currently , all programs are fully owned by celldex . 54 we estimate that clinical trials of the type we generally conduct are typically completed over the following timelines : clinical phase estimated completion period phase 1 1 - 2 years phase 2 1 - 5 years phase 3 1 - 5 years the duration and the cost of clinical trials may vary significantly over the life of a project as a result of differences arising during the clinical trial protocol , including , among others , the following : the number of patients that ultimately participate in the trial ; the duration of patient follow-up that seems appropriate in view of results ; the number of clinical sites included in the trials ; the length of time required to enroll suitable patient subjects ; and the efficacy and safety profile of the drug candidate . we test potential drug candidates in numerous preclinical studies for safety , toxicology and immunogenicity . we may then conduct multiple clinical trials for each drug candidate . as we obtain results from trials , we may elect to discontinue or delay clinical trials for certain drug candidates in order to focus our resources on more promising drug candidates . an element of our business strategy is to pursue the discovery , research and development of a broad portfolio of drug candidates . this is intended to allow us to diversify the risks associated with our research and development expenditures . to the extent we are unable to maintain a broad range of drug candidates , our dependence on the success of one or a few drug candidates increases . regulatory approval is required before we can market our drug candidates as therapeutic products . in order to proceed to subsequent clinical trial stages and to ultimately achieve regulatory approval , the regulatory agency must conclude that our clinical data demonstrate that our product candidates are safe and effective . historically , the results from preclinical testing and early clinical trials ( through phase 2 ) have often not been predictive of results obtained in later clinical trials . a number of new drugs and biologics have shown promising results in early clinical trials but subsequently failed to establish sufficient safety and efficacy data to obtain necessary regulatory approvals . furthermore , our business strategy includes the option of entering into collaborative arrangements with third parties to complete the development and commercialization of our drug candidates . in the event that third parties take over the clinical trial process for one of our drug candidates , the estimated completion date would largely be under control of that third party rather than us . we can not forecast with any degree of certainty which proprietary products , if any , will be subject to future collaborative arrangements , in whole or in part , and how such arrangements would affect our development plan or capital requirements . our programs may also benefit from subsidies , grants , contracts or government or agency-sponsored studies that could reduce our development costs . as a result of the uncertainties discussed above , among others , it is difficult to accurately estimate the duration and completion costs of our research and development projects or when , if ever , and to what extent we will receive cash inflows from the commercialization and sale of a product . our inability to complete our research and development projects in a timely manner or our failure to enter into collaborative agreements , when appropriate , could significantly increase our capital requirements and could adversely impact our liquidity . these uncertainties could force us to seek additional , external sources of financing from time to time in order to continue with our business strategy . our inability to 55 raise additional capital , or to do so on terms reasonably acceptable to us , would jeopardize the future success of our business . during the past five years through december 31 , 2019 , we incurred an aggregate of $ 408.2 million in research and development expenses . the following table indicates the amount incurred for each of our significant research programs and for other identified research and development activities during the years ended december 31 , 2019 , 2018 and 2017. the amounts disclosed in the following table reflect direct research and development costs , license fees associated with the underlying technology and an allocation of indirect research and development costs to each program . replace_table_token_5_th clinical development programs cdx-1140 cdx-1140 is a fully human agonist monoclonal antibody targeted to cd40 , a key activator of immune response , which is found on dendritic cells , macrophages and b cells and is also expressed on many cancer cells . potent cd40 agonist antibodies have shown encouraging results in early clinical studies ; however , systemic toxicity associated with broad cd40 activation has limited their dosing . cdx-1140 has unique properties relative to other cd40 agonist antibodies : potent agonist activity is independent of fc receptor interaction , contributing to more consistent , controlled immune activation ; cd40l binding is not blocked , leading to potential synergistic effects of agonist activity near activated t cells in lymph nodes and tumors ; and the antibody does not promote cytokine production in whole blood assays . cdx-1140 has shown direct anti-tumor activity in preclinical models of lymphoma . preclinical studies of cdx-1140 clearly demonstrate strong immune activation effects and low systemic toxicity and support the design of the phase 1 study to identify the dose for characterizing single-agent and combination activity . we initiated a phase 1 study of cdx-1140 in november 2017. this study is expected to enroll up to approximately 220 patients with recurrent , locally advanced or metastatic solid tumors and b cell lymphomas . story_separator_special_tag revenue is recognized based on the costs incurred to date as a percentage of the total estimated costs to fulfill the contract . incurred cost represents work performed , which corresponds with , and thereby best depicts , the transfer of control to the customer . due to the nature of the work performed in these arrangements , the estimation of cost at completion is complex , subject to many variables , such as expected clinical trial costs , and requires significant judgements . circumstances can arise that change original estimates of costs or progress toward completion . any revisions to estimates are reflected in revenue on a cumulative catch-up basis in the period in which the change in circumstances became known . revenue for the company is also derived from manufacturing and research and development arrangements . the company owns and operates a cgmp manufacturing facility in fall river , massachusetts , to produce drug substance for its current and planned early-stage clinical trials . in order to utilize excess capacity , the company has , from time to time , entered into contract manufacturing and research and development arrangements in which services are provided on a time-and-material basis or at a negotiated fixed-price . revenue from time-and-material contracts is generally recognized on an output basis as labor hours and or direct expenses are incurred . under fixed-price contracts , revenue is generally recognized on an output basis as progress is made toward completion of the performance obligations using surveys of performance completed to date . intangible and long-lived assets we evaluate the recoverability of our long-lived assets , including property and equipment , and finite-lived intangible assets when circumstances indicate that an event of impairment may have occurred . determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition . in the event that such cash flows are not expected to be sufficient to recover the carrying amount of the assets , the assets are written-down to their estimated fair values . ipr & d assets acquired in a business combination initially are recorded at fair value and accounted for as indefinite-lived intangible assets . these assets are capitalized on our balance sheets until either 61 the project underlying them is completed or the assets become impaired . if a project is completed , the carrying value of the related intangible asset is amortized over the remaining estimated life of the asset beginning in the period in which the project is completed . if a project becomes impaired or is abandoned , the carrying value of the related intangible asset is written down to its fair value and an impairment charge is taken in the period in which the impairment occurs . discounted cash flow models are typically used in these tests , and the models require the use of significant estimates and assumptions including but not limited to : timing and costs to complete the in-process projects ; timing and probability of success of clinical events or regulatory approvals ; estimated future cash flows from product sales resulting from completed products and in-process projects ; and discount rates each ipr & d asset is assessed for impairment at least annually or when impairment indicators are present . we performed an annual impairment test of the ipr & d assets during the fourth quarter of 2019 and concluded that the ipr & d assets were not impaired . intangible assets acquired in a business combination with a finite life are recorded at fair value and amortized over the greater of economic consumption or on a straight-line basis over their estimated useful life . research and development expenses research and development costs , including internal and contract research costs , are expensed as incurred . research and development expenses consist mainly of clinical trial costs , manufacturing of clinical material , toxicology and other preclinical studies , personnel costs , depreciation , license fees and funding of outside contracted research . clinical trial expenses include expenses associated with clinical research organization , or cro , services . contract manufacturing expenses include expenses associated with contract manufacturing organization , or cmo , services . the invoicing from cros and cmos for services rendered can lag several months . we accrue the cost of services rendered in connection with cro and cmo activities based on our estimate of costs incurred . we maintain regular communication with our cros and cmos to assess the reasonableness of our estimates . differences between actual expenses and estimated expenses recorded have not been material and are adjusted for in the period in which they become known . stock-based compensation expense we record stock-based compensation expense for all stock-based awards made to employees , directors and non-employees based on the estimated fair values of the stock-based awards expected to vest at the grant date and adjust , if necessary , to reflect actual forfeitures . our estimates of employee stock option values rely on estimates of future uncertain events . significant assumptions include the use of historical volatility to estimate the expected stock price volatility . we also estimate expected term based on historical exercise patterns . for non-employee grants , we may elect to use the contractual term as the expected term in the option-pricing model . actual volatility and lives of options may be significantly different from our estimates . compensation expense for all stock-based awards to employees and directors is recognized using the straight-line method over the term of vesting or performance . 62 results of operations year ended december 31 , 2019 compared with year ended december 31 , 2018 replace_table_token_6_th net loss the $ 100.3 million decrease in net loss for the year ended december 31 , 2019 , as compared to the year ended december 31 , 2018 , was primarily the result of a decrease in non-cash goodwill and intangible asset impairment expense and a

liquidity and capital resources our cash equivalents are highly liquid investments with a maturity of three months or less at the date of purchase and consist primarily of investments in money market mutual funds with commercial banks and financial institutions . we maintain cash balances with financial institutions in excess of insured limits . we do not anticipate any losses with respect to such cash balances . we invest our excess cash balances in marketable securities , including municipal bond securities , u.s. government agency securities and high-grade corporate bonds that meet high credit quality standards , as specified in our investment policy . our investment policy seeks to manage these assets to achieve our goals of preserving principal and maintaining adequate liquidity . the use of our cash flows for operations has primarily consisted of salaries and wages for our employees ; facility and facility-related costs for our offices , laboratories and manufacturing facility ; fees paid in connection with preclinical studies , clinical studies , contract manufacturing , laboratory supplies and services ; and consulting , legal and other professional fees . to date , the primary sources of cash flows from operations have been payments received from our collaborative partners and from government entities . the timing of any new collaboration agreements , government contracts or grants and any payments under these agreements , contracts or grants can not be easily predicted and may vary significantly from quarter to quarter . at december 31 , 2019 , our principal sources of liquidity consisted of cash , cash equivalents and marketable securities of $ 64.4 million . we have had recurring losses and incurred a loss of $ 50.9 million for the year ended december 31 , 2019. net cash used in operations for the year ended december 31 , 2019 was $ 46.4 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 our cash equivalents are highly liquid investments with a maturity of three months or less at the date of purchase and consist primarily of investments in money market mutual funds with commercial banks and financial institutions . we maintain cash balances with financial institutions in excess of insured limits . we do not anticipate any losses with respect to such cash balances . we invest our excess cash balances in marketable securities , including municipal bond securities , u.s. government agency securities and high-grade corporate bonds that meet high credit quality standards , as specified in our investment policy . our investment policy seeks to manage these assets to achieve our goals of preserving principal and maintaining adequate liquidity . the use of our cash flows for operations has primarily consisted of salaries and wages for our employees ; facility and facility-related costs for our offices , laboratories and manufacturing facility ; fees paid in connection with preclinical studies , clinical studies , contract manufacturing , laboratory supplies and services ; and consulting , legal and other professional fees . to date , the primary sources of cash flows from operations have been payments received from our collaborative partners and from government entities . the timing of any new collaboration agreements , government contracts or grants and any payments under these agreements , contracts or grants can not be easily predicted and may vary significantly from quarter to quarter . at december 31 , 2019 , our principal sources of liquidity consisted of cash , cash equivalents and marketable securities of $ 64.4 million . we have had recurring losses and incurred a loss of $ 50.9 million for the year ended december 31 , 2019. net cash used in operations for the year ended december 31 , 2019 was $ 46.4 million .
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 Suspicious Activity Report : currently , all programs are fully owned by celldex . 54 we estimate that clinical trials of the type we generally conduct are typically completed over the following timelines : clinical phase estimated completion period phase 1 1 - 2 years phase 2 1 - 5 years phase 3 1 - 5 years the duration and the cost of clinical trials may vary significantly over the life of a project as a result of differences arising during the clinical trial protocol , including , among others , the following : the number of patients that ultimately participate in the trial ; the duration of patient follow-up that seems appropriate in view of results ; the number of clinical sites included in the trials ; the length of time required to enroll suitable patient subjects ; and the efficacy and safety profile of the drug candidate . we test potential drug candidates in numerous preclinical studies for safety , toxicology and immunogenicity . we may then conduct multiple clinical trials for each drug candidate . as we obtain results from trials , we may elect to discontinue or delay clinical trials for certain drug candidates in order to focus our resources on more promising drug candidates . an element of our business strategy is to pursue the discovery , research and development of a broad portfolio of drug candidates . this is intended to allow us to diversify the risks associated with our research and development expenditures . to the extent we are unable to maintain a broad range of drug candidates , our dependence on the success of one or a few drug candidates increases . regulatory approval is required before we can market our drug candidates as therapeutic products . in order to proceed to subsequent clinical trial stages and to ultimately achieve regulatory approval , the regulatory agency must conclude that our clinical data demonstrate that our product candidates are safe and effective . historically , the results from preclinical testing and early clinical trials ( through phase 2 ) have often not been predictive of results obtained in later clinical trials . a number of new drugs and biologics have shown promising results in early clinical trials but subsequently failed to establish sufficient safety and efficacy data to obtain necessary regulatory approvals . furthermore , our business strategy includes the option of entering into collaborative arrangements with third parties to complete the development and commercialization of our drug candidates . in the event that third parties take over the clinical trial process for one of our drug candidates , the estimated completion date would largely be under control of that third party rather than us . we can not forecast with any degree of certainty which proprietary products , if any , will be subject to future collaborative arrangements , in whole or in part , and how such arrangements would affect our development plan or capital requirements . our programs may also benefit from subsidies , grants , contracts or government or agency-sponsored studies that could reduce our development costs . as a result of the uncertainties discussed above , among others , it is difficult to accurately estimate the duration and completion costs of our research and development projects or when , if ever , and to what extent we will receive cash inflows from the commercialization and sale of a product . our inability to complete our research and development projects in a timely manner or our failure to enter into collaborative agreements , when appropriate , could significantly increase our capital requirements and could adversely impact our liquidity . these uncertainties could force us to seek additional , external sources of financing from time to time in order to continue with our business strategy . our inability to 55 raise additional capital , or to do so on terms reasonably acceptable to us , would jeopardize the future success of our business . during the past five years through december 31 , 2019 , we incurred an aggregate of $ 408.2 million in research and development expenses . the following table indicates the amount incurred for each of our significant research programs and for other identified research and development activities during the years ended december 31 , 2019 , 2018 and 2017. the amounts disclosed in the following table reflect direct research and development costs , license fees associated with the underlying technology and an allocation of indirect research and development costs to each program . replace_table_token_5_th clinical development programs cdx-1140 cdx-1140 is a fully human agonist monoclonal antibody targeted to cd40 , a key activator of immune response , which is found on dendritic cells , macrophages and b cells and is also expressed on many cancer cells . potent cd40 agonist antibodies have shown encouraging results in early clinical studies ; however , systemic toxicity associated with broad cd40 activation has limited their dosing . cdx-1140 has unique properties relative to other cd40 agonist antibodies : potent agonist activity is independent of fc receptor interaction , contributing to more consistent , controlled immune activation ; cd40l binding is not blocked , leading to potential synergistic effects of agonist activity near activated t cells in lymph nodes and tumors ; and the antibody does not promote cytokine production in whole blood assays . cdx-1140 has shown direct anti-tumor activity in preclinical models of lymphoma . preclinical studies of cdx-1140 clearly demonstrate strong immune activation effects and low systemic toxicity and support the design of the phase 1 study to identify the dose for characterizing single-agent and combination activity . we initiated a phase 1 study of cdx-1140 in november 2017. this study is expected to enroll up to approximately 220 patients with recurrent , locally advanced or metastatic solid tumors and b cell lymphomas . story_separator_special_tag revenue is recognized based on the costs incurred to date as a percentage of the total estimated costs to fulfill the contract . incurred cost represents work performed , which corresponds with , and thereby best depicts , the transfer of control to the customer . due to the nature of the work performed in these arrangements , the estimation of cost at completion is complex , subject to many variables , such as expected clinical trial costs , and requires significant judgements . circumstances can arise that change original estimates of costs or progress toward completion . any revisions to estimates are reflected in revenue on a cumulative catch-up basis in the period in which the change in circumstances became known . revenue for the company is also derived from manufacturing and research and development arrangements . the company owns and operates a cgmp manufacturing facility in fall river , massachusetts , to produce drug substance for its current and planned early-stage clinical trials . in order to utilize excess capacity , the company has , from time to time , entered into contract manufacturing and research and development arrangements in which services are provided on a time-and-material basis or at a negotiated fixed-price . revenue from time-and-material contracts is generally recognized on an output basis as labor hours and or direct expenses are incurred . under fixed-price contracts , revenue is generally recognized on an output basis as progress is made toward completion of the performance obligations using surveys of performance completed to date . intangible and long-lived assets we evaluate the recoverability of our long-lived assets , including property and equipment , and finite-lived intangible assets when circumstances indicate that an event of impairment may have occurred . determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition . in the event that such cash flows are not expected to be sufficient to recover the carrying amount of the assets , the assets are written-down to their estimated fair values . ipr & d assets acquired in a business combination initially are recorded at fair value and accounted for as indefinite-lived intangible assets . these assets are capitalized on our balance sheets until either 61 the project underlying them is completed or the assets become impaired . if a project is completed , the carrying value of the related intangible asset is amortized over the remaining estimated life of the asset beginning in the period in which the project is completed . if a project becomes impaired or is abandoned , the carrying value of the related intangible asset is written down to its fair value and an impairment charge is taken in the period in which the impairment occurs . discounted cash flow models are typically used in these tests , and the models require the use of significant estimates and assumptions including but not limited to : timing and costs to complete the in-process projects ; timing and probability of success of clinical events or regulatory approvals ; estimated future cash flows from product sales resulting from completed products and in-process projects ; and discount rates each ipr & d asset is assessed for impairment at least annually or when impairment indicators are present . we performed an annual impairment test of the ipr & d assets during the fourth quarter of 2019 and concluded that the ipr & d assets were not impaired . intangible assets acquired in a business combination with a finite life are recorded at fair value and amortized over the greater of economic consumption or on a straight-line basis over their estimated useful life . research and development expenses research and development costs , including internal and contract research costs , are expensed as incurred . research and development expenses consist mainly of clinical trial costs , manufacturing of clinical material , toxicology and other preclinical studies , personnel costs , depreciation , license fees and funding of outside contracted research . clinical trial expenses include expenses associated with clinical research organization , or cro , services . contract manufacturing expenses include expenses associated with contract manufacturing organization , or cmo , services . the invoicing from cros and cmos for services rendered can lag several months . we accrue the cost of services rendered in connection with cro and cmo activities based on our estimate of costs incurred . we maintain regular communication with our cros and cmos to assess the reasonableness of our estimates . differences between actual expenses and estimated expenses recorded have not been material and are adjusted for in the period in which they become known . stock-based compensation expense we record stock-based compensation expense for all stock-based awards made to employees , directors and non-employees based on the estimated fair values of the stock-based awards expected to vest at the grant date and adjust , if necessary , to reflect actual forfeitures . our estimates of employee stock option values rely on estimates of future uncertain events . significant assumptions include the use of historical volatility to estimate the expected stock price volatility . we also estimate expected term based on historical exercise patterns . for non-employee grants , we may elect to use the contractual term as the expected term in the option-pricing model . actual volatility and lives of options may be significantly different from our estimates . compensation expense for all stock-based awards to employees and directors is recognized using the straight-line method over the term of vesting or performance . 62 results of operations year ended december 31 , 2019 compared with year ended december 31 , 2018 replace_table_token_6_th net loss the $ 100.3 million decrease in net loss for the year ended december 31 , 2019 , as compared to the year ended december 31 , 2018 , was primarily the result of a decrease in non-cash goodwill and intangible asset impairment expense and a

