factors that might cause such a difference include those discussed under the caption special note regarding forward looking statements and in risk factors and elsewhere in this annual report on form 10-k. these and many other factors could affect our future financial and operating results . we undertake no obligation to update any forward-looking statement to reflect events after the date of this annual report . overview cymabay therapeutics , inc. is focused on developing therapies to treat metabolic diseases with high unmet medical need , including serious rare and orphan disorders . our two key clinical development candidates are mbx-8025 and arhalofenate . we are currently developing mbx-8025 for the treatment of various orphan lipid and liver diseases . in an earlier phase 2 clinical study conducted in patients with mixed dyslipidemia , mbx-8025 demonstrated favorable effects on cholesterol , triglycerides and markers of liver health . in march 2016 , we announced data from a second phase 2 clinical study evaluating mbx-8025 in 13 patients with homozygous familial hypercholesterolemia ( hofh ) . five patients in this study experienced what we believe was a clinically meaningful maximal decrease in low density lipoprotein ( ldl-c ) of greater than 20 % with three of them having decreases greater than 30 % . however , given the variability in responses observed in this study , including a number of patients that did not experience a decrease in ldl-c , we believe additional proof-of-concept data would be warranted before determining whether or not to advance to a registration study of mbx-8025 in patients with hofh . in november 2015 , we initiated a double-blind , placebo-controlled phase 2 study of mbx-8025 in patients with primary biliary cholangitis ( pbc ) , formerly referred to as primary biliary cirrhosis . in this study , approximately 75 patients with pbc who have had an inadequate response to ursodiol are to be enrolled and randomized to receive either placebo or mbx-8025 ( either 50 mg or 200 mg ) for 12 weeks . the primary endpoint will be the change in alkaline phosphatase , and the study is expected to include patients from the u.s. , as well as canada , germany , poland and u.k. we expect this study to be completed by the end of 2016. we also believe that mbx-8025 could have utility in the treatment of severe hypertriglyceridemia ( shtg ) and the more prevalent , but high unmet need , indication of nonalcoholic steatohepatitis ( nash ) . we have obtained orphan-drug designations for mbx-8025 in both hofh and shtg ( frederickson type i or v hyperlipoproteinemia ) . arhalofenate , is being developed for the treatment of gout . arhalofenate has been studied in five phase 2 clinical trials in patients with gout and consistently demonstrated the ability to reduce gout flares and reduce serum uric acid ( sua ) . gout flares are recurring and painful episodes of joint inflammation that are triggered by the presence of monosodium urate crystals that form as a result of elevated sua levels . we believe the potential for arhalofenate to prevent or reduce flares while also lowering sua could differentiate it from currently available treatments for gout and classify it as the first potential drug in what we believe could be a new class of gout therapy referred to as urate lowering anti-flare therapy ( ulaft ) . arhalofenate has established a favorable safety profile in clinical trials involving over 1,100 patients exposed to date . we have completed end of phase 2 discussions with the fda and intend to partner arhalofenate prior to advancing into phase 3 development . we are an emerging growth company . under the jobs act emerging growth companies can delay adopting new or revised accounting standards until such time of those standards apply to private companies . we have adopted this exemption from new or revised accounting standards , and therefore , we may not be subject to the same new or revised accounting standards as other public companies that are not emerging growth companies. 60 index to financial statements equity financings on july 25 , 2014 , we completed a public offering of 4.6 million shares of our common stock at $ 5.50 per share which we refer to as our 2014 public offering . net proceeds to us in connection with the 2014 public offering were approximately $ 23.0 million after deducting underwriting discounts , commissions and offering expenses . on november 7 , 2014 , we filed a $ 100 million registration statement on form s-3 with the sec , which registration statement includes an at-the-market facility ( atm ) to sell up to $ 25 million of common stock under the registration statement . as of december 31 , 2015 , we have sold shares of common stock under the atm with aggregate net proceeds to us of $ 4.3 million . on july 27 , 2015 , pursuant to our shelf registration statement on form s-3 , we completed the issuance of 8.2 million shares of our common stock at $ 2.81 per share which we refer to as our 2015 public offering . net proceeds to us in connection with the 2015 public offering were approximately $ 21.1 million after deducting underwriting discounts , commissions and other offering expenses . critical accounting policies and use of estimates our management 's discussion and analysis of our financial condition and results of operations is based on our financial statements , which have been prepared in accordance with accounting principles generally accepted in the united states ( gaap ) . story_separator_special_tag specifically , the $ 11.1 million warrant revaluation gain recognized during the year ended december 31 , 2015 , was due primarily to a decrease in the value of our common stock from $ 9.83 at december 31 , 2014 , to $ 1.69 at december 31 , 2015. the warrant valuation in 2014 also changed primarily due to an increase in the price of our common stock . specifically , the $ 7.2 million warrant revaluation loss recognized during the year ended december 31 , 2014 , was due primarily to an increase in the value of our common stock from $ 5.00 at december 31 , 2013 , to $ 9.83 at december 31 , 2014. income taxes as of december 31 , 2015 , we had federal net operating loss carryforwards of $ 205.7 million and state net operating loss carryforwards of $ 172.0 million to offset future taxable income , if any . in addition , we had federal research and development tax credit carry forwards of $ 7.2 million and state research and development tax credit carryforwards of $ 3.5 million . if not utilized , the federal net operating loss and tax credit carryforwards will expire beginning in 2024 through 2035 and the state net operating loss carryforwards will expire beginning in 2016 through 2035. the state tax credit will carry forward indefinitely . current federal and state tax laws include substantial restrictions on the utilization of net operating losses and tax credits in the event of an ownership change . even if the carryforwards are available , they may be subject to annual limitations , lack of future taxable income , or future ownership changes that could result in the expiration of the carryforwards before they are 64 index to financial statements utilized . at december 31 , 2015 , we recorded a 100 % valuation allowance against our deferred assets of approximately $ 111.8 million as our management believes it is more likely than not that they will not be fully realized . if we determine in the future that we will be able to realize all or a portion of our net operating loss carryforwards , an adjustment to our net operating loss carryforwards would increase net income in the period in which we make such a determination . story_separator_special_tag we also agreed to pay a facility fee of 1.00 % of the 2015 term loan facility commitment . in addition , we issued warrants exercisable for a total of 114,436 shares of our common stock to the lenders at an exercise price of $ 2.84 per share , and with a term of ten years . 66 index to financial statements cash flows the following table sets forth a summary of the net cash flow activity for each of the periods indicated below : replace_table_token_5_th operating activities : cash used in operating activities for the years ended december 31 , 2015 , and december 31 , 2014 , was $ 23.3 million and $ 21.1 million , respectively . the increase of $ 2.2 million in cash used in operating activities is due primarily to our incurrence of research and development expenses as a result of our expanded clinical trial and drug development activities , and increased general and administrative expenses . investing activities : net cash used in investing activities was $ 11.1 million for the year ended december 31 , 2015 and $ 16.9 million for the year ended december 31 , 2014 , and was primarily due to the net purchase of marketable securities as we sought to invest funds raised in our equity and debt financings . financing activities : net cash provided by financing activities was $ 30.5 million for the year ended december 31 , 2015 , primarily as a result of $ 4.3 million in net proceeds received from sales of our common stock in january and february 2015 pursuant to a $ 25 million at-the-market facility , $ 21.1 million in net proceeds received from our 2015 public offering , and $ 9.5 million in net proceeds from our 2015 term loan facility negotiated in august 2015 , offset in part primarily by $ 4.8 million in principal repayments on our 2013 term loan facility . net cash provided by financing activities was $ 25.2 million in the year ended december 31 , 2014 , primarily due to $ 25.4 million of proceeds received from our 2014 public offering , offset by $ 0.2 million in principal repayments on our venture debt facility . capital requirements we have incurred operating losses since inception and had an accumulated deficit of $ 396.3 million at december 31 , 2015. management expects operating losses and negative cash flows to continue for the foreseeable future . as of december 31 , 2015 , we had $ 41.5 million in cash and cash equivalents and marketable securities , which is available to fund future operations and service our existing debt obligations through at least the next twelve months , after which we will be required to seek additional equity or debt financing and or non-dilutive funding from potential licensing , partnering or other strategic collaborative arrangements to fund future operations . it is unclear if or when any such transactions will occur , on satisfactory terms or at all . off balance sheet arrangements as of december 31 , 2015 , we had no off-balance sheet arrangements ( as defined in item 303 ( a ) ( 4 ) ( ii ) of regulation s-k under the exchange act ) that create potential material risks for us and that are not recognized on our balance sheets . 67 index to financial statements contractual obligations the following table summarizes our long-term contractual obligations as of december 31 , 2015 : replace_table_token_6_th in addition , we rely on contract research organizations and other research support providers to perform clinical and preclinical studies for us and we contract with firms

liquidity and capital resources we have financed our operations primarily through the sale of equity securities , licensing fees , issuance of debt and collaborations with third parties . at december 31 , 2015 , we had cash , cash equivalents and marketable securities of $ 41.5 million , primarily as a result of the aggregate proceeds received in our series of financings described in the next paragraph , which we refer to collectively as the 2013 financing ,  and our 2014 public offering and 2015 public offering . specifically , on september 30 , 2013 , we issued common stock and warrants to purchase our common stock and we secured a term loan facility which together enabled us to raise aggregate net proceeds of $ 28.8 million . on september 30 , 2013 , all of the shares of our outstanding redeemable convertible preferred stock converted to common stock , and we sold shares of our common stock and warrants to purchase shares of our common stock in a private placement for aggregate gross proceeds of $ 26.8 million , and raised an additional $ 5.0 million in venture debt financing pursuant to a $ 10.0 million loan agreement which we entered into simultaneously with the private placement , resulting in aggregate net proceeds to us of $ 28.8 million after deducting placement agent fees and offering expenses . at the same time we issued shares of our common stock in cancellation of approximately $ 16.9 million of debt owed to the holder of that debt and on october 31 , 2013 , we issued common stock and warrants to purchase our common stock to raise additional net proceeds of $ 2.2 million .


 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 financed our operations primarily through the sale of equity securities , licensing fees , issuance of debt and collaborations with third parties . at december 31 , 2015 , we had cash , cash equivalents and marketable securities of $ 41.5 million , primarily as a result of the aggregate proceeds received in our series of financings described in the next paragraph , which we refer to collectively as the 2013 financing ,  and our 2014 public offering and 2015 public offering . specifically , on september 30 , 2013 , we issued common stock and warrants to purchase our common stock and we secured a term loan facility which together enabled us to raise aggregate net proceeds of $ 28.8 million . on september 30 , 2013 , all of the shares of our outstanding redeemable convertible preferred stock converted to common stock , and we sold shares of our common stock and warrants to purchase shares of our common stock in a private placement for aggregate gross proceeds of $ 26.8 million , and raised an additional $ 5.0 million in venture debt financing pursuant to a $ 10.0 million loan agreement which we entered into simultaneously with the private placement , resulting in aggregate net proceeds to us of $ 28.8 million after deducting placement agent fees and offering expenses . at the same time we issued shares of our common stock in cancellation of approximately $ 16.9 million of debt owed to the holder of that debt and on october 31 , 2013 , we issued common stock and warrants to purchase our common stock to raise additional net proceeds of $ 2.2 million .
```    
 Suspicious Activity Report : factors that might cause such a difference include those discussed under the caption special note regarding forward looking statements and in risk factors and elsewhere in this annual report on form 10-k. these and many other factors could affect our future financial and operating results . we undertake no obligation to update any forward-looking statement to reflect events after the date of this annual report . overview cymabay therapeutics , inc. is focused on developing therapies to treat metabolic diseases with high unmet medical need , including serious rare and orphan disorders . our two key clinical development candidates are mbx-8025 and arhalofenate . we are currently developing mbx-8025 for the treatment of various orphan lipid and liver diseases . in an earlier phase 2 clinical study conducted in patients with mixed dyslipidemia , mbx-8025 demonstrated favorable effects on cholesterol , triglycerides and markers of liver health . in march 2016 , we announced data from a second phase 2 clinical study evaluating mbx-8025 in 13 patients with homozygous familial hypercholesterolemia ( hofh ) . five patients in this study experienced what we believe was a clinically meaningful maximal decrease in low density lipoprotein ( ldl-c ) of greater than 20 % with three of them having decreases greater than 30 % . however , given the variability in responses observed in this study , including a number of patients that did not experience a decrease in ldl-c , we believe additional proof-of-concept data would be warranted before determining whether or not to advance to a registration study of mbx-8025 in patients with hofh . in november 2015 , we initiated a double-blind , placebo-controlled phase 2 study of mbx-8025 in patients with primary biliary cholangitis ( pbc ) , formerly referred to as primary biliary cirrhosis . in this study , approximately 75 patients with pbc who have had an inadequate response to ursodiol are to be enrolled and randomized to receive either placebo or mbx-8025 ( either 50 mg or 200 mg ) for 12 weeks . the primary endpoint will be the change in alkaline phosphatase , and the study is expected to include patients from the u.s. , as well as canada , germany , poland and u.k. we expect this study to be completed by the end of 2016. we also believe that mbx-8025 could have utility in the treatment of severe hypertriglyceridemia ( shtg ) and the more prevalent , but high unmet need , indication of nonalcoholic steatohepatitis ( nash ) . we have obtained orphan-drug designations for mbx-8025 in both hofh and shtg ( frederickson type i or v hyperlipoproteinemia ) . arhalofenate , is being developed for the treatment of gout . arhalofenate has been studied in five phase 2 clinical trials in patients with gout and consistently demonstrated the ability to reduce gout flares and reduce serum uric acid ( sua ) . gout flares are recurring and painful episodes of joint inflammation that are triggered by the presence of monosodium urate crystals that form as a result of elevated sua levels . we believe the potential for arhalofenate to prevent or reduce flares while also lowering sua could differentiate it from currently available treatments for gout and classify it as the first potential drug in what we believe could be a new class of gout therapy referred to as urate lowering anti-flare therapy ( ulaft ) . arhalofenate has established a favorable safety profile in clinical trials involving over 1,100 patients exposed to date . we have completed end of phase 2 discussions with the fda and intend to partner arhalofenate prior to advancing into phase 3 development . we are an emerging growth company . under the jobs act emerging growth companies can delay adopting new or revised accounting standards until such time of those standards apply to private companies . we have adopted this exemption from new or revised accounting standards , and therefore , we may not be subject to the same new or revised accounting standards as other public companies that are not emerging growth companies. 60 index to financial statements equity financings on july 25 , 2014 , we completed a public offering of 4.6 million shares of our common stock at $ 5.50 per share which we refer to as our 2014 public offering . net proceeds to us in connection with the 2014 public offering were approximately $ 23.0 million after deducting underwriting discounts , commissions and offering expenses . on november 7 , 2014 , we filed a $ 100 million registration statement on form s-3 with the sec , which registration statement includes an at-the-market facility ( atm ) to sell up to $ 25 million of common stock under the registration statement . as of december 31 , 2015 , we have sold shares of common stock under the atm with aggregate net proceeds to us of $ 4.3 million . on july 27 , 2015 , pursuant to our shelf registration statement on form s-3 , we completed the issuance of 8.2 million shares of our common stock at $ 2.81 per share which we refer to as our 2015 public offering . net proceeds to us in connection with the 2015 public offering were approximately $ 21.1 million after deducting underwriting discounts , commissions and other offering expenses . critical accounting policies and use of estimates our management 's discussion and analysis of our financial condition and results of operations is based on our financial statements , which have been prepared in accordance with accounting principles generally accepted in the united states ( gaap ) . story_separator_special_tag specifically , the $ 11.1 million warrant revaluation gain recognized during the year ended december 31 , 2015 , was due primarily to a decrease in the value of our common stock from $ 9.83 at december 31 , 2014 , to $ 1.69 at december 31 , 2015. the warrant valuation in 2014 also changed primarily due to an increase in the price of our common stock . specifically , the $ 7.2 million warrant revaluation loss recognized during the year ended december 31 , 2014 , was due primarily to an increase in the value of our common stock from $ 5.00 at december 31 , 2013 , to $ 9.83 at december 31 , 2014. income taxes as of december 31 , 2015 , we had federal net operating loss carryforwards of $ 205.7 million and state net operating loss carryforwards of $ 172.0 million to offset future taxable income , if any . in addition , we had federal research and development tax credit carry forwards of $ 7.2 million and state research and development tax credit carryforwards of $ 3.5 million . if not utilized , the federal net operating loss and tax credit carryforwards will expire beginning in 2024 through 2035 and the state net operating loss carryforwards will expire beginning in 2016 through 2035. the state tax credit will carry forward indefinitely . current federal and state tax laws include substantial restrictions on the utilization of net operating losses and tax credits in the event of an ownership change . even if the carryforwards are available , they may be subject to annual limitations , lack of future taxable income , or future ownership changes that could result in the expiration of the carryforwards before they are 64 index to financial statements utilized . at december 31 , 2015 , we recorded a 100 % valuation allowance against our deferred assets of approximately $ 111.8 million as our management believes it is more likely than not that they will not be fully realized . if we determine in the future that we will be able to realize all or a portion of our net operating loss carryforwards , an adjustment to our net operating loss carryforwards would increase net income in the period in which we make such a determination . story_separator_special_tag we also agreed to pay a facility fee of 1.00 % of the 2015 term loan facility commitment . in addition , we issued warrants exercisable for a total of 114,436 shares of our common stock to the lenders at an exercise price of $ 2.84 per share , and with a term of ten years . 66 index to financial statements cash flows the following table sets forth a summary of the net cash flow activity for each of the periods indicated below : replace_table_token_5_th operating activities : cash used in operating activities for the years ended december 31 , 2015 , and december 31 , 2014 , was $ 23.3 million and $ 21.1 million , respectively . the increase of $ 2.2 million in cash used in operating activities is due primarily to our incurrence of research and development expenses as a result of our expanded clinical trial and drug development activities , and increased general and administrative expenses . investing activities : net cash used in investing activities was $ 11.1 million for the year ended december 31 , 2015 and $ 16.9 million for the year ended december 31 , 2014 , and was primarily due to the net purchase of marketable securities as we sought to invest funds raised in our equity and debt financings . financing activities : net cash provided by financing activities was $ 30.5 million for the year ended december 31 , 2015 , primarily as a result of $ 4.3 million in net proceeds received from sales of our common stock in january and february 2015 pursuant to a $ 25 million at-the-market facility , $ 21.1 million in net proceeds received from our 2015 public offering , and $ 9.5 million in net proceeds from our 2015 term loan facility negotiated in august 2015 , offset in part primarily by $ 4.8 million in principal repayments on our 2013 term loan facility . net cash provided by financing activities was $ 25.2 million in the year ended december 31 , 2014 , primarily due to $ 25.4 million of proceeds received from our 2014 public offering , offset by $ 0.2 million in principal repayments on our venture debt facility . capital requirements we have incurred operating losses since inception and had an accumulated deficit of $ 396.3 million at december 31 , 2015. management expects operating losses and negative cash flows to continue for the foreseeable future . as of december 31 , 2015 , we had $ 41.5 million in cash and cash equivalents and marketable securities , which is available to fund future operations and service our existing debt obligations through at least the next twelve months , after which we will be required to seek additional equity or debt financing and or non-dilutive funding from potential licensing , partnering or other strategic collaborative arrangements to fund future operations . it is unclear if or when any such transactions will occur , on satisfactory terms or at all . off balance sheet arrangements as of december 31 , 2015 , we had no off-balance sheet arrangements ( as defined in item 303 ( a ) ( 4 ) ( ii ) of regulation s-k under the exchange act ) that create potential material risks for us and that are not recognized on our balance sheets . 67 index to financial statements contractual obligations the following table summarizes our long-term contractual obligations as of december 31 , 2015 : replace_table_token_6_th in addition , we rely on contract research organizations and other research support providers to perform clinical and preclinical studies for us and we contract with firms

