our net losses were $ 28.3 million and $ 36.9 million for the years ended december 31 , 2019 and 2020 , respectively . as of december 31 , 2020 , we had an accumulated deficit of $ 140.1 million . we expect to continue to incur significant expenses and to increase operating losses for at least the next several years . we expect our expenses and capital requirements will increase substantially in connection with our ongoing activities , particularly as we : prepare for and initiate additional clinical trials and preclinical studies of cmp-001 , including , among others , our currently anticipated phase 2 trial in anti-pd-1 refractory melanoma and randomized phase 2 trial in first-line melanoma and our currently anticipated phase 2 proof of concept study in head and neck squamous cell carcinoma ; conduct the necessary scale-up activities to support the potential commercialization of cmp-001 , if any ; hire additional clinical and scientific personnel to support our ongoing preclinical activities and clinical trials of cmp-001 and any other product candidates we choose to develop ; develop any future product candidates ; seek marketing approval for cmp-001 and any other product candidates that successfully complete clinical development ; acquire or in-license additional product candidates ; maintain compliance with applicable regulatory requirements ; maintain , expand , protect and enforce our intellectual property portfolio ; develop and expand our sales , marketing and distribution capabilities for cmp-001 and any other product candidates for which we obtain marketing approval ; take temporary precautionary measures to help minimize the risk of the coronavirus to our employees and encounter delays or interruptions related to current development activities , our supply chain , or the third-parties on whom we rely due to the covid-19 pandemic ; expand our infrastructure and facilities to accommodate the planned growth of our employee base ; and expand our operational , financial and management systems and increase administrative personnel , including to support our clinical development and commercialization efforts and our operations as a public company . as a result , we will need substantial additional funding to support our continuing operations and pursue our growth strategy . until such time as we can generate significant revenue from product sales , if ever , we expect to finance our operations through a combination of equity offerings , debt financings , collaborations , strategic 102 alliances and marketing and distribution or licensing arrangements . we may be unable to raise additional funds or enter into such other agreements or arrangements when needed on favorable terms , or at all . if we fail to raise capital or enter into such agreements as , and when , needed , we may have to significantly delay , scale back or discontinue the development and commercialization of cmp-001 or any of our future product candidates . on august 11 , 2020 , we completed our ipo , pursuant to which we issued and sold 5,000,000 shares of our common stock , at a price to the public of $ 15.00 per share . on september 3 , 2020 , the underwriters of the ipo exercised a portion of their over-allotment option by purchasing an additional 109,861 shares from us at the ipo price . we received approximately $ 67.7 million in net proceeds , inclusive of the partial over-allotment exercise and after deducting underwriting discounts and commissions and other offering expenses payable by us . in connection with the ipo , on august 11 , 2020 , all redeemable convertible preferred stock was converted into shares of common stock . because of the numerous risks and uncertainties associated with pharmaceutical product development , we are unable to accurately predict the timing or amount of increased expenses or when or if we will be able to achieve or maintain profitability . even if we are able to generate product sales , we may not become profitable . if we fail to become profitable or are unable to sustain profitability on a continuing basis , then we may be unable to continue our operations at planned levels and be forced to reduce or terminate our operations . to the extent that we raise additional capital through the sale of equity or convertible debt securities , your ownership interest will be diluted , and the terms of these securities may include liquidation or other preferences that adversely affect your rights as a common stockholder . covid-19 in march 2020 the world health organization declared the global novel coronavirus disease 2019 ( covid-19 ) a pandemic . although we have experienced some the impact of the covid-19 pandemic on our business and operations , we can not currently predict the scope and severity of any potential business shutdowns or disruptions or the resulting impact on future clinical trials . as of the date hereof , certain of our ongoing clinical trials are nearing completion and have not been materially affected by the covid-19 pandemic , and the schedules for the near-term manufacture of cmp-001 at our contract manufacturers have also been largely unaffected to date . we are also in the planning stages for new clinical trials , and a number of activities are required in order to initiate patient enrollment into these trials that could be impacted by covid-19 . while the covid-19 pandemic did not materially impact our results of operations during in 2020 , the ultimate impact on our operations is unknown and will depend on future developments , which are highly uncertain and can not be predicted with confidence , including the duration of the covid-19 outbreak , new information which may emerge concerning the severity of the covid-19 pandemic , and any additional preventative and protective actions that governments , or we , may direct , which may result in an extended period of continued business disruption , reduced patient traffic and reduced operations . story_separator_special_tag if we raise additional funds through collaborations , strategic alliances or marketing , distribution or licensing arrangements with third parties , we may have to relinquish valuable rights to our future revenue streams , research programs or product candidates or grant licenses on terms that may not be favorable to us . if we are unable to raise additional funds through equity or debt financings or other arrangements when needed , we may be required to delay , limit , reduce or terminate our research , product development or future commercialization efforts or grant rights to develop and market product candidates that we would otherwise prefer to develop and market ourselves . contractual obligations and other commitments we do not have any material principal contractual obligations and commitments as of december 31 , 2020. we enter into contracts in the normal course of business with cros , cmos and other third parties for clinical trials , preclinical research studies and testing and manufacturing services . these contracts are cancelable by us upon prior written notice . payments due upon cancellation consist only of payments for services provided or expenses incurred , including noncancelable obligations of our service providers , up to the date of cancellation . the amount and timing of such payments are not known . we have also entered into license and collaboration agreements with third parties , which are in the normal course of business . we have not included future payments under these agreements since obligations under these agreements are contingent upon future events such as our achievement of specified development , regulatory , and commercial milestones , or royalties on net product sales . pursuant to the kuros license agreement , we are required to make payments to kuros for each product that achieves certain development and regulatory milestones . at december 31 , 2020 , we were obligated to make up to $ 56.0 million in milestone payments to kuros related to cmp-001 . included in this total are potential milestones of $ 2.0 million at the initiation of a phase 2 trial for cmp-001 and $ 4.0 million at the initiation of a phase 3 trial for cmp-001 . we are also required to pay royalties on sales of future products , if any . as of december 31 , 2020 , we have incurred and paid license fees and milestone payments totaling $ 2.3 million pursuant to the kuros license agreement . these payments are comprised of a license fee of $ 1.0 million which was recognized in research and development expense in 2015 , a $ 1.0 million milestone payment in connection with the dosing of the first patient in our first phase 1 clinical trial , which was recognized in research and development expense in 2016 , and a $ 0.3 million license amendment fee in connection with the signing of the second amendment to the kuros license agreement , which was recognized in research and development expense in 2018. in march 2021 , the company initiated patient dosing in the phase 2 first-line melanoma trial for cmp-001 , which triggered a $ 2.0 million milestone payment . 110 we do not currently have any long-term leases . we rent our office space in cambridge , massachusetts based on a month-to-month license agreement with the landlord . critical accounting policies and significant judgments and estimates our consolidated financial statements are prepared in accordance with gaap . the preparation of our consolidated financial statements and related disclosures requires us to make estimates and judgments that affect the reported amounts of assets , liabilities , costs and expenses . we base our estimates on historical experience , known trends and events and various other factors that we believe are reasonable under the circumstances , the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources . we evaluate our estimates and assumptions on an ongoing basis . our actual results may differ from these estimates under different assumptions or conditions . while our significant accounting policies are described in more detail in note 2 to our consolidated financial statements , we believe that the following accounting policies are the most critical to the judgement and estimates used in the preparation of our consolidated financial statements . accrued research and development expenses as part of the process of preparing our financial statements , we are required to estimate our accrued research and development expenses . this process involves reviewing open contracts , communicating with our applicable personnel to identify services that have been performed on our behalf and estimating the level of service performed and the associated cost incurred for the service when we have not yet been invoiced or otherwise notified of actual costs . the majority of our service providers invoice us in arrears for services performed , on a pre-determined schedule or when contractual milestones are met ; however , some require advance payments . we make estimates of our accrued expenses as of each balance sheet date in the financial statements based on facts and circumstances known to us at that time . we periodically confirm the accuracy of the estimates with the service providers and make adjustments if necessary . examples of estimated accrued research and development expenses include fees paid to : cros in connection with preclinical and clinical trials ; cmos and other providers in connection with the production of preclinical and clinical trial materials ; investigative sites in connection with clinical trials ; and other vendors in connection with our preclinical development activities . we base our expenses related to preclinical studies and clinical trials on our estimates of the services received and efforts expended pursuant to quotes and contracts with multiple research institutions and cros that conduct and manage preclinical studies and clinical trials on our behalf . the financial terms of these agreements are subject to negotiation ,

liquidity and capital resources overview we have funded our operations to date primarily with proceeds from the sale of preferred stock , convertible debt and common stock . since inception and through december 31 , 2020 , we have received net cash proceeds of $ 241.7 million from sales of our preferred stock , convertible debt and common stock . in april 2020 , we received $ 10.0 million from the issuance of convertible notes and in june 2020 , we received $ 74.6 million in additional net proceeds from the sale of series c preferred stock . the convertible notes were converted into shares of series c preferred stock in june 2020. as noted above , in august 2020 , we completed an ipo in which we received net proceeds of approximately $ 67.7 million , inclusive of the over-allotment exercise and after deducting underwriting discounts and commissions and other offering expenses payable by us . in connection with the ipo , all outstanding shares of our redeemable preferred stock were converted to common stock . we have not yet commercialized any of our product candidates and we do not expect to generate revenue from sales of any product candidates for several years , if at all . as of december 31 , 2020 , we had cash , cash equivalents and available-for-sale investments of $ 125.9 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 overview we have funded our operations to date primarily with proceeds from the sale of preferred stock , convertible debt and common stock . since inception and through december 31 , 2020 , we have received net cash proceeds of $ 241.7 million from sales of our preferred stock , convertible debt and common stock . in april 2020 , we received $ 10.0 million from the issuance of convertible notes and in june 2020 , we received $ 74.6 million in additional net proceeds from the sale of series c preferred stock . the convertible notes were converted into shares of series c preferred stock in june 2020. as noted above , in august 2020 , we completed an ipo in which we received net proceeds of approximately $ 67.7 million , inclusive of the over-allotment exercise and after deducting underwriting discounts and commissions and other offering expenses payable by us . in connection with the ipo , all outstanding shares of our redeemable preferred stock were converted to common stock . we have not yet commercialized any of our product candidates and we do not expect to generate revenue from sales of any product candidates for several years , if at all . as of december 31 , 2020 , we had cash , cash equivalents and available-for-sale investments of $ 125.9 million .
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 Suspicious Activity Report : our net losses were $ 28.3 million and $ 36.9 million for the years ended december 31 , 2019 and 2020 , respectively . as of december 31 , 2020 , we had an accumulated deficit of $ 140.1 million . we expect to continue to incur significant expenses and to increase operating losses for at least the next several years . we expect our expenses and capital requirements will increase substantially in connection with our ongoing activities , particularly as we : prepare for and initiate additional clinical trials and preclinical studies of cmp-001 , including , among others , our currently anticipated phase 2 trial in anti-pd-1 refractory melanoma and randomized phase 2 trial in first-line melanoma and our currently anticipated phase 2 proof of concept study in head and neck squamous cell carcinoma ; conduct the necessary scale-up activities to support the potential commercialization of cmp-001 , if any ; hire additional clinical and scientific personnel to support our ongoing preclinical activities and clinical trials of cmp-001 and any other product candidates we choose to develop ; develop any future product candidates ; seek marketing approval for cmp-001 and any other product candidates that successfully complete clinical development ; acquire or in-license additional product candidates ; maintain compliance with applicable regulatory requirements ; maintain , expand , protect and enforce our intellectual property portfolio ; develop and expand our sales , marketing and distribution capabilities for cmp-001 and any other product candidates for which we obtain marketing approval ; take temporary precautionary measures to help minimize the risk of the coronavirus to our employees and encounter delays or interruptions related to current development activities , our supply chain , or the third-parties on whom we rely due to the covid-19 pandemic ; expand our infrastructure and facilities to accommodate the planned growth of our employee base ; and expand our operational , financial and management systems and increase administrative personnel , including to support our clinical development and commercialization efforts and our operations as a public company . as a result , we will need substantial additional funding to support our continuing operations and pursue our growth strategy . until such time as we can generate significant revenue from product sales , if ever , we expect to finance our operations through a combination of equity offerings , debt financings , collaborations , strategic 102 alliances and marketing and distribution or licensing arrangements . we may be unable to raise additional funds or enter into such other agreements or arrangements when needed on favorable terms , or at all . if we fail to raise capital or enter into such agreements as , and when , needed , we may have to significantly delay , scale back or discontinue the development and commercialization of cmp-001 or any of our future product candidates . on august 11 , 2020 , we completed our ipo , pursuant to which we issued and sold 5,000,000 shares of our common stock , at a price to the public of $ 15.00 per share . on september 3 , 2020 , the underwriters of the ipo exercised a portion of their over-allotment option by purchasing an additional 109,861 shares from us at the ipo price . we received approximately $ 67.7 million in net proceeds , inclusive of the partial over-allotment exercise and after deducting underwriting discounts and commissions and other offering expenses payable by us . in connection with the ipo , on august 11 , 2020 , all redeemable convertible preferred stock was converted into shares of common stock . because of the numerous risks and uncertainties associated with pharmaceutical product development , we are unable to accurately predict the timing or amount of increased expenses or when or if we will be able to achieve or maintain profitability . even if we are able to generate product sales , we may not become profitable . if we fail to become profitable or are unable to sustain profitability on a continuing basis , then we may be unable to continue our operations at planned levels and be forced to reduce or terminate our operations . to the extent that we raise additional capital through the sale of equity or convertible debt securities , your ownership interest will be diluted , and the terms of these securities may include liquidation or other preferences that adversely affect your rights as a common stockholder . covid-19 in march 2020 the world health organization declared the global novel coronavirus disease 2019 ( covid-19 ) a pandemic . although we have experienced some the impact of the covid-19 pandemic on our business and operations , we can not currently predict the scope and severity of any potential business shutdowns or disruptions or the resulting impact on future clinical trials . as of the date hereof , certain of our ongoing clinical trials are nearing completion and have not been materially affected by the covid-19 pandemic , and the schedules for the near-term manufacture of cmp-001 at our contract manufacturers have also been largely unaffected to date . we are also in the planning stages for new clinical trials , and a number of activities are required in order to initiate patient enrollment into these trials that could be impacted by covid-19 . while the covid-19 pandemic did not materially impact our results of operations during in 2020 , the ultimate impact on our operations is unknown and will depend on future developments , which are highly uncertain and can not be predicted with confidence , including the duration of the covid-19 outbreak , new information which may emerge concerning the severity of the covid-19 pandemic , and any additional preventative and protective actions that governments , or we , may direct , which may result in an extended period of continued business disruption , reduced patient traffic and reduced operations . story_separator_special_tag if we raise additional funds through collaborations , strategic alliances or marketing , distribution or licensing arrangements with third parties , we may have to relinquish valuable rights to our future revenue streams , research programs or product candidates or grant licenses on terms that may not be favorable to us . if we are unable to raise additional funds through equity or debt financings or other arrangements when needed , we may be required to delay , limit , reduce or terminate our research , product development or future commercialization efforts or grant rights to develop and market product candidates that we would otherwise prefer to develop and market ourselves . contractual obligations and other commitments we do not have any material principal contractual obligations and commitments as of december 31 , 2020. we enter into contracts in the normal course of business with cros , cmos and other third parties for clinical trials , preclinical research studies and testing and manufacturing services . these contracts are cancelable by us upon prior written notice . payments due upon cancellation consist only of payments for services provided or expenses incurred , including noncancelable obligations of our service providers , up to the date of cancellation . the amount and timing of such payments are not known . we have also entered into license and collaboration agreements with third parties , which are in the normal course of business . we have not included future payments under these agreements since obligations under these agreements are contingent upon future events such as our achievement of specified development , regulatory , and commercial milestones , or royalties on net product sales . pursuant to the kuros license agreement , we are required to make payments to kuros for each product that achieves certain development and regulatory milestones . at december 31 , 2020 , we were obligated to make up to $ 56.0 million in milestone payments to kuros related to cmp-001 . included in this total are potential milestones of $ 2.0 million at the initiation of a phase 2 trial for cmp-001 and $ 4.0 million at the initiation of a phase 3 trial for cmp-001 . we are also required to pay royalties on sales of future products , if any . as of december 31 , 2020 , we have incurred and paid license fees and milestone payments totaling $ 2.3 million pursuant to the kuros license agreement . these payments are comprised of a license fee of $ 1.0 million which was recognized in research and development expense in 2015 , a $ 1.0 million milestone payment in connection with the dosing of the first patient in our first phase 1 clinical trial , which was recognized in research and development expense in 2016 , and a $ 0.3 million license amendment fee in connection with the signing of the second amendment to the kuros license agreement , which was recognized in research and development expense in 2018. in march 2021 , the company initiated patient dosing in the phase 2 first-line melanoma trial for cmp-001 , which triggered a $ 2.0 million milestone payment . 110 we do not currently have any long-term leases . we rent our office space in cambridge , massachusetts based on a month-to-month license agreement with the landlord . critical accounting policies and significant judgments and estimates our consolidated financial statements are prepared in accordance with gaap . the preparation of our consolidated financial statements and related disclosures requires us to make estimates and judgments that affect the reported amounts of assets , liabilities , costs and expenses . we base our estimates on historical experience , known trends and events and various other factors that we believe are reasonable under the circumstances , the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources . we evaluate our estimates and assumptions on an ongoing basis . our actual results may differ from these estimates under different assumptions or conditions . while our significant accounting policies are described in more detail in note 2 to our consolidated financial statements , we believe that the following accounting policies are the most critical to the judgement and estimates used in the preparation of our consolidated financial statements . accrued research and development expenses as part of the process of preparing our financial statements , we are required to estimate our accrued research and development expenses . this process involves reviewing open contracts , communicating with our applicable personnel to identify services that have been performed on our behalf and estimating the level of service performed and the associated cost incurred for the service when we have not yet been invoiced or otherwise notified of actual costs . the majority of our service providers invoice us in arrears for services performed , on a pre-determined schedule or when contractual milestones are met ; however , some require advance payments . we make estimates of our accrued expenses as of each balance sheet date in the financial statements based on facts and circumstances known to us at that time . we periodically confirm the accuracy of the estimates with the service providers and make adjustments if necessary . examples of estimated accrued research and development expenses include fees paid to : cros in connection with preclinical and clinical trials ; cmos and other providers in connection with the production of preclinical and clinical trial materials ; investigative sites in connection with clinical trials ; and other vendors in connection with our preclinical development activities . we base our expenses related to preclinical studies and clinical trials on our estimates of the services received and efforts expended pursuant to quotes and contracts with multiple research institutions and cros that conduct and manage preclinical studies and clinical trials on our behalf . the financial terms of these agreements are subject to negotiation ,

