since our inception , we have incurred significant operating losses . our net loss was $ 6.1 million for the year ended december 31 , 2013 , $ 16.7 million for the year ended december 31 , 2014 and $ 54.8 million for the year ended december 31 , 2015. as of december 31 , 2015 , we had an accumulated deficit of $ 82.6 million . we expect that our expenses will increase substantially in connection with our ongoing activities , particularly as we : · advance the clinical development of ser-109 for the prevention of further recurrences of cdi in patients suffering from recurrent cdi , through a phase 2 clinical study and beyond ; · initiate clinical development of ser-262 to be used following antibiotic treatment of primary cdi to prevent an initial recurrence of cdi ; · continue the phase 1b clinical study of ser-287 for the treatment of ulcerative colitis ; · conduct research and continue pre-clinical development of additional ecobiotic microbiome therapeutics , including ser-155 for the treatment of enteric bacterial pathogens ; · make strategic investments in manufacturing capabilities , including potentially planning and building a small-scale commercial manufacturing facility ; 72 · maintain our current intellectual property portfolio and opportunistically acquire complementary intellectual property ; and · seek to obtain regulatory approvals for our product candidates . in addition , if we obtain marketing approval for any of our product candidates , we expect to incur significant commercialization expenses related to product manufacturing , marketing , sales and distribution . furthermore , we expect to continue to incur additional costs associated with operating as a public company . as a result , we will need additional financing to support our continuing operations . until such time as we can generate significant revenue from product sales , if ever , we expect to finance our operations through a combination of public or private equity or debt financings or other sources , which may include collaborations with third parties . adequate additional financing may not be available to us on acceptable terms , or at all . our inability to raise capital as and when needed would have a negative impact on our financial condition and our ability to pursue our business strategy . we will need to generate significant revenue to achieve profitability , and we may never do so . in january 2016 we entered into a collaboration and license agreement , or the license agreement , with nestec ltd. , or nhs , for the development and commercialization of certain of our product candidates in development for the treatment and management of cdi and ibd , including ulcerative colitis and crohn 's disease . the license agreement will support the development of our portfolio of products for cdi and ibd in markets outside of the united states and canada , or the licensed territory , and is expected to provide substantial financial support for our ongoing research and development . we have retained full commercial rights to our entire portfolio of product candidates with respect to the united states and canada , where we plan to build our own commercial organization . under the license agreement , we granted to nhs an exclusive , royalty-bearing license to develop and commercialize , in the licensed territory , certain products based on our microbiome technology that are being developed for the treatment of cdi and ibd , including ser-109 , ser-262 , ser-287 and ser-301 , or , collectively , the nhs collaboration products . we also granted to nestlé a non-exclusive license to export , develop and make nhs collaboration products in the licensed fields worldwide solely for commercialization in the licensed fields and in the licensed territory . in exchange for the license , nhs is obligated to pay the company an upfront cash payment of $ 120 million , which the company received in february 2016. nhs has also agreed to pay the company tiered royalties , at percentages ranging from the high single digits to high teens , of net sales of nhs collaboration products in the licensed territory . additionally , nhs has agreed to pay the company up to $ 660 million for the achievement of certain development and regulatory milestones and up to an aggregate of $ 1.125 billion for the achievement of certain commercial milestones related to the sales of nhs collaboration products . we expect to receive a total of $ 30 million in milestone payments in 2016 associated with the planned initiation of a phase 1b study for ser-262 in cdi and the anticipated initiation of the phase 3 clinical trial for ser-109 in cdi . the full potential value of the up-front payment and milestone payments payable by nhs is over $ 1.9 billion , assuming all products receive regulatory approval and are successfully commercialized . nhs is also obligated to pay some of the costs related to our clinical trials . see “ —liquidity and capital resources . ” we expect that our existing cash , cash equivalents and investments , will enable us to fund our operating expenses and capital expenditure requirements well into 2018. see “ —liquidity and capital resources . ” financial operations overview revenue we have not generated any revenue since our inception and do not expect to generate any revenue from the sale of products in the near future . operating expenses our operating expenses since inception have consisted primarily of research and development activities and general and administrative costs . story_separator_special_tag emerging growth company status the jumpstart our business startups act of 2012 , or the jobs act , permits an ‘ ‘ emerging growth company `` such as us to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public companies until those standards would otherwise apply to private companies . we have irrevocably elected to ‘ ‘ opt out `` of this provision and , as a result , we will comply with new or revised accounting standards when they are required to be adopted by public companies that are not emerging growth companies . 77 results of operations comparison of the years ended december 31 , 2015 and 2014 the following table summarizes our results of operations for the years ended december 31 , 2014 and 2015 : replace_table_token_7_th research and development expenses replace_table_token_8_th research and development expenses were $ 38.1 million for the year ended december 31 , 2015 , compared to $ 10.7 million for the year ended december 31 , 2014. the increase of $ 27.4 million was due primarily to the following : · an increase of $ 13.0 million in research expenses related to our microbiome therapeutics platform , due primarily to higher payroll and consultant costs of $ 10.0 million , which included an increase in stock-based compensation expense of $ 4.2 million , due primarily to an increase in employee headcount , an increase in laboratory consumables and supply costs of $ 1.2 million , facility- related costs of $ 1.4 million and travel costs of $ 0.4 million ; · an increase of $ 10.7 million in expenses related to our ser-109 program , due primarily to higher clinical trial costs of $ 6.0 million , higher bioprocess development costs of $ 3.0 million , higher laboratory consumables and supply costs of $ 1.2 million and higher sequencing costs of $ 0.5 million ; · an increase of $ 1.5 million in expenses of our ser-262 program in connection with various pre- clinical , development and clinical activities related to the program ; and · an increase of $ 2.1 million in expenses of our ser-287 program in connection with various pre- clinical , development , and clinical activities related to the program . we expect that our research and development expenses will continue to increase in the foreseeable future as we advance the clinical development of ser-287 and initiate clinical trials for certain product candidates , including ser-262 , continue to discover and develop additional product candidates , including ser-155 , and pursue later stages of clinical development of our product candidates . 78 general and administrative expenses replace_table_token_9_th general and administrative expenses were $ 16.8 million for the year ended december 31 , 2015 , compared to $ 4.4 million for the year ended december 31 , 2014. the increase of $ 12.4 million was primarily due to an increase in personnel related costs of $ 6.3 million , which included an increase of $ 3.4 million in stock-based compensation , an increase in professional fees of $ 4.1 million and an increase in facility-related and other costs of $ 2.0 million . personnel related costs increased primarily due to the hiring of additional employees from december 31 , 2014 to december 31 , 2015 to support corporate operations and business development activities . the increase in professional fees was due to an increase in accounting , audit and legal fees as a result of operating as a public company including $ 0.5 million in costs in connection with the collaboration agreement with nestlé . the increase in facility-related and other costs was primarily due to an increase in office-related expenses and rent expense resulting from our new facility for research and development that commenced in february 2015. other income ( expense ) , net other income ( expense ) , net for the year ended december 31 , 2015 was an income of $ 0.1 million , compared to an expense of $ 1.6 million for the year ended december 31 , 2014. the $ 1.7 million increase in other income , net was primarily due to gains recorded to adjust the fair value of our preferred stock warrant liability due to a decrease in the fair value of the underlying series a-2 convertible preferred stock over that period . in connection with the extinguishment of the loan and security agreement , we recorded a loss on extinguishment of $ 0.1 million , which has been recorded as interest expense in the year ended december 31 , 2015. comparison of years ended december 31 , 2014 and 2013 the following table summarizes our results of operations for the years ended december 31 , 2014 and 2013 : replace_table_token_10_th 79 research and development expenses replace_table_token_11_th research and development expenses were $ 10.7 million for the year ended december 31 , 2014 , compared to $ 4.8 million for the year ended december 31 , 2013. the increase of $ 5.9 million was due primarily to the following : · an increase of $ 4.2 million in research expenses related to our microbiome therapeutics platform , due primarily to higher payroll and consultant costs of $ 2.1 million , which included an increase in stock-based compensation expense of $ 0.9 million ; an increase in laboratory supply costs of $ 0.7 million ; an increase in facility-related costs of $ 0.5 million ; and an increase in licensing costs of $ 0.3 million ; · an increase of $ 2.4 million in expenses related to our ser-109 program , due primarily to higher clinical trial costs of $ 2.1 million and higher contract manufacturing costs of $ 0.4 million , partially offset by lower animal studies costs ; and · a decrease of $ 0.6 million in expenses of our ser-262 program due to our shifted focus to ser-109 and our microbiome therapeutics platform research . general and administrative expenses replace_table_token_12_th

cash flows the following table summarizes our sources and uses of cash for each of the periods presented : replace_table_token_13_th operating activities . during the year ended december 31 , 2015 , operating activities used $ 40.8 million of cash , primarily resulting from our net loss of $ 54.8 million and cash provided by changes in our operating assets and liabilities of $ 3.1 million , partially offset by non-cash charges of $ 10.8 million . net cash provided by changes in our operating assets and liabilities during the year ended december 31 , 2015 consisted of a $ 2.5 million increase in prepaid expenses and other current assets , a $ 2.7 million increase in accounts payable and a $ 2.9 million increase in accrued expenses and other current liabilities . the increases in our accounts payable and accrued expenses were due to the timing of payments , an increase in payroll related costs and an increase in amounts accrued for clinical trial and contracted manufacturing expenses . the increase in prepaid expenses and other current assets was due primarily to prepayments made for clinical trial activities . during the year ended december 31 , 2014 , operating activities used $ 10.4 million of cash , primarily resulting from our net loss of $ 16.7 million , partially offset by non-cash charges of $ 4.1 million and by cash provided by changes in our operating assets and liabilities of $ 2.3 million . net cash provided by changes in our operating assets and liabilities during the year ended december 31 , 2014 consisted primarily of a $ 0.8 million increase in accounts payable and a $ 1.5 million increase in accrued expenses and other current liabilities .


 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.
     ```cash flows the following table summarizes our sources and uses of cash for each of the periods presented : replace_table_token_13_th operating activities . during the year ended december 31 , 2015 , operating activities used $ 40.8 million of cash , primarily resulting from our net loss of $ 54.8 million and cash provided by changes in our operating assets and liabilities of $ 3.1 million , partially offset by non-cash charges of $ 10.8 million . net cash provided by changes in our operating assets and liabilities during the year ended december 31 , 2015 consisted of a $ 2.5 million increase in prepaid expenses and other current assets , a $ 2.7 million increase in accounts payable and a $ 2.9 million increase in accrued expenses and other current liabilities . the increases in our accounts payable and accrued expenses were due to the timing of payments , an increase in payroll related costs and an increase in amounts accrued for clinical trial and contracted manufacturing expenses . the increase in prepaid expenses and other current assets was due primarily to prepayments made for clinical trial activities . during the year ended december 31 , 2014 , operating activities used $ 10.4 million of cash , primarily resulting from our net loss of $ 16.7 million , partially offset by non-cash charges of $ 4.1 million and by cash provided by changes in our operating assets and liabilities of $ 2.3 million . net cash provided by changes in our operating assets and liabilities during the year ended december 31 , 2014 consisted primarily of a $ 0.8 million increase in accounts payable and a $ 1.5 million increase in accrued expenses and other current liabilities .
```    
 Suspicious Activity Report : since our inception , we have incurred significant operating losses . our net loss was $ 6.1 million for the year ended december 31 , 2013 , $ 16.7 million for the year ended december 31 , 2014 and $ 54.8 million for the year ended december 31 , 2015. as of december 31 , 2015 , we had an accumulated deficit of $ 82.6 million . we expect that our expenses will increase substantially in connection with our ongoing activities , particularly as we : · advance the clinical development of ser-109 for the prevention of further recurrences of cdi in patients suffering from recurrent cdi , through a phase 2 clinical study and beyond ; · initiate clinical development of ser-262 to be used following antibiotic treatment of primary cdi to prevent an initial recurrence of cdi ; · continue the phase 1b clinical study of ser-287 for the treatment of ulcerative colitis ; · conduct research and continue pre-clinical development of additional ecobiotic microbiome therapeutics , including ser-155 for the treatment of enteric bacterial pathogens ; · make strategic investments in manufacturing capabilities , including potentially planning and building a small-scale commercial manufacturing facility ; 72 · maintain our current intellectual property portfolio and opportunistically acquire complementary intellectual property ; and · seek to obtain regulatory approvals for our product candidates . in addition , if we obtain marketing approval for any of our product candidates , we expect to incur significant commercialization expenses related to product manufacturing , marketing , sales and distribution . furthermore , we expect to continue to incur additional costs associated with operating as a public company . as a result , we will need additional financing to support our continuing operations . until such time as we can generate significant revenue from product sales , if ever , we expect to finance our operations through a combination of public or private equity or debt financings or other sources , which may include collaborations with third parties . adequate additional financing may not be available to us on acceptable terms , or at all . our inability to raise capital as and when needed would have a negative impact on our financial condition and our ability to pursue our business strategy . we will need to generate significant revenue to achieve profitability , and we may never do so . in january 2016 we entered into a collaboration and license agreement , or the license agreement , with nestec ltd. , or nhs , for the development and commercialization of certain of our product candidates in development for the treatment and management of cdi and ibd , including ulcerative colitis and crohn 's disease . the license agreement will support the development of our portfolio of products for cdi and ibd in markets outside of the united states and canada , or the licensed territory , and is expected to provide substantial financial support for our ongoing research and development . we have retained full commercial rights to our entire portfolio of product candidates with respect to the united states and canada , where we plan to build our own commercial organization . under the license agreement , we granted to nhs an exclusive , royalty-bearing license to develop and commercialize , in the licensed territory , certain products based on our microbiome technology that are being developed for the treatment of cdi and ibd , including ser-109 , ser-262 , ser-287 and ser-301 , or , collectively , the nhs collaboration products . we also granted to nestlé a non-exclusive license to export , develop and make nhs collaboration products in the licensed fields worldwide solely for commercialization in the licensed fields and in the licensed territory . in exchange for the license , nhs is obligated to pay the company an upfront cash payment of $ 120 million , which the company received in february 2016. nhs has also agreed to pay the company tiered royalties , at percentages ranging from the high single digits to high teens , of net sales of nhs collaboration products in the licensed territory . additionally , nhs has agreed to pay the company up to $ 660 million for the achievement of certain development and regulatory milestones and up to an aggregate of $ 1.125 billion for the achievement of certain commercial milestones related to the sales of nhs collaboration products . we expect to receive a total of $ 30 million in milestone payments in 2016 associated with the planned initiation of a phase 1b study for ser-262 in cdi and the anticipated initiation of the phase 3 clinical trial for ser-109 in cdi . the full potential value of the up-front payment and milestone payments payable by nhs is over $ 1.9 billion , assuming all products receive regulatory approval and are successfully commercialized . nhs is also obligated to pay some of the costs related to our clinical trials . see “ —liquidity and capital resources . ” we expect that our existing cash , cash equivalents and investments , will enable us to fund our operating expenses and capital expenditure requirements well into 2018. see “ —liquidity and capital resources . ” financial operations overview revenue we have not generated any revenue since our inception and do not expect to generate any revenue from the sale of products in the near future . operating expenses our operating expenses since inception have consisted primarily of research and development activities and general and administrative costs . story_separator_special_tag emerging growth company status the jumpstart our business startups act of 2012 , or the jobs act , permits an ‘ ‘ emerging growth company `` such as us to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public companies until those standards would otherwise apply to private companies . we have irrevocably elected to ‘ ‘ opt out `` of this provision and , as a result , we will comply with new or revised accounting standards when they are required to be adopted by public companies that are not emerging growth companies . 77 results of operations comparison of the years ended december 31 , 2015 and 2014 the following table summarizes our results of operations for the years ended december 31 , 2014 and 2015 : replace_table_token_7_th research and development expenses replace_table_token_8_th research and development expenses were $ 38.1 million for the year ended december 31 , 2015 , compared to $ 10.7 million for the year ended december 31 , 2014. the increase of $ 27.4 million was due primarily to the following : · an increase of $ 13.0 million in research expenses related to our microbiome therapeutics platform , due primarily to higher payroll and consultant costs of $ 10.0 million , which included an increase in stock-based compensation expense of $ 4.2 million , due primarily to an increase in employee headcount , an increase in laboratory consumables and supply costs of $ 1.2 million , facility- related costs of $ 1.4 million and travel costs of $ 0.4 million ; · an increase of $ 10.7 million in expenses related to our ser-109 program , due primarily to higher clinical trial costs of $ 6.0 million , higher bioprocess development costs of $ 3.0 million , higher laboratory consumables and supply costs of $ 1.2 million and higher sequencing costs of $ 0.5 million ; · an increase of $ 1.5 million in expenses of our ser-262 program in connection with various pre- clinical , development and clinical activities related to the program ; and · an increase of $ 2.1 million in expenses of our ser-287 program in connection with various pre- clinical , development , and clinical activities related to the program . we expect that our research and development expenses will continue to increase in the foreseeable future as we advance the clinical development of ser-287 and initiate clinical trials for certain product candidates , including ser-262 , continue to discover and develop additional product candidates , including ser-155 , and pursue later stages of clinical development of our product candidates . 78 general and administrative expenses replace_table_token_9_th general and administrative expenses were $ 16.8 million for the year ended december 31 , 2015 , compared to $ 4.4 million for the year ended december 31 , 2014. the increase of $ 12.4 million was primarily due to an increase in personnel related costs of $ 6.3 million , which included an increase of $ 3.4 million in stock-based compensation , an increase in professional fees of $ 4.1 million and an increase in facility-related and other costs of $ 2.0 million . personnel related costs increased primarily due to the hiring of additional employees from december 31 , 2014 to december 31 , 2015 to support corporate operations and business development activities . the increase in professional fees was due to an increase in accounting , audit and legal fees as a result of operating as a public company including $ 0.5 million in costs in connection with the collaboration agreement with nestlé . the increase in facility-related and other costs was primarily due to an increase in office-related expenses and rent expense resulting from our new facility for research and development that commenced in february 2015. other income ( expense ) , net other income ( expense ) , net for the year ended december 31 , 2015 was an income of $ 0.1 million , compared to an expense of $ 1.6 million for the year ended december 31 , 2014. the $ 1.7 million increase in other income , net was primarily due to gains recorded to adjust the fair value of our preferred stock warrant liability due to a decrease in the fair value of the underlying series a-2 convertible preferred stock over that period . in connection with the extinguishment of the loan and security agreement , we recorded a loss on extinguishment of $ 0.1 million , which has been recorded as interest expense in the year ended december 31 , 2015. comparison of years ended december 31 , 2014 and 2013 the following table summarizes our results of operations for the years ended december 31 , 2014 and 2013 : replace_table_token_10_th 79 research and development expenses replace_table_token_11_th research and development expenses were $ 10.7 million for the year ended december 31 , 2014 , compared to $ 4.8 million for the year ended december 31 , 2013. the increase of $ 5.9 million was due primarily to the following : · an increase of $ 4.2 million in research expenses related to our microbiome therapeutics platform , due primarily to higher payroll and consultant costs of $ 2.1 million , which included an increase in stock-based compensation expense of $ 0.9 million ; an increase in laboratory supply costs of $ 0.7 million ; an increase in facility-related costs of $ 0.5 million ; and an increase in licensing costs of $ 0.3 million ; · an increase of $ 2.4 million in expenses related to our ser-109 program , due primarily to higher clinical trial costs of $ 2.1 million and higher contract manufacturing costs of $ 0.4 million , partially offset by lower animal studies costs ; and · a decrease of $ 0.6 million in expenses of our ser-262 program due to our shifted focus to ser-109 and our microbiome therapeutics platform research . general and administrative expenses replace_table_token_12_th

