this trial is expected to commence after the ind has been cleared by the fda , which we currently anticipate being in 2020. our second drug candidate , bp1002 , targets the protein bcl-2 , which is responsible for driving cell survival in up to 60 % of all cancers . on november 21 , 2019 , we announced that the fda cleared an ind application for bp1002 . an initial phase 1 clinical trial will evaluate the ability of bp1002 to treat refractory/relapsed lymphoma and cll patients . the phase 1 clinical trial is expected to be conducted at several leading cancer centers , including md anderson and the georgia cancer center . our third drug candidate , bp1003 , targets the stat3 protein and is currently in ind enabling studies as a potential treatment of pancreatic cancer , nsclc and aml . preclinical models have shown bp1003 to inhibit cell viability and stat3 protein expression in nsclc and aml cell lines . further , bp1003 successfully penetrated pancreatic tumors and significantly enhanced the efficacy of gemcitabine , a treatment for patients with advanced pancreatic cancer , in a pancreatic cancer patient derived tumor model . our lead indication for bp1003 is pancreatic cancer due to the severity of this disease and the lack of effective , life-extending treatments . we expect to complete several ind enabling studies of bp1003 in 2020. if those studies are successful , we expect that we would file an ind in late 2020 for the first-in-humans phase 1 study of bp1003 in patients with refractory/metastatic solid tumors , including pancreatic , nsclc and colorectal cancers . our dnabilize® technology-based products are available for out-licensing or partnering . we intend to apply our drug delivery technology template to new disease-causing protein targets as a means to develop new nanoparticle antisense rnai drug candidates . we have a new product identification template in place to define a process of scientific , preclinical , commercial and intellectual property evaluation of potential new drug candidates for inclusion into our drug product development pipeline . as we expand , we will look at indications where a systemic delivery is needed and antisense rnai nanoparticles can be used to slow , reverse or cure a disease , either alone or in combination with another drug . on september 25 , 2019 , we announced that the uspto issued a patent for claims related to dnabilize® , including its use in the treatment of cancers , autoimmune diseases and infectious diseases . we have certain intellectual property as the basis for our current drug products in clinical development , prexigebersen , bp1002 and bp1003 . we are developing rnai antisense nanoparticle drug candidates based on our own patented technology to treat cancer and autoimmune disorders where targeting a single protein may be advantageous and result in reduced patient adverse effects as compared to small molecule inhibitors with off-target and non-specific effects . we have composition of matter and method of use intellectual property for the design and manufacture of antisense rnai nanoparticle drug products . as of december 31 , 2019 , we had an accumulated deficit of $ 56.3 million . our net loss was $ 8.6 million for each of the years ended december 31 , 2019 and 2018. we expect to continue to incur significant operating losses and we anticipate that our losses may increase substantially as we expand our drug development programs and commercialization efforts . to achieve profitability , we must enter into license or development agreements with third parties , or successfully develop and obtain regulatory approval for one or more of our drug candidates and effectively commercialize any drug candidates we develop . in addition , if we obtain regulatory approval of one or more of our drug candidates , we expect to incur significant commercialization expenses related to product sales , marketing , manufacturing and distribution . even if we succeed in developing and commercializing one or more of our drug candidates , we may not be able to generate sufficient revenue and we may never be able to achieve or sustain profitability . we expect to finance our foreseeable cash requirements through cash on hand , cash from operations , debt financings and public or private equity offerings . we may seek to access the public or private equity markets whenever conditions are favorable ; however , there can be no assurance that we will be able to raise additional capital when needed or on terms that are favorable to us , if at all . additionally , we may seek collaborations and license arrangements for our drug candidates . we currently have no lines of credit or other arranged access to debt financing . 50 financial operations overview revenue we have not generated significant revenues to date . our ability to generate revenues from our drug candidates , which we do not expect will occur for many years , if ever , will depend heavily on the successful development and eventual commercialization of our drug candidates . in the future , we may generate revenue from a combination of product sales , third-party grants , service agreements , strategic alliances and licensing arrangements . we expect that any revenue we generate will fluctuate due to the timing and amount of services performed , milestones achieved , license fees earned and payments received upon the eventual sales of our drug candidates , in the event any are successfully commercialized . if we fail to complete the development of any of our drug candidates or obtain regulatory approval for them , our ability to generate future revenue will be adversely affected . research and development expenses research and development expenses consist of costs associated with our research activities , including the development of our drug candidates . story_separator_special_tag such additional capital may not be available when needed or on terms favorable to us . in addition , we may seek additional capital due to favorable market conditions or strategic considerations , even if we believe we have sufficient funds for our current and future operating plan . there can be no assurance that we will be able to continue to raise additional capital through the sale of our securities in the future . our future capital requirements may change and will depend on numerous factors , which are discussed in detail in “ item 1a . risk factors ” of this annual report on form 10-k. off-balance sheet arrangements as of december 31 , 2019 , we did not have any material off-balance sheet arrangements . critical accounting policies our management 's discussion and analysis of our financial condition and results of operations are based on our financial statements , which have been prepared in conformity with gaap in the u.s. the preparation of such financial statements has required our management to make assumptions , estimates and judgments that affect the amounts reported in the financial statements , including the notes thereto , and related disclosures of commitments and contingencies , if any . we consider our critical accounting policies to be those that require the more significant judgments and estimates in the preparation of financial statements , including the following : principles of consolidation — the consolidated financial statements include the accounts of bio-path holdings , inc. , and its wholly-owned subsidiary bio-path , inc. all intercompany accounts and transactions have been eliminated in consolidation . concentration of credit risk — financial instruments that potentially subject us to a significant concentration of credit risk consist of cash . the company maintains its cash balances with one major commercial bank , jpmorgan chase bank . the balances are insured by the federal deposit insurance corporation ( the “ fdic ” ) up to $ 250,000. as a result , as of december 31 , 2019 , approximately $ 20.2 million of our cash balance was not covered by the fdic . as of december 31 , 2018 , we had approximately $ 1.0 million in cash on-hand , of which approximately $ 0.8 million was not covered by the fdic . to date , the company has not incurred any losses on its cash balances . long-lived assets — our long-lived assets consist of furniture , fixtures and equipment , leasehold improvements and right-of-use operating assets . long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable . recoverability of the asset is measured by a comparison of the asset 's carrying amount to the estimated undiscounted future cash flows expected to be generated by the asset . if the carrying amount of an asset exceeds its estimated undiscounted future cash flows , an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset . intangible assets/impairment of long-lived assets — long-lived assets are reviewed for events of changes in circumstances which indicate that their carrying value may not be recoverable . the license agreement with md anderson was mutually terminated on december 18 , 2018 , and the company impaired the remaining balance of $ 0.6 million on the license as of december 31 , 2018. research and development costs — costs and expenses that can be clearly identified as research and development are charged to expense as incurred . advance payments , including nonrefundable amounts , for goods or services that will be used or rendered for future research and development activities are deferred and capitalized . such amounts will be recognized as an expense as the related goods are delivered or the related services are performed . if the goods will not be delivered , or services will not be rendered , then the capitalized advance payment is charged to expense . 55 the company estimates its clinical trial expense accrual each period based on a cost per patient calculation which is derived from estimated start-up costs , clinical trial costs based on the number of patients and length of treatment and clinical study report costs . these services are performed by the company 's third-party clinical research organizations , laboratories and clinical investigative sites . the expense accrual is recorded in research and development expense each period . amounts that have been prepaid in advance of work performed are recorded in other current assets . for each of the years ended december 31 , 2019 and 2018 , we had $ 4.6 million of costs classified as research and development expense . stock-based compensation — the company has accounted for stock-based compensation under the provisions of gaap . the provisions require us to record an expense associated with the fair value of stock-based compensation . we currently use the black-scholes option valuation model to calculate stock-based compensation at the date of grant . option pricing models require the input of highly subjective assumptions , including the expected price volatility . changes in these assumptions can materially affect the fair value estimate . recent accounting pronouncements — from time to time , new accounting pronouncements are issued by the financial accounting standards board ( “ fasb ” ) that are adopted by the company as of the specified effective date . if not discussed , management believes that the impact of recently issued standards , which are not yet effective , will not have a material impact on the company 's consolidated financial statements upon adoption . in february 2016 , the fasb issued asu no . 2016-02 , leases . the new standard establishes a right-of-use ( “ rou ” ) model that requires a lessee to record a rou asset and a lease liability initially measured at the present value of the lease payments on the balance

cash flows for the year ended december 31 , 2019 operating activities . net cash used in operating activities for the year ended december 31 , 2019 was $ 8.4 million . net cash used in operating activities consisted primarily of the net loss for the period of $ 8.6 million , excluding non-cash stock-based compensation expense of $ 0.7 million and amortization and depreciation expenses of $ 0.2 million , an increase in current assets of $ 0.4 million and a decrease in current liabilities of $ 0.2 million . financing activities . net cash provided by financing activities for the year ended december 31 , 2019 consisted primarily of net proceeds of $ 26.7 million from the 2019 underwritten offering , the january 2019 registered direct offering and january 2019 private placement , the march 2019 registered direct offering and the november 2019 registered direct offering , each as described below , as well as net proceeds of $ 1.1 million from the exercise of warrants to purchase shares of our common stock . for the year ended december 31 , 2018 operating activities . net cash used in operating activities for the year ended december 31 , 2018 was $ 6.1 million . net cash used in operating activities consisted primarily of the net loss for the period of $ 8.6 million , excluding non-cash stock-based compensation expense of $ 0.6 million and technology license amortization and depreciation expenses of $ 0.4 million , an impairment of the technology license of $ 0.6 million , an increase in current liabilities of $ 0.5 million and a decrease in current assets of $ 0.3 million . investing activities . net cash used in investing activities for the year ended december 31 , 2018 consisted of capital expenditures totaling $ 17,000 , which were primarily related to research and development equipment purchases . financing activities . net cash provided by financing activities for the year ended december 31 , 2018 was $ 1.2 million from the 2018 registered direct offering and 2018 private placement , both as described below .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```cash flows for the year ended december 31 , 2019 operating activities . net cash used in operating activities for the year ended december 31 , 2019 was $ 8.4 million . net cash used in operating activities consisted primarily of the net loss for the period of $ 8.6 million , excluding non-cash stock-based compensation expense of $ 0.7 million and amortization and depreciation expenses of $ 0.2 million , an increase in current assets of $ 0.4 million and a decrease in current liabilities of $ 0.2 million . financing activities . net cash provided by financing activities for the year ended december 31 , 2019 consisted primarily of net proceeds of $ 26.7 million from the 2019 underwritten offering , the january 2019 registered direct offering and january 2019 private placement , the march 2019 registered direct offering and the november 2019 registered direct offering , each as described below , as well as net proceeds of $ 1.1 million from the exercise of warrants to purchase shares of our common stock . for the year ended december 31 , 2018 operating activities . net cash used in operating activities for the year ended december 31 , 2018 was $ 6.1 million . net cash used in operating activities consisted primarily of the net loss for the period of $ 8.6 million , excluding non-cash stock-based compensation expense of $ 0.6 million and technology license amortization and depreciation expenses of $ 0.4 million , an impairment of the technology license of $ 0.6 million , an increase in current liabilities of $ 0.5 million and a decrease in current assets of $ 0.3 million . investing activities . net cash used in investing activities for the year ended december 31 , 2018 consisted of capital expenditures totaling $ 17,000 , which were primarily related to research and development equipment purchases . financing activities . net cash provided by financing activities for the year ended december 31 , 2018 was $ 1.2 million from the 2018 registered direct offering and 2018 private placement , both as described below .
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 Suspicious Activity Report : this trial is expected to commence after the ind has been cleared by the fda , which we currently anticipate being in 2020. our second drug candidate , bp1002 , targets the protein bcl-2 , which is responsible for driving cell survival in up to 60 % of all cancers . on november 21 , 2019 , we announced that the fda cleared an ind application for bp1002 . an initial phase 1 clinical trial will evaluate the ability of bp1002 to treat refractory/relapsed lymphoma and cll patients . the phase 1 clinical trial is expected to be conducted at several leading cancer centers , including md anderson and the georgia cancer center . our third drug candidate , bp1003 , targets the stat3 protein and is currently in ind enabling studies as a potential treatment of pancreatic cancer , nsclc and aml . preclinical models have shown bp1003 to inhibit cell viability and stat3 protein expression in nsclc and aml cell lines . further , bp1003 successfully penetrated pancreatic tumors and significantly enhanced the efficacy of gemcitabine , a treatment for patients with advanced pancreatic cancer , in a pancreatic cancer patient derived tumor model . our lead indication for bp1003 is pancreatic cancer due to the severity of this disease and the lack of effective , life-extending treatments . we expect to complete several ind enabling studies of bp1003 in 2020. if those studies are successful , we expect that we would file an ind in late 2020 for the first-in-humans phase 1 study of bp1003 in patients with refractory/metastatic solid tumors , including pancreatic , nsclc and colorectal cancers . our dnabilize® technology-based products are available for out-licensing or partnering . we intend to apply our drug delivery technology template to new disease-causing protein targets as a means to develop new nanoparticle antisense rnai drug candidates . we have a new product identification template in place to define a process of scientific , preclinical , commercial and intellectual property evaluation of potential new drug candidates for inclusion into our drug product development pipeline . as we expand , we will look at indications where a systemic delivery is needed and antisense rnai nanoparticles can be used to slow , reverse or cure a disease , either alone or in combination with another drug . on september 25 , 2019 , we announced that the uspto issued a patent for claims related to dnabilize® , including its use in the treatment of cancers , autoimmune diseases and infectious diseases . we have certain intellectual property as the basis for our current drug products in clinical development , prexigebersen , bp1002 and bp1003 . we are developing rnai antisense nanoparticle drug candidates based on our own patented technology to treat cancer and autoimmune disorders where targeting a single protein may be advantageous and result in reduced patient adverse effects as compared to small molecule inhibitors with off-target and non-specific effects . we have composition of matter and method of use intellectual property for the design and manufacture of antisense rnai nanoparticle drug products . as of december 31 , 2019 , we had an accumulated deficit of $ 56.3 million . our net loss was $ 8.6 million for each of the years ended december 31 , 2019 and 2018. we expect to continue to incur significant operating losses and we anticipate that our losses may increase substantially as we expand our drug development programs and commercialization efforts . to achieve profitability , we must enter into license or development agreements with third parties , or successfully develop and obtain regulatory approval for one or more of our drug candidates and effectively commercialize any drug candidates we develop . in addition , if we obtain regulatory approval of one or more of our drug candidates , we expect to incur significant commercialization expenses related to product sales , marketing , manufacturing and distribution . even if we succeed in developing and commercializing one or more of our drug candidates , we may not be able to generate sufficient revenue and we may never be able to achieve or sustain profitability . we expect to finance our foreseeable cash requirements through cash on hand , cash from operations , debt financings and public or private equity offerings . we may seek to access the public or private equity markets whenever conditions are favorable ; however , there can be no assurance that we will be able to raise additional capital when needed or on terms that are favorable to us , if at all . additionally , we may seek collaborations and license arrangements for our drug candidates . we currently have no lines of credit or other arranged access to debt financing . 50 financial operations overview revenue we have not generated significant revenues to date . our ability to generate revenues from our drug candidates , which we do not expect will occur for many years , if ever , will depend heavily on the successful development and eventual commercialization of our drug candidates . in the future , we may generate revenue from a combination of product sales , third-party grants , service agreements , strategic alliances and licensing arrangements . we expect that any revenue we generate will fluctuate due to the timing and amount of services performed , milestones achieved , license fees earned and payments received upon the eventual sales of our drug candidates , in the event any are successfully commercialized . if we fail to complete the development of any of our drug candidates or obtain regulatory approval for them , our ability to generate future revenue will be adversely affected . research and development expenses research and development expenses consist of costs associated with our research activities , including the development of our drug candidates . story_separator_special_tag such additional capital may not be available when needed or on terms favorable to us . in addition , we may seek additional capital due to favorable market conditions or strategic considerations , even if we believe we have sufficient funds for our current and future operating plan . there can be no assurance that we will be able to continue to raise additional capital through the sale of our securities in the future . our future capital requirements may change and will depend on numerous factors , which are discussed in detail in “ item 1a . risk factors ” of this annual report on form 10-k. off-balance sheet arrangements as of december 31 , 2019 , we did not have any material off-balance sheet arrangements . critical accounting policies our management 's discussion and analysis of our financial condition and results of operations are based on our financial statements , which have been prepared in conformity with gaap in the u.s. the preparation of such financial statements has required our management to make assumptions , estimates and judgments that affect the amounts reported in the financial statements , including the notes thereto , and related disclosures of commitments and contingencies , if any . we consider our critical accounting policies to be those that require the more significant judgments and estimates in the preparation of financial statements , including the following : principles of consolidation — the consolidated financial statements include the accounts of bio-path holdings , inc. , and its wholly-owned subsidiary bio-path , inc. all intercompany accounts and transactions have been eliminated in consolidation . concentration of credit risk — financial instruments that potentially subject us to a significant concentration of credit risk consist of cash . the company maintains its cash balances with one major commercial bank , jpmorgan chase bank . the balances are insured by the federal deposit insurance corporation ( the “ fdic ” ) up to $ 250,000. as a result , as of december 31 , 2019 , approximately $ 20.2 million of our cash balance was not covered by the fdic . as of december 31 , 2018 , we had approximately $ 1.0 million in cash on-hand , of which approximately $ 0.8 million was not covered by the fdic . to date , the company has not incurred any losses on its cash balances . long-lived assets — our long-lived assets consist of furniture , fixtures and equipment , leasehold improvements and right-of-use operating assets . long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable . recoverability of the asset is measured by a comparison of the asset 's carrying amount to the estimated undiscounted future cash flows expected to be generated by the asset . if the carrying amount of an asset exceeds its estimated undiscounted future cash flows , an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset . intangible assets/impairment of long-lived assets — long-lived assets are reviewed for events of changes in circumstances which indicate that their carrying value may not be recoverable . the license agreement with md anderson was mutually terminated on december 18 , 2018 , and the company impaired the remaining balance of $ 0.6 million on the license as of december 31 , 2018. research and development costs — costs and expenses that can be clearly identified as research and development are charged to expense as incurred . advance payments , including nonrefundable amounts , for goods or services that will be used or rendered for future research and development activities are deferred and capitalized . such amounts will be recognized as an expense as the related goods are delivered or the related services are performed . if the goods will not be delivered , or services will not be rendered , then the capitalized advance payment is charged to expense . 55 the company estimates its clinical trial expense accrual each period based on a cost per patient calculation which is derived from estimated start-up costs , clinical trial costs based on the number of patients and length of treatment and clinical study report costs . these services are performed by the company 's third-party clinical research organizations , laboratories and clinical investigative sites . the expense accrual is recorded in research and development expense each period . amounts that have been prepaid in advance of work performed are recorded in other current assets . for each of the years ended december 31 , 2019 and 2018 , we had $ 4.6 million of costs classified as research and development expense . stock-based compensation — the company has accounted for stock-based compensation under the provisions of gaap . the provisions require us to record an expense associated with the fair value of stock-based compensation . we currently use the black-scholes option valuation model to calculate stock-based compensation at the date of grant . option pricing models require the input of highly subjective assumptions , including the expected price volatility . changes in these assumptions can materially affect the fair value estimate . recent accounting pronouncements — from time to time , new accounting pronouncements are issued by the financial accounting standards board ( “ fasb ” ) that are adopted by the company as of the specified effective date . if not discussed , management believes that the impact of recently issued standards , which are not yet effective , will not have a material impact on the company 's consolidated financial statements upon adoption . in february 2016 , the fasb issued asu no . 2016-02 , leases . the new standard establishes a right-of-use ( “ rou ” ) model that requires a lessee to record a rou asset and a lease liability initially measured at the present value of the lease payments on the balance

