we believe leveraging the therapeutic advantages of the differentiated modulatory mechanism of our compounds will drive a paradigm shift in the treatment of disorders of the brain and nervous system . we are advancing a pipeline of distinct product candidates derived from our nmdar modulator discovery platform , or the discovery platform . the following table summarizes the current status of our development programs as of the date of this annual report . nyx-2925 is in clinical development for the treatment of chronic pain . nyx-2925 is being evaluated in two phase 2b studies in two chronic pain conditions : one evaluating the efficacy and safety in approximately 200 patients with painful diabetic peripheral neuropathy , or painful dpn , and the other evaluating the efficacy and safety in approximately 300 patients with fibromyalgia . these studies have both recently recommenced enrollment following their temporary suspension in march of 2020 due to challenges introduced by the covid-19 pandemic . nyx-783 is in clinical development for the treatment of post-traumatic stress disorder , or ptsd . we recently completed an initial exploratory phase 2 study to evaluate safety , tolerability , and signals of efficacy of nyx-783 in 160 patients with ptsd . in the study , patients treated with nyx-783 demonstrated improvements across ptsd symptoms and nyx-783 was well-tolerated with no drug-related serious adverse events reported . the nyx-783 50 mg group demonstrated a clinically meaningful improvement from baseline on caps-5 total score after 4 weeks of treatment and , while the exploratory study was powered based on clinical , and not statistical , considerations , on some measures nyx-783 did demonstrate statistically significant separation from placebo . nyx-458 is in phase 2 clinical development for the treatment of cognitive impairment associated with parkinson 's disease and dementia with lewy bodies . we recently recommenced study activities , including site initiation and obtaining irb approval , for a phase 2 exploratory study that was 93 temporarily suspended in march of 2020 due to challenges introduced by the covid-19 pandemic . we expect to recommence the screening and enrollment of patients in that study following an investigator meeting that is planned for march 26 , 2021. we do not expect to generate revenue from product sales unless and until we successfully complete clinical development and obtain regulatory approval for a product candidate , which we expect will take a number of years and the outcome of which is uncertain , or enter into collaborative agreements with third parties , the timing of which is largely beyond our control and may never occur . to fund our current and future operating plans , we will need additional capital , which we may obtain through one or more equity offerings , debt financings , or other third-party funding , including potential strategic alliances and licensing or collaboration arrangements . we may , however , be unable to raise additional funds or enter into such other arrangements when needed on favorable terms or at all , including as a result of covid-19 . our failure to raise capital or enter into such other arrangements as and when needed would have a negative impact on our financial condition and our ability to develop our current product candidates , or any additional product candidates , if developed . the amount and timing of our future funding requirements will depend on many factors , including the impacts of covid-19 , our ability to successfully enroll subjects in a timely way for the clinical studies , and the pace and results of our preclinical and clinical development efforts . we can not assure you that we will ever be profitable or generate positive cash flow from operating activities . the covid-19 pandemic has and could further adversely impact our clinical and or preclinical studies , as well as our business operations . we continue to evaluate the impact of the covid-19 pandemic on patients and our employees , as well as our operations and the operations of our business partners and healthcare communities . in response to the covid-19 pandemic , we have implemented policies to mitigate the risk of exposure to covid-19 by our personnel , including restrictions on the number of staff in any given research and development laboratory or manufacturing facility , a work-from-home policy applicable to the majority of our personnel , and a phased approach to bringing personnel back to our locations over time . however , the ultimate impact of the covid-19 pandemic on our business operations is highly uncertain and subject to change and will depend on future developments which are difficult to predict . financial operations overview revenues we have not generated any revenue from product sales . we are unable to predict when , if ever , material net cash inflows will commence from sales of our products , if approved . our revenue to date has been primarily derived from a research collaboration agreement with allergan ( now a subsidiary of abbvie ) , under which the jointly funded research activities and associated payments by allergan to us concluded in the third quarter of 2020 ; a development services agreement with allergan , which was put in place to continue certain development activities for a pre-determined period of time following allergan 's acquisition of naurex inc. ; and research and development grants from the u.s. government that have no repayment or royalty obligations and none of which are currently outstanding . operating expenses research and development expenses research and development activities account for a significant portion of our operating expenses . we expense research and development costs as incurred . story_separator_special_tag research and development as part of the process of preparing our financial statements , we are required to estimate certain of our accrued research and development expenses . this process involves reviewing open contracts and purchase orders , communicating with 99 our personnel to identify services that have been performed on our behalf , and estimating the level of service performed and the associated costs incurred for the services when we have not yet been invoiced or otherwise notified of the 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 advanced payments . we make estimates of our accrued expenses as of each balance sheet date in our financial statements based on facts and circumstances known to us at that time . examples of estimated accrued research and development expenses include fees paid to : ● cros in connection with performing research and development services on our behalf ; ● investigative sites or other providers in connection with clinical studies ; ● vendors in connection with preclinical development activities ; and ● vendors related to product manufacturing , development , and distribution of clinical supplies . we base our expenses related to clinical studies on our estimates of the services received and efforts expended pursuant to contracts with multiple cros that conduct and manage clinical studies on our behalf . the financial terms of these agreements are subject to negotiation , vary from contract to contract and may result in uneven payment flows . there may be instances in which payments made to our vendors will exceed the level of services provided and result in a prepayment of the clinical expense . payments under some of these contracts depend on factors such as the successful enrollment of patients and the completion of clinical study milestones . in accruing service fees , we estimate the time period over which services will be performed , enrollment of patients , number of sites activated and level of effort to be expended in each period . if the actual timing of the performance of services or the level of effort varies from our estimate , we adjust the accrual or amount of prepaid expenses accordingly . although we do not expect our estimates to be materially different from amounts actually incurred , our understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and may result in us reporting expenses that are too high or too low in any particular period . to date , we have not made any material adjustments to our prior estimates of accrued or prepaid research and development expenses . stock-based compensation we measure stock-based awards granted to our directors and employees at fair value on the date of grant and recognize the corresponding compensation expense of those awards over the requisite service period , which is generally the vesting period of the respective award . generally , we issue stock options and restricted stock with only service-based vesting conditions and record the expense for these awards using the straight-line method . we have historically granted stock options with exercise prices equivalent to the fair value of our common stock as of the date of grant . the fair value of our common stock is determined based on the quoted market price of our common stock . prior to our ipo , the estimates in determining our stock-based compensation valuations were highly complex and subjective , and since our stock was not publicly traded , our board of directors estimated the fair value of our common stock at various dates , with input from management , considering our then most recently available third-party valuations of common stock and its assessment of additional objective and subjective factors that it believed were relevant and which may have changed from the date of the most recent valuation through the date of the grant . the grant date fair value of our options is determined using the black-scholes option-pricing model . the expected term of our options has been determined utilizing the “ simplified method ” for awards that qualify as “ plain-vanilla ” options . the historical volatility of share values of publicly traded companies within the biotechnology industry are used as a surrogate for the expected volatility of our common stock . the determination of the set of guideline public companies used to determine the volality assumption continues to represent a significant estimate in the determination of the grant date fair value of our options . we have not made significant changes in the identification of these guideline public companies in recent years . as of yet , we have not incorporated our own historical share price volatility into this determination , and plan to continuously reevaluate this assumption as we develop more history . the risk-free interest rate is determined by reference to the u.s. treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term 100 of the award . expected dividend yield is based on the fact that we have never paid cash dividends and do not expect to pay any cash dividends in the foreseeable future . jobs act under section 107 ( b ) of the jumpstart our business startups act of 2012 , or the jobs act , an “ emerging growth company ” can delay the adoption of new or revised accounting standards until such time as those standards would apply to private companies . we intend to avail of this exemption . there are other exemptions and reduced reporting requirements provided by the jobs act that we are currently evaluating . for example , as an “ emerging growth company , ” we are exempt from sections 14a ( a ) and ( b ) of the exchange

liquidity and capital resources from our inception through december 31 , 2020 , we have incurred significant operating losses and have funded our operations to date through proceeds from collaborations , grants , sales of convertible preferred stock , and our ipo and follow-on equity offerings . we have generated limited revenue to date from a research collaboration agreement with allergan , a development services agreement with allergan , and research and development grants from the u.s. government . on june 25 , 2018 , we completed an initial public offering , pursuant to which we issued and sold 7,359,998 shares of our common stock at a price of $ 16.00 per share , which included 959,999 shares sold pursuant to the exercise of the underwriters ' option to purchase additional shares . we received $ 106.5 million of proceeds , net of underwriting discounts and commissions and other offering expenses . on july 1 , 2019 , we entered into a sales agreement , or the sales agreement , with cowen and company , llc , or cowen , pursuant to which we may issue and sell , from time to time , shares of our common stock having an aggregate offering price of up to $ 50.0 million through cowen as sales agent .


 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 from our inception through december 31 , 2020 , we have incurred significant operating losses and have funded our operations to date through proceeds from collaborations , grants , sales of convertible preferred stock , and our ipo and follow-on equity offerings . we have generated limited revenue to date from a research collaboration agreement with allergan , a development services agreement with allergan , and research and development grants from the u.s. government . on june 25 , 2018 , we completed an initial public offering , pursuant to which we issued and sold 7,359,998 shares of our common stock at a price of $ 16.00 per share , which included 959,999 shares sold pursuant to the exercise of the underwriters ' option to purchase additional shares . we received $ 106.5 million of proceeds , net of underwriting discounts and commissions and other offering expenses . on july 1 , 2019 , we entered into a sales agreement , or the sales agreement , with cowen and company , llc , or cowen , pursuant to which we may issue and sell , from time to time , shares of our common stock having an aggregate offering price of up to $ 50.0 million through cowen as sales agent .
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 Suspicious Activity Report : we believe leveraging the therapeutic advantages of the differentiated modulatory mechanism of our compounds will drive a paradigm shift in the treatment of disorders of the brain and nervous system . we are advancing a pipeline of distinct product candidates derived from our nmdar modulator discovery platform , or the discovery platform . the following table summarizes the current status of our development programs as of the date of this annual report . nyx-2925 is in clinical development for the treatment of chronic pain . nyx-2925 is being evaluated in two phase 2b studies in two chronic pain conditions : one evaluating the efficacy and safety in approximately 200 patients with painful diabetic peripheral neuropathy , or painful dpn , and the other evaluating the efficacy and safety in approximately 300 patients with fibromyalgia . these studies have both recently recommenced enrollment following their temporary suspension in march of 2020 due to challenges introduced by the covid-19 pandemic . nyx-783 is in clinical development for the treatment of post-traumatic stress disorder , or ptsd . we recently completed an initial exploratory phase 2 study to evaluate safety , tolerability , and signals of efficacy of nyx-783 in 160 patients with ptsd . in the study , patients treated with nyx-783 demonstrated improvements across ptsd symptoms and nyx-783 was well-tolerated with no drug-related serious adverse events reported . the nyx-783 50 mg group demonstrated a clinically meaningful improvement from baseline on caps-5 total score after 4 weeks of treatment and , while the exploratory study was powered based on clinical , and not statistical , considerations , on some measures nyx-783 did demonstrate statistically significant separation from placebo . nyx-458 is in phase 2 clinical development for the treatment of cognitive impairment associated with parkinson 's disease and dementia with lewy bodies . we recently recommenced study activities , including site initiation and obtaining irb approval , for a phase 2 exploratory study that was 93 temporarily suspended in march of 2020 due to challenges introduced by the covid-19 pandemic . we expect to recommence the screening and enrollment of patients in that study following an investigator meeting that is planned for march 26 , 2021. we do not expect to generate revenue from product sales unless and until we successfully complete clinical development and obtain regulatory approval for a product candidate , which we expect will take a number of years and the outcome of which is uncertain , or enter into collaborative agreements with third parties , the timing of which is largely beyond our control and may never occur . to fund our current and future operating plans , we will need additional capital , which we may obtain through one or more equity offerings , debt financings , or other third-party funding , including potential strategic alliances and licensing or collaboration arrangements . we may , however , be unable to raise additional funds or enter into such other arrangements when needed on favorable terms or at all , including as a result of covid-19 . our failure to raise capital or enter into such other arrangements as and when needed would have a negative impact on our financial condition and our ability to develop our current product candidates , or any additional product candidates , if developed . the amount and timing of our future funding requirements will depend on many factors , including the impacts of covid-19 , our ability to successfully enroll subjects in a timely way for the clinical studies , and the pace and results of our preclinical and clinical development efforts . we can not assure you that we will ever be profitable or generate positive cash flow from operating activities . the covid-19 pandemic has and could further adversely impact our clinical and or preclinical studies , as well as our business operations . we continue to evaluate the impact of the covid-19 pandemic on patients and our employees , as well as our operations and the operations of our business partners and healthcare communities . in response to the covid-19 pandemic , we have implemented policies to mitigate the risk of exposure to covid-19 by our personnel , including restrictions on the number of staff in any given research and development laboratory or manufacturing facility , a work-from-home policy applicable to the majority of our personnel , and a phased approach to bringing personnel back to our locations over time . however , the ultimate impact of the covid-19 pandemic on our business operations is highly uncertain and subject to change and will depend on future developments which are difficult to predict . financial operations overview revenues we have not generated any revenue from product sales . we are unable to predict when , if ever , material net cash inflows will commence from sales of our products , if approved . our revenue to date has been primarily derived from a research collaboration agreement with allergan ( now a subsidiary of abbvie ) , under which the jointly funded research activities and associated payments by allergan to us concluded in the third quarter of 2020 ; a development services agreement with allergan , which was put in place to continue certain development activities for a pre-determined period of time following allergan 's acquisition of naurex inc. ; and research and development grants from the u.s. government that have no repayment or royalty obligations and none of which are currently outstanding . operating expenses research and development expenses research and development activities account for a significant portion of our operating expenses . we expense research and development costs as incurred . story_separator_special_tag research and development as part of the process of preparing our financial statements , we are required to estimate certain of our accrued research and development expenses . this process involves reviewing open contracts and purchase orders , communicating with 99 our personnel to identify services that have been performed on our behalf , and estimating the level of service performed and the associated costs incurred for the services when we have not yet been invoiced or otherwise notified of the 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 advanced payments . we make estimates of our accrued expenses as of each balance sheet date in our financial statements based on facts and circumstances known to us at that time . examples of estimated accrued research and development expenses include fees paid to : ● cros in connection with performing research and development services on our behalf ; ● investigative sites or other providers in connection with clinical studies ; ● vendors in connection with preclinical development activities ; and ● vendors related to product manufacturing , development , and distribution of clinical supplies . we base our expenses related to clinical studies on our estimates of the services received and efforts expended pursuant to contracts with multiple cros that conduct and manage clinical studies on our behalf . the financial terms of these agreements are subject to negotiation , vary from contract to contract and may result in uneven payment flows . there may be instances in which payments made to our vendors will exceed the level of services provided and result in a prepayment of the clinical expense . payments under some of these contracts depend on factors such as the successful enrollment of patients and the completion of clinical study milestones . in accruing service fees , we estimate the time period over which services will be performed , enrollment of patients , number of sites activated and level of effort to be expended in each period . if the actual timing of the performance of services or the level of effort varies from our estimate , we adjust the accrual or amount of prepaid expenses accordingly . although we do not expect our estimates to be materially different from amounts actually incurred , our understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and may result in us reporting expenses that are too high or too low in any particular period . to date , we have not made any material adjustments to our prior estimates of accrued or prepaid research and development expenses . stock-based compensation we measure stock-based awards granted to our directors and employees at fair value on the date of grant and recognize the corresponding compensation expense of those awards over the requisite service period , which is generally the vesting period of the respective award . generally , we issue stock options and restricted stock with only service-based vesting conditions and record the expense for these awards using the straight-line method . we have historically granted stock options with exercise prices equivalent to the fair value of our common stock as of the date of grant . the fair value of our common stock is determined based on the quoted market price of our common stock . prior to our ipo , the estimates in determining our stock-based compensation valuations were highly complex and subjective , and since our stock was not publicly traded , our board of directors estimated the fair value of our common stock at various dates , with input from management , considering our then most recently available third-party valuations of common stock and its assessment of additional objective and subjective factors that it believed were relevant and which may have changed from the date of the most recent valuation through the date of the grant . the grant date fair value of our options is determined using the black-scholes option-pricing model . the expected term of our options has been determined utilizing the “ simplified method ” for awards that qualify as “ plain-vanilla ” options . the historical volatility of share values of publicly traded companies within the biotechnology industry are used as a surrogate for the expected volatility of our common stock . the determination of the set of guideline public companies used to determine the volality assumption continues to represent a significant estimate in the determination of the grant date fair value of our options . we have not made significant changes in the identification of these guideline public companies in recent years . as of yet , we have not incorporated our own historical share price volatility into this determination , and plan to continuously reevaluate this assumption as we develop more history . the risk-free interest rate is determined by reference to the u.s. treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term 100 of the award . expected dividend yield is based on the fact that we have never paid cash dividends and do not expect to pay any cash dividends in the foreseeable future . jobs act under section 107 ( b ) of the jumpstart our business startups act of 2012 , or the jobs act , an “ emerging growth company ” can delay the adoption of new or revised accounting standards until such time as those standards would apply to private companies . we intend to avail of this exemption . there are other exemptions and reduced reporting requirements provided by the jobs act that we are currently evaluating . for example , as an “ emerging growth company , ” we are exempt from sections 14a ( a ) and ( b ) of the exchange

