we expect to incur substantial net losses for the next several years as we continue to develop certain of our existing product development programs , and over the long-term if we expand our research and development programs and acquire or in-license products , technologies or businesses that are complementary to our own . as of december 31 , 2012 , we had available cash and cash equivalents of $ 4.0 million and working capital of $ 3.4 million . we expect to have approximately $ 3 million in available cash as of march 31 , 2013 , and , assuming we raise additional capital , we expect to spend approximately $ 6 million from april 1 , 2013 through december 31 , 2013 to execute our strategic plan and fund operations . as of the date of this report , we have working capital sufficient to fund operations through june 30 , 2013. these factors raise substantial doubt about the company 's ability to continue as a going concern . between august 21 , 2012 and the date of this report we have generated proceeds of $ 3.0 million under the common stock purchase agreement with aspire capital fund llc ( aspire ) including proceeds of $ 1.5 million on the sale 800,000 shares of our common stock subsequent to december 31 , 2012. we have the right , subject to the terms of the common stock purchase agreement , to cause aspire to acquire up to 3,231,096 shares for total gross proceeds not to exceed $ 20 million ( including the 2,019,696 shares issued or sold to aspire to date for $ 3.0 million ) , subject to daily dollar limitations and subject to the maximum dollar amount we can sell from time to time under our registration statement on form s-3 . we expect to sell additional shares under this agreement during 2013. we are also pursuing other opportunities to raise capital through the sale of our common stock or through other strategic initiatives . there can be no assurances that there will be adequate financing available to us on acceptable terms , or at all . if the company is unable to obtain additional financing , we may have to sell one or more of our programs or cease operations . we are currently focusing our development activities on mn-166 , an ibudilast-based drug candidate for the treatment of neurological disorders , and obtaining additional funding to advance clinical trial development of mn-221 , a novel , highly selective ß 2 -adrenergic receptor agonist being developed for the treatment of acute exacerbations of asthma and copd . including mn-166 and mn-221 and our other product development programs , we have acquired licenses to eight compounds for the development of ten product candidates which include clinical development for the treatment of acute exacerbations of asthma , ms and other central nervous system ( cns ) disorders , bronchial asthma , interstitial cystitis ( ic ) , solid tumor cancers , generalized anxiety disorders/insomnia , preterm labor and urinary incontinence . we entered into an agreement to form a joint venture company with zhejiang medicine co. , ltd. and beijing make-friend medicine technology co. , ltd. effective september 27 , 2011. the joint venture agreement 54 provides for the joint venture company , zhejiang sunmy bio-medical co. , ltd. ( zhejiang sunmy ) , to develop and commercialize mn-221 in china . a sublicense will be required under which zhejiang sunmy will license mn-221 from us . in accordance with the joint venture agreement , in march 2012 we paid $ 680,000 for our 30 % interest in zhejiang sunmy . the other parties to the joint venture agreement provided funding for their combined 70 % interest . we have not entered into the sublicense of mn-221 with the joint venture company as of the date of this report . there is no assurance the sublicense will be executed and there is no assurance that zhejiang sunmy will be able to proceed with the development of mn-221 in china . a. zhejiang sunmy is a variable interest entity for which we are not the primary beneficiary as we do not have a majority of the board seats and we will not have power to direct or significantly influence the actions of the entity . we therefore account for the activities of zhejiang sunmy under the equity method whereby we absorb any loss or income generated by zhejiang sunmy according to our percentage ownership . at december 31 , 2012 we reflect a long-term asset on our consolidated balance sheet which represents our investment in zhejiang sunmy , net of our portion of any generated loss or income . upon completion of proof-of-concept phase 2 clinical trials , we intend to enter into strategic alliances with leading pharmaceutical or biotech companies who seek late stage product candidates , such as mn-221 , to support further clinical development and product commercialization . depending on decisions we may make as to further clinical development , we may seek to raise addition capital . we may also pursue potential partnerships and potential acquirers of license rights to our programs in markets outside the u.s. underwritten firm commitment public offering in march 2011 we completed a firm-commitment underwritten public offering of 2,750,000 units at a price to the public of $ 3.00 per unit for gross proceeds of $ 8.25 million . each unit consists of one share of common stock and a warrant to purchase one share of common stock . the shares of common stock and warrants are immediately separable and were issued separately . on march 24 , 2011 , the underwriter exercised 50,666 units of its 412,500 unit overallotment . story_separator_special_tag if assets are considered to be impaired , the impairment recognized is the amount by which the carrying value of the assets exceeds the fair value of the assets . recent accounting pronouncements in may 2011 , the financial accounting standards board , or fasb , issued updated accounting guidance that clarifies existing fair value measurements and disclosures , and eliminates differences between gaap and international financial reporting standards to make convergence guidance more understandable . this guidance is effective for interim and annual periods beginning after december 15 , 2011. the adoption of this guidance did not have a material impact on the company 's consolidated financial statements . 59 in september 2011 , the fasb , issued guidance to simplify how entities test for goodwill impairment . the updated guidance permits an assessment of qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit in which goodwill resides is less than its carrying value . for reporting units in which this assessment concludes it is more likely than not that the fair value is more than its carrying value , the updated guidance eliminates the requirement to perform further goodwill impairment testing . this new guidance is effective for fiscal years beginning after december 15 , 2011. the adoption of this guidance did not have a material impact on the company 's consolidated financial statements . effective january 1 , 2012 , the company adopted guidance issued by the fasb , concerning presentation and disclosure only for the presentation of comprehensive ( loss ) income . the adoption of this guidance did not have a material impact on the company 's consolidated financial position or results of operations , other than its impact on the presentation of comprehensive ( loss ) income . in august 2012 , the fasb issued updated guidance to 2011 guidance that permits an assessment of the qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit in which goodwill resides is less than its carrying value . this updated guidance is effective for annual and interim impairment tests performed for fiscal years beginning after september 15 , 2012 with early adoption permitted . the adoption of this standard is not expected to have a material impact on our consolidated financial statements . results of operations comparison of the years ended december 31 , 2012 and 2011 revenues revenue for the year ended december 31 , 2012 was approximately $ 803,000. there was no revenue for the year ended december 31 , 2011. the revenue recorded in 2012 related to the development services we performed under the kissei services agreement during that period . research and development research and development expenses for the year ended december 31 , 2012 were $ 5.0 million , a decrease of $ 2.8 million compared to $ 7.8 million for the year ended december 31 , 2011. this decrease in research and development expenses primarily related to a decrease of $ 3.4 million in spending on mn-221 primarily due to the completion of the cl-007 clinical trial in march 2012 , partially offset by an increase in spending of $ 1.3 million for our mn-221cl-012 clinical trial , and decreases in unallocated employee compensation , occupancy and legal costs totaling $ 0.6 million . general and administrative general and administrative expenses were $ 6.7 million for the year ended december 31 , 2012 , a decrease of $ 1.6 million compared to $ 8.3 million for the year ended december 31 , 2011. this decrease in general and administrative expenses was due primarily to $ 1.2 million decrease in employee compensation expense including $ 0.6 million related to stock-based compensation , and a decrease in professional legal and accounting fees of $ 0.4 million . other expense other expense for the year ended december 31 , 2012 was approximately $ 30,000 , as compared to approximately $ 80,000 for the year ended december 31 , 2011. in 2011 , other expense primarily consisted of accretion related to convertible notes and amortization of debt issuance costs paid to third parties . in 2012 , other expense consisted of losses from the joint venture accounted for under the equity method according to our percentage ownership , and net foreign exchange losses related to vendor invoices denominated in foreign currencies . 60 interest expense interest expense for the year ended december 30 , 2011 was $ 1.6 million and consisted of interest on our debt under the effective interest method and write-off of debt related costs pursuant to the early repayment of our debt with oxford . in 2012 , we held no debt and had no interest expense . other income other income for the year ended december 31 , 2012 was approximately $ 25,000 , as compared to approximately $ 60,000 for the year ended december 31 , 2011. the decrease is due to a decrease in interest income on lower cash equivalents . story_separator_special_tag payments upon the achievement of various milestones related to clinical , regulatory or commercial events ; our ability to establish and maintain strategic collaborations , including licensing and other arrangements , and to complete acquisitions of additional product candidates ; the time and costs involved in obtaining regulatory approvals ; the costs of securing manufacturing arrangements for clinical or commercial production of our product candidates ; the costs associated with expanding our management , personnel , systems and facilities ; the costs associated with any litigation ; the costs associated with the operations or wind-down of any business we may acquire ; the costs involved in filing , prosecuting , enforcing and defending patent claims and other intellectual property rights ; and the costs of establishing or contracting for sales and marketing capabilities and commercialization activities if we obtain regulatory approval to market our product candidates . 62 other significant contractual obligations the following summarizes our

liquidity and capital resources we incurred losses of $ 11.0 million and $ 17.7 million for the years ended december 31 , 2012 , and 2011 respectively . at december 31 , 2012 , from inception , our accumulated deficit was $ 296.2 million , including $ 50.4 million of non-cash stock-based compensation charges . we have used net cash of $ 11.9 million and $ 13.3 million to fund our operating activities for the years ended december 31 , 2012 and 2011 , respectively . our operating losses to date have been funded primarily through the private placement of our equity securities , the public sale of our common stock , long-term debt , development agreements with partners and the exercise of founders ' warrants , net of treasury stock repurchases . in march 2011 we announced a firm-commitment underwritten public offering of 2,750,000 units at a price to the public of $ 3.00 per unit for gross proceeds of $ 8.25 million . each unit consists of one share of common stock , and a warrant to purchase one share of common stock . the shares of common stock and warrants are immediately separable and were issued separately . on march 24 , 2011 , the underwriter exercised 50,666 units of its 412,500 unit overallotment . in october 2011 , pursuant to a stock purchase agreement by and between us and kissei pharmaceutical co. , ltd. , or kissei , kissei purchased ( i ) an aggregate of 800,000 shares of our common stock , par value $ 0.001 per share at a price of $ 2.50 per share , and ( ii ) 220,000 shares of our series b convertible preferred stock , par value $ 0.01 per share , at a price of $ 25.00 per share . in october we received gross proceeds of $ 7.5 million related to this purchase agreement . in october 2011 , we entered into an agreement with kissei to perform research and development services relating to mn-221 in exchange for a non-refundable upfront payment of $ 2.5 million .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources we incurred losses of $ 11.0 million and $ 17.7 million for the years ended december 31 , 2012 , and 2011 respectively . at december 31 , 2012 , from inception , our accumulated deficit was $ 296.2 million , including $ 50.4 million of non-cash stock-based compensation charges . we have used net cash of $ 11.9 million and $ 13.3 million to fund our operating activities for the years ended december 31 , 2012 and 2011 , respectively . our operating losses to date have been funded primarily through the private placement of our equity securities , the public sale of our common stock , long-term debt , development agreements with partners and the exercise of founders ' warrants , net of treasury stock repurchases . in march 2011 we announced a firm-commitment underwritten public offering of 2,750,000 units at a price to the public of $ 3.00 per unit for gross proceeds of $ 8.25 million . each unit consists of one share of common stock , and a warrant to purchase one share of common stock . the shares of common stock and warrants are immediately separable and were issued separately . on march 24 , 2011 , the underwriter exercised 50,666 units of its 412,500 unit overallotment . in october 2011 , pursuant to a stock purchase agreement by and between us and kissei pharmaceutical co. , ltd. , or kissei , kissei purchased ( i ) an aggregate of 800,000 shares of our common stock , par value $ 0.001 per share at a price of $ 2.50 per share , and ( ii ) 220,000 shares of our series b convertible preferred stock , par value $ 0.01 per share , at a price of $ 25.00 per share . in october we received gross proceeds of $ 7.5 million related to this purchase agreement . in october 2011 , we entered into an agreement with kissei to perform research and development services relating to mn-221 in exchange for a non-refundable upfront payment of $ 2.5 million .
```    
 Suspicious Activity Report : we expect to incur substantial net losses for the next several years as we continue to develop certain of our existing product development programs , and over the long-term if we expand our research and development programs and acquire or in-license products , technologies or businesses that are complementary to our own . as of december 31 , 2012 , we had available cash and cash equivalents of $ 4.0 million and working capital of $ 3.4 million . we expect to have approximately $ 3 million in available cash as of march 31 , 2013 , and , assuming we raise additional capital , we expect to spend approximately $ 6 million from april 1 , 2013 through december 31 , 2013 to execute our strategic plan and fund operations . as of the date of this report , we have working capital sufficient to fund operations through june 30 , 2013. these factors raise substantial doubt about the company 's ability to continue as a going concern . between august 21 , 2012 and the date of this report we have generated proceeds of $ 3.0 million under the common stock purchase agreement with aspire capital fund llc ( aspire ) including proceeds of $ 1.5 million on the sale 800,000 shares of our common stock subsequent to december 31 , 2012. we have the right , subject to the terms of the common stock purchase agreement , to cause aspire to acquire up to 3,231,096 shares for total gross proceeds not to exceed $ 20 million ( including the 2,019,696 shares issued or sold to aspire to date for $ 3.0 million ) , subject to daily dollar limitations and subject to the maximum dollar amount we can sell from time to time under our registration statement on form s-3 . we expect to sell additional shares under this agreement during 2013. we are also pursuing other opportunities to raise capital through the sale of our common stock or through other strategic initiatives . there can be no assurances that there will be adequate financing available to us on acceptable terms , or at all . if the company is unable to obtain additional financing , we may have to sell one or more of our programs or cease operations . we are currently focusing our development activities on mn-166 , an ibudilast-based drug candidate for the treatment of neurological disorders , and obtaining additional funding to advance clinical trial development of mn-221 , a novel , highly selective ß 2 -adrenergic receptor agonist being developed for the treatment of acute exacerbations of asthma and copd . including mn-166 and mn-221 and our other product development programs , we have acquired licenses to eight compounds for the development of ten product candidates which include clinical development for the treatment of acute exacerbations of asthma , ms and other central nervous system ( cns ) disorders , bronchial asthma , interstitial cystitis ( ic ) , solid tumor cancers , generalized anxiety disorders/insomnia , preterm labor and urinary incontinence . we entered into an agreement to form a joint venture company with zhejiang medicine co. , ltd. and beijing make-friend medicine technology co. , ltd. effective september 27 , 2011. the joint venture agreement 54 provides for the joint venture company , zhejiang sunmy bio-medical co. , ltd. ( zhejiang sunmy ) , to develop and commercialize mn-221 in china . a sublicense will be required under which zhejiang sunmy will license mn-221 from us . in accordance with the joint venture agreement , in march 2012 we paid $ 680,000 for our 30 % interest in zhejiang sunmy . the other parties to the joint venture agreement provided funding for their combined 70 % interest . we have not entered into the sublicense of mn-221 with the joint venture company as of the date of this report . there is no assurance the sublicense will be executed and there is no assurance that zhejiang sunmy will be able to proceed with the development of mn-221 in china . a. zhejiang sunmy is a variable interest entity for which we are not the primary beneficiary as we do not have a majority of the board seats and we will not have power to direct or significantly influence the actions of the entity . we therefore account for the activities of zhejiang sunmy under the equity method whereby we absorb any loss or income generated by zhejiang sunmy according to our percentage ownership . at december 31 , 2012 we reflect a long-term asset on our consolidated balance sheet which represents our investment in zhejiang sunmy , net of our portion of any generated loss or income . upon completion of proof-of-concept phase 2 clinical trials , we intend to enter into strategic alliances with leading pharmaceutical or biotech companies who seek late stage product candidates , such as mn-221 , to support further clinical development and product commercialization . depending on decisions we may make as to further clinical development , we may seek to raise addition capital . we may also pursue potential partnerships and potential acquirers of license rights to our programs in markets outside the u.s. underwritten firm commitment public offering in march 2011 we completed a firm-commitment underwritten public offering of 2,750,000 units at a price to the public of $ 3.00 per unit for gross proceeds of $ 8.25 million . each unit consists of one share of common stock and a warrant to purchase one share of common stock . the shares of common stock and warrants are immediately separable and were issued separately . on march 24 , 2011 , the underwriter exercised 50,666 units of its 412,500 unit overallotment . story_separator_special_tag if assets are considered to be impaired , the impairment recognized is the amount by which the carrying value of the assets exceeds the fair value of the assets . recent accounting pronouncements in may 2011 , the financial accounting standards board , or fasb , issued updated accounting guidance that clarifies existing fair value measurements and disclosures , and eliminates differences between gaap and international financial reporting standards to make convergence guidance more understandable . this guidance is effective for interim and annual periods beginning after december 15 , 2011. the adoption of this guidance did not have a material impact on the company 's consolidated financial statements . 59 in september 2011 , the fasb , issued guidance to simplify how entities test for goodwill impairment . the updated guidance permits an assessment of qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit in which goodwill resides is less than its carrying value . for reporting units in which this assessment concludes it is more likely than not that the fair value is more than its carrying value , the updated guidance eliminates the requirement to perform further goodwill impairment testing . this new guidance is effective for fiscal years beginning after december 15 , 2011. the adoption of this guidance did not have a material impact on the company 's consolidated financial statements . effective january 1 , 2012 , the company adopted guidance issued by the fasb , concerning presentation and disclosure only for the presentation of comprehensive ( loss ) income . the adoption of this guidance did not have a material impact on the company 's consolidated financial position or results of operations , other than its impact on the presentation of comprehensive ( loss ) income . in august 2012 , the fasb issued updated guidance to 2011 guidance that permits an assessment of the qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit in which goodwill resides is less than its carrying value . this updated guidance is effective for annual and interim impairment tests performed for fiscal years beginning after september 15 , 2012 with early adoption permitted . the adoption of this standard is not expected to have a material impact on our consolidated financial statements . results of operations comparison of the years ended december 31 , 2012 and 2011 revenues revenue for the year ended december 31 , 2012 was approximately $ 803,000. there was no revenue for the year ended december 31 , 2011. the revenue recorded in 2012 related to the development services we performed under the kissei services agreement during that period . research and development research and development expenses for the year ended december 31 , 2012 were $ 5.0 million , a decrease of $ 2.8 million compared to $ 7.8 million for the year ended december 31 , 2011. this decrease in research and development expenses primarily related to a decrease of $ 3.4 million in spending on mn-221 primarily due to the completion of the cl-007 clinical trial in march 2012 , partially offset by an increase in spending of $ 1.3 million for our mn-221cl-012 clinical trial , and decreases in unallocated employee compensation , occupancy and legal costs totaling $ 0.6 million . general and administrative general and administrative expenses were $ 6.7 million for the year ended december 31 , 2012 , a decrease of $ 1.6 million compared to $ 8.3 million for the year ended december 31 , 2011. this decrease in general and administrative expenses was due primarily to $ 1.2 million decrease in employee compensation expense including $ 0.6 million related to stock-based compensation , and a decrease in professional legal and accounting fees of $ 0.4 million . other expense other expense for the year ended december 31 , 2012 was approximately $ 30,000 , as compared to approximately $ 80,000 for the year ended december 31 , 2011. in 2011 , other expense primarily consisted of accretion related to convertible notes and amortization of debt issuance costs paid to third parties . in 2012 , other expense consisted of losses from the joint venture accounted for under the equity method according to our percentage ownership , and net foreign exchange losses related to vendor invoices denominated in foreign currencies . 60 interest expense interest expense for the year ended december 30 , 2011 was $ 1.6 million and consisted of interest on our debt under the effective interest method and write-off of debt related costs pursuant to the early repayment of our debt with oxford . in 2012 , we held no debt and had no interest expense . other income other income for the year ended december 31 , 2012 was approximately $ 25,000 , as compared to approximately $ 60,000 for the year ended december 31 , 2011. the decrease is due to a decrease in interest income on lower cash equivalents . story_separator_special_tag payments upon the achievement of various milestones related to clinical , regulatory or commercial events ; our ability to establish and maintain strategic collaborations , including licensing and other arrangements , and to complete acquisitions of additional product candidates ; the time and costs involved in obtaining regulatory approvals ; the costs of securing manufacturing arrangements for clinical or commercial production of our product candidates ; the costs associated with expanding our management , personnel , systems and facilities ; the costs associated with any litigation ; the costs associated with the operations or wind-down of any business we may acquire ; the costs involved in filing , prosecuting , enforcing and defending patent claims and other intellectual property rights ; and the costs of establishing or contracting for sales and marketing capabilities and commercialization activities if we obtain regulatory approval to market our product candidates . 62 other significant contractual obligations the following summarizes our

