the hercules loan agreement was amended in august 2016 to , among other things , extend the period during which we could have drawn the additional tranche of $ 8.5 million to march 31 , 2017 and extended the period during which we make interest-only payments until january 31 , 2017. the hercules loan agreement was further amended in may 2017 to extend the period during which we could have drawn the additional tranche of $ 8.5 million to january 31 , 2018. the period during which the additional tranche of $ 8.5 million may be drawn has expired and therefore the $ 8.5 million can no longer be drawn by us . 103 on february 1 , 2017 , we began making principal payments with respect to the hercules loan agreement . the final payment under the hercules loan agreement was made on december 1 , 2018 and we had no outstanding borrowings under the hercules loan agreement as of december 31 , 2018. in january 2016 , we closed an underwritten public offering of 5,511,812 shares of common stock at a public offering price of $ 6.35 per share . in february 2016 , the underwriters of the public offering of common stock exercised in full their option to purchase an additional 826,771 shares of common stock at the public offering price of $ 6.35 per share , less underwriting discounts and commissions . a total of 6,338,583 shares of common stock were sold in the public offering , resulting in total net proceeds of approximately $ 37.5 million . in august 2017 , we completed an underwritten public offering of 5,333,334 shares of common stock at a public offering price of $ 3.75 per share . proceeds from our august 2017 public offering , net of underwriting discounts , commissions and other offering costs , were approximately $ 18.5 million . we have not generated any revenue and have never been profitable for any year . our net loss was $ 19.8 million , $ 28.3 million and $ 28.7 million for the years ended december 31 , 2018 , 2017 and 2016 , respectively . we expect to incur increased expenses and increasing operating losses for the foreseeable future as we seek the approval of our nda for twirla , which include conducting the wear study of twirla and xulane suggested by the fda and preparing for an anticipated advisory committee meeting , complete the qualification and validation of our commercial manufacturing process , initiate pre-launch commercial activities , commercially launch twirla , if approved , advance our other potential product candidates and expand our research and development programs . substantially all of our resources are currently dedicated to developing and seeking regulatory approval for twirla . going concern we believe that our cash and cash equivalents as of december 31 , 2018 along with the proceeds from our private placement completed in march 2019 , will be sufficient to meet our projected operating requirements into the fourth quarter of 2019. we will require additional capital to fund our operating needs for the remainder of the fourth quarter of 2019 and beyond including , among other items , the resumption and completion of our commercial plan for twirla , which primarily includes the validation of our commercial manufacturing process and the commercial launch of twirla , if approved , and advancing the development of our other potential product candidates . pursuant to the receipt of the 2017 crl , and the delay in the approval timeline for twirla , our ability to continue operations for the remainder of the fourth quarter of 2019 and beyond will depend on our ability to obtain additional funding , as to which no assurances can be given . based upon the foregoing , management has concluded that there is substantial doubt about our ability to continue as a going concern . there can be no assurance that any financing by us can be realized , or if realized , what the terms of any such financing may be , or that any amount that we are able to raise will be adequate . as of december 31 , 2018 , we had cash and cash equivalents of $ 7.8 million . in march 2019 , we completed a private placement of approximately 8.4 million shares of our common stock resulting in gross proceeds of approximately $ 7.8 million . our future success depends on our ability to raise additional capital and or implement various strategic alternatives . we continue to analyze strategic and financing alternatives , potential asset sales as well as mergers and acquisitions . we can not be certain that these initiatives or raising additional capital , whether through selling additional debt or equity securities or obtaining a line of credit or other loan , will be available to us or , if available , will be on terms acceptable to us . if we issue additional securities to raise funds , whether through the issuance of equity or convertible debt securities , or any combination thereof , these securities may have rights , preferences , or privileges senior to those of our common stock , and our current stockholders will experience dilution . debt financing , if available , may involve agreements that include covenants limiting or restricting our ability to take specific actions , such as incurring additional debt , making capital 104 expenditures or declaring dividends . if we raise additional funds through collaborations , strategic alliances or licensing arrangements with pharmaceutical partners , we may have to relinquish valuable rights to our technologies , future revenue streams , research programs or product candidates , including twirla , or grant licenses on terms that may not be favorable to us . story_separator_special_tag costs related to the qualification , validation and manufacture of twirla will be recorded as research and development expenses until we receive approval of our nda for twirla ; a decrease in clinical development expenses of $ 1.1 million for the year ended december 31 , 2018 as compared to the year ended december 31 , 2017. this decrease primarily relates to the completion of the close-out activities associated with our secure clinical trial during 2017. there were no external costs related to the secure clinical trial incurred during the year ended december 31 , 2018 ; and a decrease in regulatory expenses of $ 0.8 million for the year ended december 31 , 2017 as compared to the year ended december 31 , 2018. this decrease primarily relates to reduction of regulatory activity during the year ended december 31 , 2018 as compared the year ended december 31 , 2017. regulatory expenses for the year ended december 31 , 2017 included external costs associated with the preparation of our nda resubmission and response to the fda 's crl received by us in february 2013. general and administrative expenses . general and administrative expenses decreased by 3.7 million , or 29 % , from $ 12.4 million for the year ended december 31 , 2017 to $ 8.7 million for the year ended december 31 , 2018. this decrease in general and administrative expense was primarily due to the following : a decrease in commercial development expense of $ 3.2 million for the year ended december 31 , 2018 as compared to the year ended december 31 , 2017. this decrease relates to the suspension 110 of our pre-commercialization activities such as brand building , advocacy and consulting as a result of the receipt of the 2017 crl ; a decrease in professional fees expense of $ 0.8 million for the year ended december 31 , 2018 compared to the year ended december 31 , 2017. this decrease is primarily the result of a reduction in the use of consultants and lower legal and patent-related costs ; and an increase in personnel costs of $ 0.7 million for the year ended december 31 , 2018 compared to the year ended december 31 , 2017 , which partially offsets the decreases discussed above . this increase relates to the addition of personnel during the second half of 2017 to help prepare for launch of twirla , if approved . restructuring costs . in june 2018 , we announced a reduction in our workforce , which resulted in the termination of several employees primarily from our commercial and clinical teams , representing approximately thirty percent of our employees . this workforce reduction , along with other reductions in planned operating expenses was designed to preserve cash while we pursued formal dispute resolution with the fda for twirla and as we determine the regulatory path forward for the resubmission of our nda for twirla . in addition , in june 2018 , we also announced that we had adopted a retention plan to provide ( i ) cash retention payments to be made to all remaining employees in order to induce such employees to remain employed by us through december 31 , 2018 and ( ii ) stock option grants to all remaining employees in order to induce such employees to remain employed by us through december 31 , 2019. restructuring costs of $ 1.0 million for the year ended december 31 , 2018 represent $ 0.4 million of severance-related costs and $ 0.6 million of costs related to the accrual of the retention bonus . interest income . interest income comprises interest income earned on cash and cash equivalents . interest expense . interest expense is primarily attributable to our term loan with hercules for the years ended december 31 , 2018 and 2017. interest expense also includes the amortization of the discount associated with allocating value to the common stock warrants issued to hercules , the amortization of the deferred financing costs associated with the term loan and the accrual of the final payment due to hercules . interest expense decreased by $ 0.8 million , or 42 % from $ 1.9 million for the year ended december 31 , 2017 to $ 1.1 million for the year ended december 31 , 2018. this decrease is primarily the result of a decrease in the principal outstanding under our term loan with hercules for the year ended december 31 , 2018 as compared to the year ended december 31 , 2017. the term loan with hercules was paid off on december 1 , 2018 and accordingly , we expect no interest expense with respect to the hercules loan in 2019. change in fair value of warrants . certain of our warrants to purchase shares of our common stock are recorded at fair value and are subject to re-measurement at each balance sheet date . these liabilities are re-measured at each balance sheet date with the corresponding charge to earnings recorded within change in fair value of warrant liability . the fair value of the common stock warrants with non-standard anti-dilution provisions are determined using the black-scholes option pricing model which incorporates a number of assumptions and judgments to estimate the fair value of these warrants including the fair value per share of the underlying stock , the remaining contractual term of the warrants , risk-free interest rate , expected dividend yield , credit spread and expected volatility of the price of the underlying stock . during the year ended december 31 , 2018 , we reported income of $ 29 thousand related to the decrease in the fair value of the warrants as compared to income of $ 143 thousand for the year ended december 31 , 2017. benefit from income taxes . for the year ended december 31 , 2018 , we received $ 0.5 million from the sale of new jersey state net operating loss carryovers , or nols ,

liquidity and capital resources on may 29 , 2014 , we completed our initial public offering whereby we sold 9,166,667 shares of common stock , at a public offering price of $ 6.00 per share , before underwriting discounts and expenses . the aggregate net proceeds received by us from the offering were $ 49.7 million . in january 2015 , we completed a private placement of approximately 3.4 million shares of common stock at $ 5.85 per share . proceeds from our private placement , net of commissions and other offering costs , were $ 19.3 million . in february 2015 , we entered into a loan and security agreement with hercules technology growth capital , inc. or hercules , for a term loan of up to $ 25.0 million . a first tranche of $ 16.5 million was funded upon execution of the loan agreement , approximately $ 15.5 million of which was used to repay our existing term loan . the hercules loan agreement was amended in august 2016 to , among other things , extend the period during which we can draw the second tranche of $ 8.5 million to march 31 , 2017 and extend the period during which we make interest-only payments to january 31 , 2017. the hercules loan agreement was further amended in may 2017 to extend the period during which we could have drawn the additional tranche of $ 8.5 million to january 31 , 2018. the period during which the additional tranche of $ 8.5 million may be drawn has expired and therefore the $ 8.5 million can no longer be drawn by us . on february 1 , 2017 , we began making principal payments with respect to the hercules loan . our debt under the hercules loan agreement was fully paid off on december 1 , 2018. in january 2016 , we closed an underwritten public offering of 5,511,812 shares of common stock at a public offering price of $ 6.35 per share .


 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 on may 29 , 2014 , we completed our initial public offering whereby we sold 9,166,667 shares of common stock , at a public offering price of $ 6.00 per share , before underwriting discounts and expenses . the aggregate net proceeds received by us from the offering were $ 49.7 million . in january 2015 , we completed a private placement of approximately 3.4 million shares of common stock at $ 5.85 per share . proceeds from our private placement , net of commissions and other offering costs , were $ 19.3 million . in february 2015 , we entered into a loan and security agreement with hercules technology growth capital , inc. or hercules , for a term loan of up to $ 25.0 million . a first tranche of $ 16.5 million was funded upon execution of the loan agreement , approximately $ 15.5 million of which was used to repay our existing term loan . the hercules loan agreement was amended in august 2016 to , among other things , extend the period during which we can draw the second tranche of $ 8.5 million to march 31 , 2017 and extend the period during which we make interest-only payments to january 31 , 2017. the hercules loan agreement was further amended in may 2017 to extend the period during which we could have drawn the additional tranche of $ 8.5 million to january 31 , 2018. the period during which the additional tranche of $ 8.5 million may be drawn has expired and therefore the $ 8.5 million can no longer be drawn by us . on february 1 , 2017 , we began making principal payments with respect to the hercules loan . our debt under the hercules loan agreement was fully paid off on december 1 , 2018. in january 2016 , we closed an underwritten public offering of 5,511,812 shares of common stock at a public offering price of $ 6.35 per share .
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 Suspicious Activity Report : the hercules loan agreement was amended in august 2016 to , among other things , extend the period during which we could have drawn the additional tranche of $ 8.5 million to march 31 , 2017 and extended the period during which we make interest-only payments until january 31 , 2017. the hercules loan agreement was further amended in may 2017 to extend the period during which we could have drawn the additional tranche of $ 8.5 million to january 31 , 2018. the period during which the additional tranche of $ 8.5 million may be drawn has expired and therefore the $ 8.5 million can no longer be drawn by us . 103 on february 1 , 2017 , we began making principal payments with respect to the hercules loan agreement . the final payment under the hercules loan agreement was made on december 1 , 2018 and we had no outstanding borrowings under the hercules loan agreement as of december 31 , 2018. in january 2016 , we closed an underwritten public offering of 5,511,812 shares of common stock at a public offering price of $ 6.35 per share . in february 2016 , the underwriters of the public offering of common stock exercised in full their option to purchase an additional 826,771 shares of common stock at the public offering price of $ 6.35 per share , less underwriting discounts and commissions . a total of 6,338,583 shares of common stock were sold in the public offering , resulting in total net proceeds of approximately $ 37.5 million . in august 2017 , we completed an underwritten public offering of 5,333,334 shares of common stock at a public offering price of $ 3.75 per share . proceeds from our august 2017 public offering , net of underwriting discounts , commissions and other offering costs , were approximately $ 18.5 million . we have not generated any revenue and have never been profitable for any year . our net loss was $ 19.8 million , $ 28.3 million and $ 28.7 million for the years ended december 31 , 2018 , 2017 and 2016 , respectively . we expect to incur increased expenses and increasing operating losses for the foreseeable future as we seek the approval of our nda for twirla , which include conducting the wear study of twirla and xulane suggested by the fda and preparing for an anticipated advisory committee meeting , complete the qualification and validation of our commercial manufacturing process , initiate pre-launch commercial activities , commercially launch twirla , if approved , advance our other potential product candidates and expand our research and development programs . substantially all of our resources are currently dedicated to developing and seeking regulatory approval for twirla . going concern we believe that our cash and cash equivalents as of december 31 , 2018 along with the proceeds from our private placement completed in march 2019 , will be sufficient to meet our projected operating requirements into the fourth quarter of 2019. we will require additional capital to fund our operating needs for the remainder of the fourth quarter of 2019 and beyond including , among other items , the resumption and completion of our commercial plan for twirla , which primarily includes the validation of our commercial manufacturing process and the commercial launch of twirla , if approved , and advancing the development of our other potential product candidates . pursuant to the receipt of the 2017 crl , and the delay in the approval timeline for twirla , our ability to continue operations for the remainder of the fourth quarter of 2019 and beyond will depend on our ability to obtain additional funding , as to which no assurances can be given . based upon the foregoing , management has concluded that there is substantial doubt about our ability to continue as a going concern . there can be no assurance that any financing by us can be realized , or if realized , what the terms of any such financing may be , or that any amount that we are able to raise will be adequate . as of december 31 , 2018 , we had cash and cash equivalents of $ 7.8 million . in march 2019 , we completed a private placement of approximately 8.4 million shares of our common stock resulting in gross proceeds of approximately $ 7.8 million . our future success depends on our ability to raise additional capital and or implement various strategic alternatives . we continue to analyze strategic and financing alternatives , potential asset sales as well as mergers and acquisitions . we can not be certain that these initiatives or raising additional capital , whether through selling additional debt or equity securities or obtaining a line of credit or other loan , will be available to us or , if available , will be on terms acceptable to us . if we issue additional securities to raise funds , whether through the issuance of equity or convertible debt securities , or any combination thereof , these securities may have rights , preferences , or privileges senior to those of our common stock , and our current stockholders will experience dilution . debt financing , if available , may involve agreements that include covenants limiting or restricting our ability to take specific actions , such as incurring additional debt , making capital 104 expenditures or declaring dividends . if we raise additional funds through collaborations , strategic alliances or licensing arrangements with pharmaceutical partners , we may have to relinquish valuable rights to our technologies , future revenue streams , research programs or product candidates , including twirla , or grant licenses on terms that may not be favorable to us . story_separator_special_tag costs related to the qualification , validation and manufacture of twirla will be recorded as research and development expenses until we receive approval of our nda for twirla ; a decrease in clinical development expenses of $ 1.1 million for the year ended december 31 , 2018 as compared to the year ended december 31 , 2017. this decrease primarily relates to the completion of the close-out activities associated with our secure clinical trial during 2017. there were no external costs related to the secure clinical trial incurred during the year ended december 31 , 2018 ; and a decrease in regulatory expenses of $ 0.8 million for the year ended december 31 , 2017 as compared to the year ended december 31 , 2018. this decrease primarily relates to reduction of regulatory activity during the year ended december 31 , 2018 as compared the year ended december 31 , 2017. regulatory expenses for the year ended december 31 , 2017 included external costs associated with the preparation of our nda resubmission and response to the fda 's crl received by us in february 2013. general and administrative expenses . general and administrative expenses decreased by 3.7 million , or 29 % , from $ 12.4 million for the year ended december 31 , 2017 to $ 8.7 million for the year ended december 31 , 2018. this decrease in general and administrative expense was primarily due to the following : a decrease in commercial development expense of $ 3.2 million for the year ended december 31 , 2018 as compared to the year ended december 31 , 2017. this decrease relates to the suspension 110 of our pre-commercialization activities such as brand building , advocacy and consulting as a result of the receipt of the 2017 crl ; a decrease in professional fees expense of $ 0.8 million for the year ended december 31 , 2018 compared to the year ended december 31 , 2017. this decrease is primarily the result of a reduction in the use of consultants and lower legal and patent-related costs ; and an increase in personnel costs of $ 0.7 million for the year ended december 31 , 2018 compared to the year ended december 31 , 2017 , which partially offsets the decreases discussed above . this increase relates to the addition of personnel during the second half of 2017 to help prepare for launch of twirla , if approved . restructuring costs . in june 2018 , we announced a reduction in our workforce , which resulted in the termination of several employees primarily from our commercial and clinical teams , representing approximately thirty percent of our employees . this workforce reduction , along with other reductions in planned operating expenses was designed to preserve cash while we pursued formal dispute resolution with the fda for twirla and as we determine the regulatory path forward for the resubmission of our nda for twirla . in addition , in june 2018 , we also announced that we had adopted a retention plan to provide ( i ) cash retention payments to be made to all remaining employees in order to induce such employees to remain employed by us through december 31 , 2018 and ( ii ) stock option grants to all remaining employees in order to induce such employees to remain employed by us through december 31 , 2019. restructuring costs of $ 1.0 million for the year ended december 31 , 2018 represent $ 0.4 million of severance-related costs and $ 0.6 million of costs related to the accrual of the retention bonus . interest income . interest income comprises interest income earned on cash and cash equivalents . interest expense . interest expense is primarily attributable to our term loan with hercules for the years ended december 31 , 2018 and 2017. interest expense also includes the amortization of the discount associated with allocating value to the common stock warrants issued to hercules , the amortization of the deferred financing costs associated with the term loan and the accrual of the final payment due to hercules . interest expense decreased by $ 0.8 million , or 42 % from $ 1.9 million for the year ended december 31 , 2017 to $ 1.1 million for the year ended december 31 , 2018. this decrease is primarily the result of a decrease in the principal outstanding under our term loan with hercules for the year ended december 31 , 2018 as compared to the year ended december 31 , 2017. the term loan with hercules was paid off on december 1 , 2018 and accordingly , we expect no interest expense with respect to the hercules loan in 2019. change in fair value of warrants . certain of our warrants to purchase shares of our common stock are recorded at fair value and are subject to re-measurement at each balance sheet date . these liabilities are re-measured at each balance sheet date with the corresponding charge to earnings recorded within change in fair value of warrant liability . the fair value of the common stock warrants with non-standard anti-dilution provisions are determined using the black-scholes option pricing model which incorporates a number of assumptions and judgments to estimate the fair value of these warrants including the fair value per share of the underlying stock , the remaining contractual term of the warrants , risk-free interest rate , expected dividend yield , credit spread and expected volatility of the price of the underlying stock . during the year ended december 31 , 2018 , we reported income of $ 29 thousand related to the decrease in the fair value of the warrants as compared to income of $ 143 thousand for the year ended december 31 , 2017. benefit from income taxes . for the year ended december 31 , 2018 , we received $ 0.5 million from the sale of new jersey state net operating loss carryovers , or nols ,

