we presented interim data from the prs-060/azd1402 phase 1 mad study at the european respiratory society international congress in october 2019 and reported that prs-060/azd1402 was safe and well tolerated at all doses , led to a statistically significant reduction in feno , a validated biomarker for eosinophilic airway inflammation , and showed dose-dependent systemic target engagement in patients with mild asthma and elevated levels of feno ( ≥ 35ppb ) . in that study , during the treatment period , 30 patients were randomized to receive delivered doses of prs-060/azd1402 ranging from 2 mg to 60 mg ( 5 mg to 150 mg administered through a nebulizer ( nominal dose ) ) twice daily for nine consecutive days and one final dose on the 10th day , and 12 patients were randomized to receive placebo at the same intervals . statistically significant and pronounced inhibition of feno relative to placebo was observed at all doses . when comparing the 20 mg prs-060/azd1402 powered cohort ( n=12 ) to placebo , the primary statistical analysis using the emax model demonstrated a 36 % relative reduction in feno ( p-value < 0.0001 ) . systemic target engagement was dose-dependent and closely aligned with systemic exposure of the drug , consistent with results of the phase 1 sad study . no systemic target engagement and minimal systemic exposure was observed at the 2 mg dose , suggesting that local target engagement by the drug may be sufficient to reduce airway inflammation , as evidenced by feno reduction at that 2 mg dose level . in order to further investigate the safety and efficacy profile of prs-060/azd1402 , the phase 1 mad study recruited additional cohorts in 2020. the study has now completed , and we are currently planning to disclose data from these additional cohorts in 2021. in addition to ukrainian regulatory approval , astrazeneca has also recently received ethics approval and regulatory acknowledgement for the phase 2a study of prs-060/azd1402 in australia patient screening has begun following a covid-19-related inventory challenge that has been successfully managed . we expect the first patient to be dosed in the second quarter of 2021. the phase 2a study is a two-part , multi-center , placebo-controlled clinical study of prs-060/azd1402 that will evaluate prs-060/azd1402 at up to three dose levels using a dry powder formulation administered twice daily . the first part of the study will assess the safety and pharmacokinetics of the dry powder formulation in approximately 45 moderate controlled asthmatics . the second part of the study will assess the efficacy , safety and pharmacokinetics of prs-060/azd1402 in approximately 360 moderate uncontrolled asthmatics with blood eosinophil count of ≥ 150 cells/μl and feno ≥ 25 ppb at screening over four weeks with fev1 improvement as the primary endpoint . this study of prs-060/azd1402 , which is being developed for the treatment of moderate-to-severe asthma , is being sponsored , funded and delivered by astrazeneca . upon completion of that study , pieris will have the options to co-develop and , subsequently , co-commercialize prs-060/azd1402 in the united states . our additional respiratory programs within and outside of the astrazeneca alliance are in the discovery stage . astrazeneca has taken full advantage of all available potential new project starts envisioned in the alliance and all four respiratory programs are ongoing . we retain co-development and co-commercialization rights to two out of the four programs beyond prs-060/azd1402 . outside of the astrazeneca collaboration , pieris continues to advance several proprietary respiratory programs , which are in the discovery stage . we presented additional interim data from the phase 1 monotherapy study and atezolizumab combination study of cinrebafusp alfa in an oral presentation session at the esmo virtual congress in september 2020. as of the july 2020 cutoff date , 74 patients had been enrolled in the monotherapy study , including 21 additional patients enrolled in the active dose cohorts ( ≥2.5 mg/kg ) since the data were presented at the society for immunotherapy of cancer 2019 annual meeting , and 41 patients had been enrolled in the atezolizumab combination therapy study . in the monotherapy study , out of 33 response-evaluable patients at the time of the data cutoff of july 27 , 2020 , according to recist 1.1 , one patient with stage 4 rectal adenocarcinoma achieved a confirmed complete response at the 18 mg/kg q2w dose ( cohort 13b ) , three patients achieved a partial response at the 8 mg/kg q2w dose ( cohort 11b ) , and stable 93 disease was observed in 13 patients as best response out of 33 evaluable patients across the predicted active dose ranges ( cohorts 9-13b ) , translating to an orr of 12 % and a dcr of 52 % . additionally , a significant expansion of cd8+ t cells in the tumor microenvironment of responders and a substantial increase of peripheral soluble 4-1bb were observed in the active dose cohorts , suggesting 4-1bb-mediated target engagement . cinrebafusp alfa also showed an acceptable safety profile at all doses and schedules tested in each clinical study . in the atezolizumab combination trial , seven dose cohorts have been evaluated at a q3w dosing schedule ranging from 0.05 mg/kg to 8 mg/kg in combination with a fixed 1200 mg dose of atezolizumab . in that trial , under recist 1.1 , four patients achieved a confirmed partial response at active dose levels . we plan to advance cinrebafusp alfa into a phase 2 study for the treatment of her2-positive gastric cancer in combination with ramucirumab and paclitaxel in 2021. in july 2020 , we announced that our phase 1 studies of cinrebafusp alfa were placed on partial clinical hold by the fda while we conducted an additional in-use stability and compatibility study requested by the fda . treatment of currently-enrolled patients continued , although no new patients were enrolled pending resolution of the partial hold . story_separator_special_tag we evaluate all promised goods and services within a customer contract and determines which of such goods and services are separate performance obligations . this evaluation includes an assessment of whether the good or service is capable of being distinct and whether the good or service is separable from other promises in the contract . in assessing whether promised goods or services are distinct , we consider factors such as the stage of development of the underlying intellectual property and the capabilities of the customer to develop the intellectual property on their own or whether the required expertise is readily available . licensing arrangements are analyzed to determine whether the promised goods or services , which often include licenses , research and development services and governance committee services , are distinct or whether they must be accounted for as part of a combined performance obligation . if the license is considered not to be distinct , the license would then be combined with other promised goods or services as a combined performance obligation . if we are involved in a governance committee , 99 we assess whether our involvement constitutes a separate performance obligation . when governance committee services are determined to be separate performance obligations , we determine the fair value to be allocated to this promised service . certain contracts contain optional and additional items , which are considered marketing offers and are accounted for as separate contracts with the customer if such option is elected by the customer , unless the option provides a material right which would not be provided without entering into the contract . an option that is considered a material right is accounted for as a separate performance obligation . the transaction price is determined based on the consideration to which we will be entitled in exchange for transferring goods and services to the customer . a contract may contain variable consideration , including potential payments for both milestone and research and development services . for certain potential milestone payments , we estimate the amount of variable consideration by using the most likely amount method . in making this assessment , we evaluate factors such as the clinical , regulatory , commercial and other risks that must be overcome to achieve the milestone . each reporting period we re-evaluate the probability of achievement of such variable consideration and any related constraints . we will include variable consideration , without constraint , in the transaction price to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved . for potential research and development service payments , we estimate the amount of variable consideration by using the expected value method , including any approved budget updates arising from additional research or development services . if the contract contains a single performance obligation , the entire transaction price is allocated to the single performance obligation . contracts that contain multiple performance obligations require an allocation of the transaction price among the performance obligations on a relative standalone selling price basis unless the transaction price is variable and meets the criteria to be allocated entirely to a performance obligation or to a distinct good or service that forms part of a single performance obligation . we allocate the transaction price based on the estimated standalone selling price of the underlying performance obligations or in the case of certain variable consideration to one or more performance obligations . we must develop assumptions that require judgment to determine the stand-alone selling price for each performance obligation identified in the contract . we utilize key assumptions to determine the stand-alone selling price , which may include other comparable transactions , pricing considered in negotiating the transaction and the estimated costs to complete the respective performance obligation . certain variable consideration is allocated specifically to one or more performance obligations in a contract when the terms of the variable consideration relate to the satisfaction of the performance obligation and the resulting amounts allocated to each performance obligation are consistent with the amount we would expect to receive for each performance obligation . when a performance obligation is satisfied , revenue is recognized for the amount of the transaction price , excluding estimates of variable consideration that are constrained , that is allocated to that performance obligation on a relative standalone selling price basis . significant management judgment is required in determining the level of effort required under an arrangement and the period over which we are expected to complete its performance obligations under an arrangement . for performance obligations consisting of licenses and other promises , we utilize judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and , if over time , the appropriate method of measuring progress for purposes of recognizing revenue from non- refundable , up-front fees . we evaluate the measure of progress each reporting period and , if necessary , adjusts the measure of performance and related revenue recognition . if the license to our intellectual property is determined to be distinct from the other performance obligations identified in the arrangement , we will recognize revenue from non-refundable , up-front fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license . milestones and royalties we aggregate milestones into four categories : ( i ) research milestones , ( ii ) development milestones , ( iii ) commercial milestones , and ( iv ) sales milestones . research milestones are typically achieved upon reaching certain success criteria as defined in each agreement related to developing an anticalin protein against the specified target . development milestones are typically reached when a compound reaches a defined phase of clinical research or passes such phase or upon

liquidity and capital resources we are subject to risks common to companies in the biotechnology industry , including but not limited to , the need for additional capital , risks of failure of preclinical studies and clinical trials , the need to obtain marketing approval and reimbursement for any drug product candidate that we may identify and develop , the need to successfully commercialize and gain market acceptance of our product candidates , dependence on key personnel , protection of proprietary technology , compliance with government regulations , development of technological innovations by competitors , reliance on third party manufacturers and the ability to transition from pilot-scale production to large-scale manufacturing of products . through december 31 , 2020 , we have funded our operations with $ 451.4 million of cash that has been obtained from the following main sources : $ 212.9 million from sales of equity ; $ 217.8 million in total payments received under license and collaboration agreements , including $ 45.2 million for research and development services costs received from our collaboration partners ; $ 14.2 million from government grants and $ 6.5 million from loans . as of december 31 , 2020 , we had a total of $ 70.4 million in cash , cash equivalents and investments . we have incurred losses in every period since inception including the years ended december 31 , 2020 and 2019 , respectively , and have a total accumulated deficit of $ 211.4 million as of december 31 , 2020. net losses and negative cash flows have had , and will continue to have , an adverse effect on our stockholders ' equity and working capital . we expect to continue to incur operating losses for at least the next several years . the following table provides a summary of operating , investing , and financing cash flows for the years ended december 31 , 2020 and 2019 respectively ( in thousands ) : replace_table_token_3_th net cash used in operating activities for the year ended december 31 , 2020 and 2019 was $ 45.9 million and $ 52.5 million , respectively .


 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 are subject to risks common to companies in the biotechnology industry , including but not limited to , the need for additional capital , risks of failure of preclinical studies and clinical trials , the need to obtain marketing approval and reimbursement for any drug product candidate that we may identify and develop , the need to successfully commercialize and gain market acceptance of our product candidates , dependence on key personnel , protection of proprietary technology , compliance with government regulations , development of technological innovations by competitors , reliance on third party manufacturers and the ability to transition from pilot-scale production to large-scale manufacturing of products . through december 31 , 2020 , we have funded our operations with $ 451.4 million of cash that has been obtained from the following main sources : $ 212.9 million from sales of equity ; $ 217.8 million in total payments received under license and collaboration agreements , including $ 45.2 million for research and development services costs received from our collaboration partners ; $ 14.2 million from government grants and $ 6.5 million from loans . as of december 31 , 2020 , we had a total of $ 70.4 million in cash , cash equivalents and investments . we have incurred losses in every period since inception including the years ended december 31 , 2020 and 2019 , respectively , and have a total accumulated deficit of $ 211.4 million as of december 31 , 2020. net losses and negative cash flows have had , and will continue to have , an adverse effect on our stockholders ' equity and working capital . we expect to continue to incur operating losses for at least the next several years . the following table provides a summary of operating , investing , and financing cash flows for the years ended december 31 , 2020 and 2019 respectively ( in thousands ) : replace_table_token_3_th net cash used in operating activities for the year ended december 31 , 2020 and 2019 was $ 45.9 million and $ 52.5 million , respectively .
```    
 Suspicious Activity Report : we presented interim data from the prs-060/azd1402 phase 1 mad study at the european respiratory society international congress in october 2019 and reported that prs-060/azd1402 was safe and well tolerated at all doses , led to a statistically significant reduction in feno , a validated biomarker for eosinophilic airway inflammation , and showed dose-dependent systemic target engagement in patients with mild asthma and elevated levels of feno ( ≥ 35ppb ) . in that study , during the treatment period , 30 patients were randomized to receive delivered doses of prs-060/azd1402 ranging from 2 mg to 60 mg ( 5 mg to 150 mg administered through a nebulizer ( nominal dose ) ) twice daily for nine consecutive days and one final dose on the 10th day , and 12 patients were randomized to receive placebo at the same intervals . statistically significant and pronounced inhibition of feno relative to placebo was observed at all doses . when comparing the 20 mg prs-060/azd1402 powered cohort ( n=12 ) to placebo , the primary statistical analysis using the emax model demonstrated a 36 % relative reduction in feno ( p-value < 0.0001 ) . systemic target engagement was dose-dependent and closely aligned with systemic exposure of the drug , consistent with results of the phase 1 sad study . no systemic target engagement and minimal systemic exposure was observed at the 2 mg dose , suggesting that local target engagement by the drug may be sufficient to reduce airway inflammation , as evidenced by feno reduction at that 2 mg dose level . in order to further investigate the safety and efficacy profile of prs-060/azd1402 , the phase 1 mad study recruited additional cohorts in 2020. the study has now completed , and we are currently planning to disclose data from these additional cohorts in 2021. in addition to ukrainian regulatory approval , astrazeneca has also recently received ethics approval and regulatory acknowledgement for the phase 2a study of prs-060/azd1402 in australia patient screening has begun following a covid-19-related inventory challenge that has been successfully managed . we expect the first patient to be dosed in the second quarter of 2021. the phase 2a study is a two-part , multi-center , placebo-controlled clinical study of prs-060/azd1402 that will evaluate prs-060/azd1402 at up to three dose levels using a dry powder formulation administered twice daily . the first part of the study will assess the safety and pharmacokinetics of the dry powder formulation in approximately 45 moderate controlled asthmatics . the second part of the study will assess the efficacy , safety and pharmacokinetics of prs-060/azd1402 in approximately 360 moderate uncontrolled asthmatics with blood eosinophil count of ≥ 150 cells/μl and feno ≥ 25 ppb at screening over four weeks with fev1 improvement as the primary endpoint . this study of prs-060/azd1402 , which is being developed for the treatment of moderate-to-severe asthma , is being sponsored , funded and delivered by astrazeneca . upon completion of that study , pieris will have the options to co-develop and , subsequently , co-commercialize prs-060/azd1402 in the united states . our additional respiratory programs within and outside of the astrazeneca alliance are in the discovery stage . astrazeneca has taken full advantage of all available potential new project starts envisioned in the alliance and all four respiratory programs are ongoing . we retain co-development and co-commercialization rights to two out of the four programs beyond prs-060/azd1402 . outside of the astrazeneca collaboration , pieris continues to advance several proprietary respiratory programs , which are in the discovery stage . we presented additional interim data from the phase 1 monotherapy study and atezolizumab combination study of cinrebafusp alfa in an oral presentation session at the esmo virtual congress in september 2020. as of the july 2020 cutoff date , 74 patients had been enrolled in the monotherapy study , including 21 additional patients enrolled in the active dose cohorts ( ≥2.5 mg/kg ) since the data were presented at the society for immunotherapy of cancer 2019 annual meeting , and 41 patients had been enrolled in the atezolizumab combination therapy study . in the monotherapy study , out of 33 response-evaluable patients at the time of the data cutoff of july 27 , 2020 , according to recist 1.1 , one patient with stage 4 rectal adenocarcinoma achieved a confirmed complete response at the 18 mg/kg q2w dose ( cohort 13b ) , three patients achieved a partial response at the 8 mg/kg q2w dose ( cohort 11b ) , and stable 93 disease was observed in 13 patients as best response out of 33 evaluable patients across the predicted active dose ranges ( cohorts 9-13b ) , translating to an orr of 12 % and a dcr of 52 % . additionally , a significant expansion of cd8+ t cells in the tumor microenvironment of responders and a substantial increase of peripheral soluble 4-1bb were observed in the active dose cohorts , suggesting 4-1bb-mediated target engagement . cinrebafusp alfa also showed an acceptable safety profile at all doses and schedules tested in each clinical study . in the atezolizumab combination trial , seven dose cohorts have been evaluated at a q3w dosing schedule ranging from 0.05 mg/kg to 8 mg/kg in combination with a fixed 1200 mg dose of atezolizumab . in that trial , under recist 1.1 , four patients achieved a confirmed partial response at active dose levels . we plan to advance cinrebafusp alfa into a phase 2 study for the treatment of her2-positive gastric cancer in combination with ramucirumab and paclitaxel in 2021. in july 2020 , we announced that our phase 1 studies of cinrebafusp alfa were placed on partial clinical hold by the fda while we conducted an additional in-use stability and compatibility study requested by the fda . treatment of currently-enrolled patients continued , although no new patients were enrolled pending resolution of the partial hold . story_separator_special_tag we evaluate all promised goods and services within a customer contract and determines which of such goods and services are separate performance obligations . this evaluation includes an assessment of whether the good or service is capable of being distinct and whether the good or service is separable from other promises in the contract . in assessing whether promised goods or services are distinct , we consider factors such as the stage of development of the underlying intellectual property and the capabilities of the customer to develop the intellectual property on their own or whether the required expertise is readily available . licensing arrangements are analyzed to determine whether the promised goods or services , which often include licenses , research and development services and governance committee services , are distinct or whether they must be accounted for as part of a combined performance obligation . if the license is considered not to be distinct , the license would then be combined with other promised goods or services as a combined performance obligation . if we are involved in a governance committee , 99 we assess whether our involvement constitutes a separate performance obligation . when governance committee services are determined to be separate performance obligations , we determine the fair value to be allocated to this promised service . certain contracts contain optional and additional items , which are considered marketing offers and are accounted for as separate contracts with the customer if such option is elected by the customer , unless the option provides a material right which would not be provided without entering into the contract . an option that is considered a material right is accounted for as a separate performance obligation . the transaction price is determined based on the consideration to which we will be entitled in exchange for transferring goods and services to the customer . a contract may contain variable consideration , including potential payments for both milestone and research and development services . for certain potential milestone payments , we estimate the amount of variable consideration by using the most likely amount method . in making this assessment , we evaluate factors such as the clinical , regulatory , commercial and other risks that must be overcome to achieve the milestone . each reporting period we re-evaluate the probability of achievement of such variable consideration and any related constraints . we will include variable consideration , without constraint , in the transaction price to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved . for potential research and development service payments , we estimate the amount of variable consideration by using the expected value method , including any approved budget updates arising from additional research or development services . if the contract contains a single performance obligation , the entire transaction price is allocated to the single performance obligation . contracts that contain multiple performance obligations require an allocation of the transaction price among the performance obligations on a relative standalone selling price basis unless the transaction price is variable and meets the criteria to be allocated entirely to a performance obligation or to a distinct good or service that forms part of a single performance obligation . we allocate the transaction price based on the estimated standalone selling price of the underlying performance obligations or in the case of certain variable consideration to one or more performance obligations . we must develop assumptions that require judgment to determine the stand-alone selling price for each performance obligation identified in the contract . we utilize key assumptions to determine the stand-alone selling price , which may include other comparable transactions , pricing considered in negotiating the transaction and the estimated costs to complete the respective performance obligation . certain variable consideration is allocated specifically to one or more performance obligations in a contract when the terms of the variable consideration relate to the satisfaction of the performance obligation and the resulting amounts allocated to each performance obligation are consistent with the amount we would expect to receive for each performance obligation . when a performance obligation is satisfied , revenue is recognized for the amount of the transaction price , excluding estimates of variable consideration that are constrained , that is allocated to that performance obligation on a relative standalone selling price basis . significant management judgment is required in determining the level of effort required under an arrangement and the period over which we are expected to complete its performance obligations under an arrangement . for performance obligations consisting of licenses and other promises , we utilize judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and , if over time , the appropriate method of measuring progress for purposes of recognizing revenue from non- refundable , up-front fees . we evaluate the measure of progress each reporting period and , if necessary , adjusts the measure of performance and related revenue recognition . if the license to our intellectual property is determined to be distinct from the other performance obligations identified in the arrangement , we will recognize revenue from non-refundable , up-front fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license . milestones and royalties we aggregate milestones into four categories : ( i ) research milestones , ( ii ) development milestones , ( iii ) commercial milestones , and ( iv ) sales milestones . research milestones are typically achieved upon reaching certain success criteria as defined in each agreement related to developing an anticalin protein against the specified target . development milestones are typically reached when a compound reaches a defined phase of clinical research or passes such phase or upon

