we have agreed with allergan to share development costs up to an aggregate of $ 75 million through proof-of-concept ( poc ) studies on a ⅔ , ⅓ basis , respectively , and allergan has agreed to assume all post-poc development costs . additionally , we have an option to co-promote the licensed programs in the united states and china , subject to certain conditions set forth in the collaboration agreement . 41 we currently have corporate and administrative offices in carmel , indiana and research facilities in groton , connecticut and san francisco , california . since our inception , we have had no revenue from product sales , and have funded our operations principally through debt financings prior to our initial public offering in 2010 and through equity financings and collaborations since then . our operations to date have been primarily limited to organizing and staffing our company , licensing our product candidates , discovering and developing our product candidates , establishing initial manufacturing capabilities for our product candidates , maintaining and improving our patent portfolio and raising capital . we have generated significant losses to date , and we expect to continue to generate losses as we continue to develop our product candidates . as of december 31 , 2017 , we had an accumulated deficit of approximately $ 251.0 million . because we do not generate revenue from any of our product candidates , our losses will continue as we further develop and seek regulatory approval for , and commercialize , our product candidates . as a result , our operating losses are likely to be substantial over the next several years as we continue the development of our product candidates and thereafter if none is approved or successfully launched . we are unable to predict the extent of any future losses or when we will become profitable , if at all . financial operations overview research and development expense research and development expenses consist primarily of costs incurred for our research activities , including our drug discovery efforts , target validation , lead optimization and the development of our product candidates , which include : employee-related expenses including salaries , benefits , and stock-based compensation expense ; expenses incurred under agreements with third parties , including contract research organizations ( cros ) that conduct research and development , nonclinical and clinical activities on our behalf and the cost of consultants ; the cost of lab supplies and acquiring , developing , and manufacturing nonclinical study materials ; and facilities , depreciation , and other expenses , which include direct and allocated expenses for rent and maintenance of facilities , insurance , and other operating costs . research and development costs are expensed as incurred . nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are deferred and capitalized . the capitalized amounts are expensed as the related goods are delivered or the services are performed . we use our employee and infrastructure resources across multiple research and development programs , and we allocate internal employee-related and infrastructure costs , as well as certain third-party costs , to each of our programs based on the personnel resources allocated to such program . our research and development expenses , by major program , are outlined in the table below : replace_table_token_4_th diltiazem was a prior product candidate that we are no longer developing . since the merger in july 2014 , the hbv-cure and microbiome programs are the sole focus of our company . the successful discovery and development of our product candidates is highly uncertain . as such , at this time , we can not reasonably estimate , or know the nature , timing and estimated costs , of the efforts that will be necessary to complete the remainder of their development . we are also unable to predict when , if ever , material net cash inflows will commence from our product candidates . this is due to the numerous risks and uncertainties associated with developing medicines , including the uncertainty of : the timing , progress and success of our phase 1 and phase 2 clinical development of abi-h0731 and our nonclinical and planned clinical development activities for abi-h2158 and other product candidates we may identify in each of the hbv-cure and microbiome programs ; establishing an appropriate safety profile with ind-enabling toxicology studies sufficient to advance additional product candidates into clinical development ; 42 successful enrollment in , and completion of , clinical trials ; receipt of marketing approvals from applicable regulatory authorities ; establishing internal commercial manufacturing capabilities or making arrangements with third-party manufacturers ; obtaining and maintaining patent and trade secret protection and regulatory exclusivity for our product candidates ; launching commercial sales of the products , if and when approved , whether alone or in collaboration with others ; and maintaining a continued acceptable safety profile of the products following approval and wide use . a change in the outcome of any of these variables or variables discussed in “ item 1a . risk factors ” with respect to the development of any of our product candidates would significantly change the costs and timing associated with the development of that product candidate . research and development activities are central to our business model . product candidates in later stages of clinical development generally have higher development costs than those in earlier stages of clinical development , primarily due to the increased size and duration of later-stage clinical trials . we expect research and development costs to increase significantly for the foreseeable future as our product candidate development programs progress . however , we do not believe that it is possible at this time to accurately project total program-specific expenses through commercialization . story_separator_special_tag the fair value of stock options issued to employees and directors with service conditions are typically amortized to expense on a straight-line basis over the requisite service periods of the awards , which is generally the vesting period . we account for stock options granted to non-employees , which primarily consist of consultants and members of our scientific advisory board , using the fair value method . stock options granted to non-employees are subject to periodic revaluation over their vesting terms and stock-based compensation expense is recognized using an accelerated recognition model . the fair value of restricted stock units is determined based on the number of shares granted and the quoted market price of our common stock on the date of grant . the fair value of restricted stock units with performance conditions deemed probable of being achieved and vesting are amortized to expense over the requisite service period using the straight-line method of expense recognition . effective on january 1 , 2017 , we elected to account for forfeited awards as they occur as permitted by accounting standards update ( `` asu `` ) 2016-09. ultimately , the actual expenses recognized over the vesting period will be for those shares that vested . prior to making this election , we estimated a forfeiture rate for awards at 0 % , as we did not have a significant history of forfeitures . off-balance sheet arrangements since our inception , we have not engaged in any off-balance sheet arrangements , including the use of structured finance , special purpose entities or variable interest entities . 46 contractual obligations we have contractual and commercial obligations under our operating leases and other obligations related to research and development activities , purchase commitments and licenses . the following table summarizes our future contractual obligations and commercial commitments at december 31 , 2017. replace_table_token_5_th in general , milestone and royalty payments associated with certain license agreements ( other than contingent performance milestone payments anticipated to be paid in 2018 ) have not been included in the above table of contractual obligations as we can not reasonably estimate if or when they will occur . the milestone payments included in the table of contractual obligations above are payments we believe are reasonably likely to occur during the indicated time periods . excluded from future r & d and purchase commitments is our portion of the potential future shared research and development expenses under the collaboration agreement with allergan of up to $ 25 million . further , we anticipate that our operating lease obligations will be higher than projected as we renew existing real estate leases that expire in 2018 and enter into new or expanded real estate leases . results of operations general during the year ended december 31 , 2017 , we generated approximately $ 9.0 million of collaboration revenue , which included the amortization of deferred revenue and reimbursement revenue in each case incurred under the collaboration agreement . at december 31 , 2017 , we had an accumulated deficit of approximately $ 251.0 million primarily as a result of research and development expenses , purchases of in-process research and development and general and administrative expenses . while we may in the future generate revenue from a variety of sources , including license fees , milestone payments , research and development payments in connection with strategic partnerships and or product sales , our product candidates are at an early stage of development and may never be successfully developed or commercialized . accordingly , we expect to continue to incur substantial losses from operations for the foreseeable future and there can be no assurance that we will ever generate significant revenues . comparison of the years ended december 31 , 2017 and december 31 , 2016 research and development expense research and development expense , excluding stock-based compensation expense , was approximately $ 38.8 million for the year ended december 31 , 2017 , an increase of approximately $ 8.7 million from approximately $ 30.1 million for the same period in 2016. the net increase in research and development expenses was primarily due to an increase of $ 3.2 million in research expenses for our hbv-cure program and an increase of approximately $ 5.6 million for nonclinical development of our microbiome program . stock-based compensation expense was approximately $ 5.4 million for the year ended december 31 , 2017 , an increase of approximately $ 2.4 million from approximately $ 3.0 million for the year ended december 31 , 2016. general and administrative expense general and administrative expense , excluding stock-based compensation expense , was approximately $ 13.8 million for the year ended december 31 , 2017 , an increase of approximately $ 3.6 million from approximately $ 10.2 million for the same period in 2016. the net increase in general and administrative expenses was primarily due to an increase of approximately $ 2.5 million of compensation and bonus expenses , $ 0.4 million in professional expenses and $ 0.3 million in legal expenses . stock-based compensation expense was approximately $ 3.2 million for the year ended december 31 , 2017 , an increase of approximately $ 1.2 million from approximately $ 2.0 million for the year ended december 31 , 2016. interest and other income interest and other income was approximately $ 1.0 million for the year ended december 31 , 2017 compared to approximately $ 1.5 million for the same period in 2016. interest income for the years ended december 31 , 2017 and 2016 was primarily related to interest income on marketable securities - corporation bonds and money market fund . 47 income tax benefit we maintain a valuation allowance on deferred tax assets due to the uncertainty regarding the ability to utilize these deferred tax assets in the future . the deferred tax liability was recorded in connection with the acquisition of assembly pharmaceuticals in 2014 and relates to the difference between the carrying amount of in-process research and

liquidity and capital resources as a result of our significant research and development expenditures and the lack of any fda-approved products to generate product sales revenue , we have not been profitable and have generated operating losses since we were incorporated in october 2005. we have funded our operations through december 31 , 2017 principally with debt prior to our initial public offering , and thereafter with equity financing , raising an aggregate of $ 257.3 million in net proceeds from public offerings and private placements from inception to december 31 , 2017. additionally , in february 2017 , we received a $ 50.0 million upfront payment in connection with the closing of the collaboration agreement with allergan . in january 2014 , we sold an aggregate of 92,472 shares of common stock under the amended at-the-market common equity sales program , resulting in net proceeds of approximately $ 1.8 million . 48 on october 6 , 2014 , we sold to various institutional investors an aggregate of 1,959,000 shares of common stock in a registered direct offering . the purchase price paid by the investors was $ 8.04 per share and an aggregate of approximately $ 15.0 million in net proceeds were received . in connection with the offering , we entered into a placement agent agreement with william blair & company , l.l.c. , who acted as sole placement agent in the offering , and pursuant to which we paid a placement agent fee equal to 5.0 % of the gross proceeds of the offering . on march 19 , 2015 , we sold to various investors an aggregate of 5,555,555 shares of common stock in a public offering . the purchase price paid by investors was $ 13.50 per share and an aggregate of $ 70.4 million ( net of underwriting discounts and commissions and offering expenses ) was received .


 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 as a result of our significant research and development expenditures and the lack of any fda-approved products to generate product sales revenue , we have not been profitable and have generated operating losses since we were incorporated in october 2005. we have funded our operations through december 31 , 2017 principally with debt prior to our initial public offering , and thereafter with equity financing , raising an aggregate of $ 257.3 million in net proceeds from public offerings and private placements from inception to december 31 , 2017. additionally , in february 2017 , we received a $ 50.0 million upfront payment in connection with the closing of the collaboration agreement with allergan . in january 2014 , we sold an aggregate of 92,472 shares of common stock under the amended at-the-market common equity sales program , resulting in net proceeds of approximately $ 1.8 million . 48 on october 6 , 2014 , we sold to various institutional investors an aggregate of 1,959,000 shares of common stock in a registered direct offering . the purchase price paid by the investors was $ 8.04 per share and an aggregate of approximately $ 15.0 million in net proceeds were received . in connection with the offering , we entered into a placement agent agreement with william blair & company , l.l.c. , who acted as sole placement agent in the offering , and pursuant to which we paid a placement agent fee equal to 5.0 % of the gross proceeds of the offering . on march 19 , 2015 , we sold to various investors an aggregate of 5,555,555 shares of common stock in a public offering . the purchase price paid by investors was $ 13.50 per share and an aggregate of $ 70.4 million ( net of underwriting discounts and commissions and offering expenses ) was received .
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 Suspicious Activity Report : we have agreed with allergan to share development costs up to an aggregate of $ 75 million through proof-of-concept ( poc ) studies on a ⅔ , ⅓ basis , respectively , and allergan has agreed to assume all post-poc development costs . additionally , we have an option to co-promote the licensed programs in the united states and china , subject to certain conditions set forth in the collaboration agreement . 41 we currently have corporate and administrative offices in carmel , indiana and research facilities in groton , connecticut and san francisco , california . since our inception , we have had no revenue from product sales , and have funded our operations principally through debt financings prior to our initial public offering in 2010 and through equity financings and collaborations since then . our operations to date have been primarily limited to organizing and staffing our company , licensing our product candidates , discovering and developing our product candidates , establishing initial manufacturing capabilities for our product candidates , maintaining and improving our patent portfolio and raising capital . we have generated significant losses to date , and we expect to continue to generate losses as we continue to develop our product candidates . as of december 31 , 2017 , we had an accumulated deficit of approximately $ 251.0 million . because we do not generate revenue from any of our product candidates , our losses will continue as we further develop and seek regulatory approval for , and commercialize , our product candidates . as a result , our operating losses are likely to be substantial over the next several years as we continue the development of our product candidates and thereafter if none is approved or successfully launched . we are unable to predict the extent of any future losses or when we will become profitable , if at all . financial operations overview research and development expense research and development expenses consist primarily of costs incurred for our research activities , including our drug discovery efforts , target validation , lead optimization and the development of our product candidates , which include : employee-related expenses including salaries , benefits , and stock-based compensation expense ; expenses incurred under agreements with third parties , including contract research organizations ( cros ) that conduct research and development , nonclinical and clinical activities on our behalf and the cost of consultants ; the cost of lab supplies and acquiring , developing , and manufacturing nonclinical study materials ; and facilities , depreciation , and other expenses , which include direct and allocated expenses for rent and maintenance of facilities , insurance , and other operating costs . research and development costs are expensed as incurred . nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are deferred and capitalized . the capitalized amounts are expensed as the related goods are delivered or the services are performed . we use our employee and infrastructure resources across multiple research and development programs , and we allocate internal employee-related and infrastructure costs , as well as certain third-party costs , to each of our programs based on the personnel resources allocated to such program . our research and development expenses , by major program , are outlined in the table below : replace_table_token_4_th diltiazem was a prior product candidate that we are no longer developing . since the merger in july 2014 , the hbv-cure and microbiome programs are the sole focus of our company . the successful discovery and development of our product candidates is highly uncertain . as such , at this time , we can not reasonably estimate , or know the nature , timing and estimated costs , of the efforts that will be necessary to complete the remainder of their development . we are also unable to predict when , if ever , material net cash inflows will commence from our product candidates . this is due to the numerous risks and uncertainties associated with developing medicines , including the uncertainty of : the timing , progress and success of our phase 1 and phase 2 clinical development of abi-h0731 and our nonclinical and planned clinical development activities for abi-h2158 and other product candidates we may identify in each of the hbv-cure and microbiome programs ; establishing an appropriate safety profile with ind-enabling toxicology studies sufficient to advance additional product candidates into clinical development ; 42 successful enrollment in , and completion of , clinical trials ; receipt of marketing approvals from applicable regulatory authorities ; establishing internal commercial manufacturing capabilities or making arrangements with third-party manufacturers ; obtaining and maintaining patent and trade secret protection and regulatory exclusivity for our product candidates ; launching commercial sales of the products , if and when approved , whether alone or in collaboration with others ; and maintaining a continued acceptable safety profile of the products following approval and wide use . a change in the outcome of any of these variables or variables discussed in “ item 1a . risk factors ” with respect to the development of any of our product candidates would significantly change the costs and timing associated with the development of that product candidate . research and development activities are central to our business model . product candidates in later stages of clinical development generally have higher development costs than those in earlier stages of clinical development , primarily due to the increased size and duration of later-stage clinical trials . we expect research and development costs to increase significantly for the foreseeable future as our product candidate development programs progress . however , we do not believe that it is possible at this time to accurately project total program-specific expenses through commercialization . story_separator_special_tag the fair value of stock options issued to employees and directors with service conditions are typically amortized to expense on a straight-line basis over the requisite service periods of the awards , which is generally the vesting period . we account for stock options granted to non-employees , which primarily consist of consultants and members of our scientific advisory board , using the fair value method . stock options granted to non-employees are subject to periodic revaluation over their vesting terms and stock-based compensation expense is recognized using an accelerated recognition model . the fair value of restricted stock units is determined based on the number of shares granted and the quoted market price of our common stock on the date of grant . the fair value of restricted stock units with performance conditions deemed probable of being achieved and vesting are amortized to expense over the requisite service period using the straight-line method of expense recognition . effective on january 1 , 2017 , we elected to account for forfeited awards as they occur as permitted by accounting standards update ( `` asu `` ) 2016-09. ultimately , the actual expenses recognized over the vesting period will be for those shares that vested . prior to making this election , we estimated a forfeiture rate for awards at 0 % , as we did not have a significant history of forfeitures . off-balance sheet arrangements since our inception , we have not engaged in any off-balance sheet arrangements , including the use of structured finance , special purpose entities or variable interest entities . 46 contractual obligations we have contractual and commercial obligations under our operating leases and other obligations related to research and development activities , purchase commitments and licenses . the following table summarizes our future contractual obligations and commercial commitments at december 31 , 2017. replace_table_token_5_th in general , milestone and royalty payments associated with certain license agreements ( other than contingent performance milestone payments anticipated to be paid in 2018 ) have not been included in the above table of contractual obligations as we can not reasonably estimate if or when they will occur . the milestone payments included in the table of contractual obligations above are payments we believe are reasonably likely to occur during the indicated time periods . excluded from future r & d and purchase commitments is our portion of the potential future shared research and development expenses under the collaboration agreement with allergan of up to $ 25 million . further , we anticipate that our operating lease obligations will be higher than projected as we renew existing real estate leases that expire in 2018 and enter into new or expanded real estate leases . results of operations general during the year ended december 31 , 2017 , we generated approximately $ 9.0 million of collaboration revenue , which included the amortization of deferred revenue and reimbursement revenue in each case incurred under the collaboration agreement . at december 31 , 2017 , we had an accumulated deficit of approximately $ 251.0 million primarily as a result of research and development expenses , purchases of in-process research and development and general and administrative expenses . while we may in the future generate revenue from a variety of sources , including license fees , milestone payments , research and development payments in connection with strategic partnerships and or product sales , our product candidates are at an early stage of development and may never be successfully developed or commercialized . accordingly , we expect to continue to incur substantial losses from operations for the foreseeable future and there can be no assurance that we will ever generate significant revenues . comparison of the years ended december 31 , 2017 and december 31 , 2016 research and development expense research and development expense , excluding stock-based compensation expense , was approximately $ 38.8 million for the year ended december 31 , 2017 , an increase of approximately $ 8.7 million from approximately $ 30.1 million for the same period in 2016. the net increase in research and development expenses was primarily due to an increase of $ 3.2 million in research expenses for our hbv-cure program and an increase of approximately $ 5.6 million for nonclinical development of our microbiome program . stock-based compensation expense was approximately $ 5.4 million for the year ended december 31 , 2017 , an increase of approximately $ 2.4 million from approximately $ 3.0 million for the year ended december 31 , 2016. general and administrative expense general and administrative expense , excluding stock-based compensation expense , was approximately $ 13.8 million for the year ended december 31 , 2017 , an increase of approximately $ 3.6 million from approximately $ 10.2 million for the same period in 2016. the net increase in general and administrative expenses was primarily due to an increase of approximately $ 2.5 million of compensation and bonus expenses , $ 0.4 million in professional expenses and $ 0.3 million in legal expenses . stock-based compensation expense was approximately $ 3.2 million for the year ended december 31 , 2017 , an increase of approximately $ 1.2 million from approximately $ 2.0 million for the year ended december 31 , 2016. interest and other income interest and other income was approximately $ 1.0 million for the year ended december 31 , 2017 compared to approximately $ 1.5 million for the same period in 2016. interest income for the years ended december 31 , 2017 and 2016 was primarily related to interest income on marketable securities - corporation bonds and money market fund . 47 income tax benefit we maintain a valuation allowance on deferred tax assets due to the uncertainty regarding the ability to utilize these deferred tax assets in the future . the deferred tax liability was recorded in connection with the acquisition of assembly pharmaceuticals in 2014 and relates to the difference between the carrying amount of in-process research and

