by non-dilutive awards and grants . the national institutes of health , or nih , has funded the majority of the clinical development costs for the dm phase 2 clinical trial and is funding the sle phase 2 clinical trials . in cystic fibrosis , the phase 2b clinical trial is being supported by the 2018 cff award and the phase 2 clinical trial was partially funded by a $ 5 million award ( the “ 2015 cfft award agreement ” ) from the cystic fibrosis foundation therapeutics , inc. , or cfft , a non-profit drug discovery and development affiliate of the cystic fibrosis foundation . in september 2018 , we acquired an exclusive worldwide license ( the “ jenrin agreement ” ) to develop , manufacture and market drug candidates from more than 600 compounds targeting the endocannabinoid system from jenrin discovery llc ( “ jenrin ” ) . the pipeline includes crb-4001 , jenrin 's 2nd generation , peripherally-restricted , cb1 inverse agonist targeting liver , lung , heart and kidney fibrotic diseases . the current portfolio for crb-4001 includes multiple issued and pending patent applications . crb-4001 was developed in collaboration with and with financial support from the nih . crb-4001 was specifically designed to eliminate blood-brain barrier penetration and brain cb1 receptor occupancy that mediate the neuropsychiatric issues associated with first-generation cb1 inverse agonists such as rimonabant . potential indications for crb-4001 include nash , primary biliary cholangitis , idiopathic pulmonary fibrosis , radiation-induced pulmonary fibrosis , myocardial fibrosis after myocardial infarction , and acute interstitial nephritis , among others . on january 3 , 2019 , we entered into a strategic collaboration with kaken pharmaceutical co. , ltd. ( “ kaken ” ) for the development and commercialization in japan of our investigational drug lenabasum for the treatment of systemic sclerosis ( “ ssc ” ) and dermatomyositis ( “ dm ” ) , two rare and serious autoimmune diseases . under the terms of the agreement , kaken receives an exclusive license to commercialize and market lenabasum in japan for ssc and dm . in march 2019 , kaken made an upfront payment to us of $ 27 million . we will be eligible to receive in addition up to $ 173 million upon achievement of certain regulatory , development and sales milestones as well as double- digit royalties . on january 30 , 2019 , we consummated an underwritten public offering of shares of our common stock pursuant to which we sold an aggregate of 6,198,500 shares of our common stock at a purchase price of $ 6.50 per share with gross proceeds to us totaling approximately $ 40.3 million , less estimated issuance costs incurred of approximately $ 2.6 million . 60 on february 11 , 2020 , we consummated an underwritten public offering of shares of our common stock pursuant to which we sold an aggregate of 7,666,667 shares of our common stock at a purchase price of $ 6.00 per share with gross proceeds to us totaling approximately $ 46.0 million , less estimated issuance costs incurred of approximately $ 3.0 million . financial operations overview we are a clinical stage pharmaceutical company and have not generated any revenues from the sale of products . we have never been profitable and at december 31 , 2019 , we had an accumulated deficit of approximately $ 192.8 million . our net losses for the years ended december 31 , 2019 and 2018 were approximately $ 71,454,000 and $ 55,672,000 , respectively . we expect to continue to incur significant expenses and increasing operating losses for the foreseeable future . we expect our expenses to increase significantly in connection with our ongoing activities to develop , seek regulatory approval of and commercialize lenabasum . accordingly , we will need additional financing to support our continuing operations . we will seek to fund our operations through public or private equity or debt financings or other sources , which may include government grants and collaborations with third parties . adequate additional financing may not be available to us on acceptable terms , or at all . our failure to raise capital as and when needed would have a negative impact on our financial condition and our ability to pursue our business strategy . we will need to generate significant revenues to achieve profitability , and we may never do so . we expect to continue to incur significant expenses and increasing operating losses for at least the next several years . story_separator_special_tag the following assumptions were used to estimate the fair value of stock options granted using the black-scholes option pricing model for the years ended december 31 , 2019 and 2018 is as follows : replace_table_token_2_th results of operations comparison of year ended 2019 to 2018 revenue from awards and licenses . we have recognized approximately $ 36,144,000 and $ 4,882,000 of revenue from awards and licenses in the years ended december 31 , 2019 and 2018 , respectively . revenue from awards for the years ended december 31 , 2019 and 2018 was $ 9,143,568 and $ 4,822,272 , respectively , recognized in accordance with asc 606 and pertains only to the 2018 cff award . we received an aggregate of $ 12.5 million during the year ended december 31 , 2018 and an additional $ 5.0 million during the year ended december 31 , 2019 upon our achievement of milestones related to the progress of the phase 2b clinical trial , as set forth in the investment agreement . the remainder of the 2018 cff award is payable to us incrementally upon the achievement of the remaining milestones related to the progress of the phase 2b clinical trial , as set forth in the investment agreement . revenue for the year ended december 31 , 2019 also included the recognition of revenue from licenses for the $ 27,000,000 upfront payment received from kaken in march 2019 for which we satisfied the combined performance obligation by june 30 , 2019 , upon which we recognized the $ 27,000,000 as revenue in the second quarter of 2019 . 65 we assessed the 2018 cff award and the kaken collaboration agreement for accounting under asc 606. to determine revenue recognition for arrangements that an entity determines are within the scope of asc 606 , the entity performs the following five steps : ( i ) identify the contract ( s ) with a customer ; ( ii ) identify the performance obligations in the contract ; ( iii ) determine the transaction price ; ( iv ) allocate the transaction price to the performance obligations in the contract ; and ( v ) recognize revenue when ( or as ) the entity satisfies a performance obligation . research and development . research and development expenses for the year ended december 31 , 2019 totaled approximately $ 89,605,000 , an increase of $ 40,991,000 over the $ 48,614,000 recorded for the year ended december 31 , 2018. the increase in fiscal 2019 as compared to fiscal 2018 was primarily attributable to increases of $ 32,479,000 in clinical trial costs , $ 6,031,000 in compensation costs , and $ 2,481,000 in stock-based compensation expense . during 2018 , the company formed a subsidiary in each of the united kingdom and australia and approximately 46 % of research and development expenses recorded for the year ended december 31 , 2019 was recorded in these entities . general and administrative . general and administrative expense for the year ended december 31 , 2019 totaled approximately $ 23,643,000 , an increase of $ 10,687,000 over the $ 12,956,000 recorded for the year ended december 31 , 2018. the increase was primarily attributable to the $ 2,700,000 we recorded in the first quarter of 2019 related to the amount we owed to cff as a royalty payment equal to 10 % of any amounts we received as payment under the collaboration agreement with kaken . additional increases include approximately $ 3,439,000 in compensation costs , $ 1,891,000 in stock-based compensation expense , $ 809,000 in consulting costs , $ 547,000 in facility and insurance costs , $ 507,000 in temporary help and recruiting costs , and $ 320,000 in software as a service costs , partially offset by an aggregate net increase of approximately $ 474,000 for other general and administrative expenses . other income , net . other income , net for 2019 was approximately $ 5,651,000 as compared to approximately $ 1,076,000 recorded for 2018. the increase of $ 4,575,000 in 2019 as compared to 2018 was primarily attributable to approximately $ 4,581,000 of cash paid to us in second half of 2019 from taxing authorities for refundable research and development tax credits that were earned on certain research and development expenses we incurred primarily outside of the united states . we also had an increase in net interest income of approximately $ 245,000 due to increased cash balances in 2019 as compared to 2018 , offset partially by decreases in foreign currency exchange transaction gains of approximately $ 251,000. story_separator_special_tag any other third-party funding arrangement could require us to relinquish valuable rights . the source , timing and availability of any future financing will depend principally upon market conditions , and , more specifically , on the progress of our clinical development programs . funding may not be available when needed , at all , or on terms acceptable to us . lack of necessary funds may require us , among other things , to delay , scale back or eliminate expenses including some or all of our planned clinical trials . 67 contractual obligations and commitments the following table presents information about our known contractual obligations as of december 31 , 2019. it does not reflect contractual obligations that may have arisen or may arise after that date . except for historical facts , the information in this section is forward-looking information . replace_table_token_3_th on february 26 , 2019 , we amended our lease ( “ february 2019 lease agreement ” ) pursuant to which an additional 30,023 square feet of office space ( “ new premises ” ) will be leased by us in the same building for an aggregate total of 62,756 square feet of leased office space ( “ total premises ” ) . per asc 842 , the february 2019 lease agreement constitutes a modification as it extends the original lease term and increases the scope of the lease (

liquidity and capital resources since inception , we have experienced negative cash flows from operations . we have financed our operations primarily through sales of equity-related securities . in addition , the majority of the costs of the phase 2 dm and sle clinical trials have been or are expected to be funded by nih grants , and our phase 2 cystic fibrosis clinical trial was partially funded by the 2015 cfft award . our phase 2b cystic fibrosis trial is being supported by the 2018 cff award . at december 31 , 2019 , our accumulated deficit since inception was approximately $ 192,824,000. at december 31 , 2019 , we had total current assets of approximately $ 38,155,000 and current liabilities of approximately $ 34,887,000 resulting in working capital of approximately $ 3,267,000. of our total cash and cash equivalents of $ 31.7 million at december 31 , 2019 , $ 31.3 million was held within the united states . net cash used in operating activities for the year ended december 31 , 2019 was approximately $ 45,721,000 , which includes a net loss of approximately $ 71,454,000 , adjusted for non-cash expenses of approximately $ 13,257,000 principally related to stock-based compensation expense of $ 11,982,000 , depreciation and amortization expense of $ 739,000 and operating lease rou asset amortization of $ 490,000 , and approximately $ 12,476,000 of cash provided by net working capital items , principally related to the receipt of $ 5,000,000 under the 2018 cff award during 2019 and increases in accounts payable and accrued expenses . cash used in investing activities for the year ended december 31 , 2019 totaled approximately $ 2,743,000 , which was largely related to construction costs and purchases of furniture and fixtures to build out our office space that we began to occupy a portion of at the end of the third quarter of 2019 and the remainder in the fourth quarter of 2019 .


 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 since inception , we have experienced negative cash flows from operations . we have financed our operations primarily through sales of equity-related securities . in addition , the majority of the costs of the phase 2 dm and sle clinical trials have been or are expected to be funded by nih grants , and our phase 2 cystic fibrosis clinical trial was partially funded by the 2015 cfft award . our phase 2b cystic fibrosis trial is being supported by the 2018 cff award . at december 31 , 2019 , our accumulated deficit since inception was approximately $ 192,824,000. at december 31 , 2019 , we had total current assets of approximately $ 38,155,000 and current liabilities of approximately $ 34,887,000 resulting in working capital of approximately $ 3,267,000. of our total cash and cash equivalents of $ 31.7 million at december 31 , 2019 , $ 31.3 million was held within the united states . net cash used in operating activities for the year ended december 31 , 2019 was approximately $ 45,721,000 , which includes a net loss of approximately $ 71,454,000 , adjusted for non-cash expenses of approximately $ 13,257,000 principally related to stock-based compensation expense of $ 11,982,000 , depreciation and amortization expense of $ 739,000 and operating lease rou asset amortization of $ 490,000 , and approximately $ 12,476,000 of cash provided by net working capital items , principally related to the receipt of $ 5,000,000 under the 2018 cff award during 2019 and increases in accounts payable and accrued expenses . cash used in investing activities for the year ended december 31 , 2019 totaled approximately $ 2,743,000 , which was largely related to construction costs and purchases of furniture and fixtures to build out our office space that we began to occupy a portion of at the end of the third quarter of 2019 and the remainder in the fourth quarter of 2019 .
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 Suspicious Activity Report : open-label extension studies are ongoing in ssc and dm following the completion of the phase 2 studies in these indications . the u.s. food and drug administration , or the fda , has granted lenabasum orphan designation as well as fast track status for ssc and cf , and orphan drug designation for dm . the european medicines authority , or the ema , has granted lenabasum orphan designation for ssc , cf and dm . since our inception , we have devoted substantially all of our efforts to business planning , research and development , recruiting management and technical staff , acquiring operating assets and raising capital . our research and development activities have included conducting pre-clinical studies , developing manufacturing methods and the manufacturing of our drug lenabasum for clinical trials and conducting clinical studies in patients . two of the four clinical programs for lenabasum are being supported by non-dilutive awards and grants . the national institutes of health , or nih , has funded the majority of the clinical development costs for the dm phase 2 clinical trial and is funding the sle phase 2 clinical trials . in cystic fibrosis , the phase 2b clinical trial is being supported by the 2018 cff award and the phase 2 clinical trial was partially funded by a $ 5 million award ( the “ 2015 cfft award agreement ” ) from the cystic fibrosis foundation therapeutics , inc. , or cfft , a non-profit drug discovery and development affiliate of the cystic fibrosis foundation . in september 2018 , we acquired an exclusive worldwide license ( the “ jenrin agreement ” ) to develop , manufacture and market drug candidates from more than 600 compounds targeting the endocannabinoid system from jenrin discovery llc ( “ jenrin ” ) . the pipeline includes crb-4001 , jenrin 's 2nd generation , peripherally-restricted , cb1 inverse agonist targeting liver , lung , heart and kidney fibrotic diseases . the current portfolio for crb-4001 includes multiple issued and pending patent applications . crb-4001 was developed in collaboration with and with financial support from the nih . crb-4001 was specifically designed to eliminate blood-brain barrier penetration and brain cb1 receptor occupancy that mediate the neuropsychiatric issues associated with first-generation cb1 inverse agonists such as rimonabant . potential indications for crb-4001 include nash , primary biliary cholangitis , idiopathic pulmonary fibrosis , radiation-induced pulmonary fibrosis , myocardial fibrosis after myocardial infarction , and acute interstitial nephritis , among others . on january 3 , 2019 , we entered into a strategic collaboration with kaken pharmaceutical co. , ltd. ( “ kaken ” ) for the development and commercialization in japan of our investigational drug lenabasum for the treatment of systemic sclerosis ( “ ssc ” ) and dermatomyositis ( “ dm ” ) , two rare and serious autoimmune diseases . under the terms of the agreement , kaken receives an exclusive license to commercialize and market lenabasum in japan for ssc and dm . in march 2019 , kaken made an upfront payment to us of $ 27 million . we will be eligible to receive in addition up to $ 173 million upon achievement of certain regulatory , development and sales milestones as well as double- digit royalties . on january 30 , 2019 , we consummated an underwritten public offering of shares of our common stock pursuant to which we sold an aggregate of 6,198,500 shares of our common stock at a purchase price of $ 6.50 per share with gross proceeds to us totaling approximately $ 40.3 million , less estimated issuance costs incurred of approximately $ 2.6 million . 60 on february 11 , 2020 , we consummated an underwritten public offering of shares of our common stock pursuant to which we sold an aggregate of 7,666,667 shares of our common stock at a purchase price of $ 6.00 per share with gross proceeds to us totaling approximately $ 46.0 million , less estimated issuance costs incurred of approximately $ 3.0 million . financial operations overview we are a clinical stage pharmaceutical company and have not generated any revenues from the sale of products . we have never been profitable and at december 31 , 2019 , we had an accumulated deficit of approximately $ 192.8 million . our net losses for the years ended december 31 , 2019 and 2018 were approximately $ 71,454,000 and $ 55,672,000 , respectively . we expect to continue to incur significant expenses and increasing operating losses for the foreseeable future . we expect our expenses to increase significantly in connection with our ongoing activities to develop , seek regulatory approval of and commercialize lenabasum . accordingly , we will need additional financing to support our continuing operations . we will seek to fund our operations through public or private equity or debt financings or other sources , which may include government grants and collaborations with third parties . adequate additional financing may not be available to us on acceptable terms , or at all . our failure to raise capital as and when needed would have a negative impact on our financial condition and our ability to pursue our business strategy . we will need to generate significant revenues to achieve profitability , and we may never do so . we expect to continue to incur significant expenses and increasing operating losses for at least the next several years . story_separator_special_tag the following assumptions were used to estimate the fair value of stock options granted using the black-scholes option pricing model for the years ended december 31 , 2019 and 2018 is as follows : replace_table_token_2_th results of operations comparison of year ended 2019 to 2018 revenue from awards and licenses . we have recognized approximately $ 36,144,000 and $ 4,882,000 of revenue from awards and licenses in the years ended december 31 , 2019 and 2018 , respectively . revenue from awards for the years ended december 31 , 2019 and 2018 was $ 9,143,568 and $ 4,822,272 , respectively , recognized in accordance with asc 606 and pertains only to the 2018 cff award . we received an aggregate of $ 12.5 million during the year ended december 31 , 2018 and an additional $ 5.0 million during the year ended december 31 , 2019 upon our achievement of milestones related to the progress of the phase 2b clinical trial , as set forth in the investment agreement . the remainder of the 2018 cff award is payable to us incrementally upon the achievement of the remaining milestones related to the progress of the phase 2b clinical trial , as set forth in the investment agreement . revenue for the year ended december 31 , 2019 also included the recognition of revenue from licenses for the $ 27,000,000 upfront payment received from kaken in march 2019 for which we satisfied the combined performance obligation by june 30 , 2019 , upon which we recognized the $ 27,000,000 as revenue in the second quarter of 2019 . 65 we assessed the 2018 cff award and the kaken collaboration agreement for accounting under asc 606. to determine revenue recognition for arrangements that an entity determines are within the scope of asc 606 , the entity performs the following five steps : ( i ) identify the contract ( s ) with a customer ; ( ii ) identify the performance obligations in the contract ; ( iii ) determine the transaction price ; ( iv ) allocate the transaction price to the performance obligations in the contract ; and ( v ) recognize revenue when ( or as ) the entity satisfies a performance obligation . research and development . research and development expenses for the year ended december 31 , 2019 totaled approximately $ 89,605,000 , an increase of $ 40,991,000 over the $ 48,614,000 recorded for the year ended december 31 , 2018. the increase in fiscal 2019 as compared to fiscal 2018 was primarily attributable to increases of $ 32,479,000 in clinical trial costs , $ 6,031,000 in compensation costs , and $ 2,481,000 in stock-based compensation expense . during 2018 , the company formed a subsidiary in each of the united kingdom and australia and approximately 46 % of research and development expenses recorded for the year ended december 31 , 2019 was recorded in these entities . general and administrative . general and administrative expense for the year ended december 31 , 2019 totaled approximately $ 23,643,000 , an increase of $ 10,687,000 over the $ 12,956,000 recorded for the year ended december 31 , 2018. the increase was primarily attributable to the $ 2,700,000 we recorded in the first quarter of 2019 related to the amount we owed to cff as a royalty payment equal to 10 % of any amounts we received as payment under the collaboration agreement with kaken . additional increases include approximately $ 3,439,000 in compensation costs , $ 1,891,000 in stock-based compensation expense , $ 809,000 in consulting costs , $ 547,000 in facility and insurance costs , $ 507,000 in temporary help and recruiting costs , and $ 320,000 in software as a service costs , partially offset by an aggregate net increase of approximately $ 474,000 for other general and administrative expenses . other income , net . other income , net for 2019 was approximately $ 5,651,000 as compared to approximately $ 1,076,000 recorded for 2018. the increase of $ 4,575,000 in 2019 as compared to 2018 was primarily attributable to approximately $ 4,581,000 of cash paid to us in second half of 2019 from taxing authorities for refundable research and development tax credits that were earned on certain research and development expenses we incurred primarily outside of the united states . we also had an increase in net interest income of approximately $ 245,000 due to increased cash balances in 2019 as compared to 2018 , offset partially by decreases in foreign currency exchange transaction gains of approximately $ 251,000. story_separator_special_tag any other third-party funding arrangement could require us to relinquish valuable rights . the source , timing and availability of any future financing will depend principally upon market conditions , and , more specifically , on the progress of our clinical development programs . funding may not be available when needed , at all , or on terms acceptable to us . lack of necessary funds may require us , among other things , to delay , scale back or eliminate expenses including some or all of our planned clinical trials . 67 contractual obligations and commitments the following table presents information about our known contractual obligations as of december 31 , 2019. it does not reflect contractual obligations that may have arisen or may arise after that date . except for historical facts , the information in this section is forward-looking information . replace_table_token_3_th on february 26 , 2019 , we amended our lease ( “ february 2019 lease agreement ” ) pursuant to which an additional 30,023 square feet of office space ( “ new premises ” ) will be leased by us in the same building for an aggregate total of 62,756 square feet of leased office space ( “ total premises ” ) . per asc 842 , the february 2019 lease agreement constitutes a modification as it extends the original lease term and increases the scope of the lease (

