these data were published in the mayo clinic proceedings in february 2017. the combined 25-month fracture data from our phase 3 clinical trial program for abaloparatide-sc formed the basis of our regulatory submissions in the united states and europe . in november 2015 , we submitted an maa to the european medicines agency , or ema , which was validated and is currently undergoing active regulatory assessment by the chmp . we anticipate that the chmp may adopt an opinion regarding the maa in 2017. in march 2016 , we submitted an nda to the fda , which has been accepted for filing by the fda with a pdufa date of march 30 , 2017. we intend to enter into one or more collaborations for the potential commercialization of abaloparatide-sc prior to a commercial launch . subject to regulatory review and a favorable regulatory outcome , we anticipate the first commercial sales of abaloparatide-sc will take place in 2017. we intend to commercialize abaloparatide-sc in the united states ourselves and our experienced commercial leaders are rapidly expanding the breadth of our capabilities and sales organization with highly skilled and tenured individuals . we expect to report the top-line results from our recently completed 24-month activextend trial in the second quarter of 2017. abaloparatide-td— we are also developing abaloparatide-transdermal , which we refer to as abaloparatide-td , based on 3m 's patented microstructured transdermal system technology for potential use as a short wear-time transdermal patch . we hold worldwide commercialization rights to the abaloparatide-td technology . we are developing abaloparatide-td toward future global regulatory submissions to build upon the potential success of our investigational product candidate , abaloparatide-sc , if approved . we commenced a human replicative clinical evaluation of the optimized abaloparatide-td patch in december 2015 , with the goal of achieving comparability to abaloparatide-sc . in september 2016 , we presented results from this evaluation , which showed that the pharmacokinetic profile of an optimized abaloparatide-td patch with respect to tmax , t1/2 , and auc was successfully modified so as to improve comparability to abaloparatide-sc . the results of this clinical evaluation will inform the design of a pivotal bioequivalence study that will be initiated following completion of activities related to manufacturing scale-up , production , and other activities required for the initiation of that study . our capabilities-organization and experience in our evolution towards becoming a fully integrated biopharmaceutical company , we are completing the build out of our sales and medical organizations . we are also continuing to strengthen our compliance program as part of our commitment to a strong culture of compliance and good corporate governance . our accomplished senior commercial leadership is currently completing the build out of our commercial organization , with capabilities across sales , marketing , reimbursement , and distribution , to support the potential commercialization of abaloparatide-sc in the united states . in 2016 , we established our commercial organization with core teams organized around marketing , sales , market access and commercial operations functions . our market access and sales teams will engage and support external customers . our market access organization has hired an account team comprised of individuals with significant account experience with the large third-party payers and trade accounts that represent a substantial majority of all potential target patients . we also assembled a marketing team of seasoned professionals with substantial specialty pharmaceutical marketing , communications , professional education , patient education and advocacy expertise . our sales organization has hired over 20 capable sales leaders with prior osteoporosis , managerial , specialty launch and injectable therapy experience . these sales leaders will manage a sales organization that will be comprised of more than 200 clinical sales and integrated delivery network specialists . we intend to complete the hiring of our u.s. sales force in the first quarter of 2017. finally , we forged a comprehensive commercial operations team to support launch requirements . our commercial operations leaders have substantial specialty launch experience in establishing hub and specialty pharmacy distribution networks , analytics and forecasting , market research , sales and market operations , and sales training . if approved , we intend to distribute abaloparatide-sc in the united states through a network of distributors and specialty pharmacies . under this distribution model , both the distributors and specialty pharmacies would take physical delivery of product and the specialty pharmacies would dispense the product directly to patients . our experienced senior medical leadership is completing the build out of our medical organization to provide cross-functional support to both internal partners and external stakeholders by providing expert scientific knowledge , educational material and scientific training programs . this dedicated and skilled organization is comprised of 40 professionals with 60 extensive clinical and scientific experience within academic medical centers , clinical medical practice , research institutions , and other pharmaceutical organizations . our medical team was organized with key functions , including medical affairs , pharmacovigilance , medical information , publications , and health economics outcomes research . our medical affairs team includes physicians with relevant clinical and pharmaceutical experience in endocrinology and women 's health . the medical affairs team also includes scientists with extensive research experience in bone health who will provide clinical development support for current and future scientific research . our team of medical sciences liaisons , or msls , will provide medical educational support to external stakeholders . the director and regional managers of our msl team have comprehensive experience in the field of osteoporosis . under the leadership of our chief compliance officer , we are continuing to strengthen our compliance program as part of our commitment to a strong culture of compliance and good corporate governance . story_separator_special_tag we estimate forfeitures based upon historical data , adjusted for known trends , and will adjust the estimate of forfeitures if actual forfeitures differ or are expected to differ from such estimates . subsequent changes in estimated forfeitures are recognized through a cumulative adjustment in the period of change and also will impact the amount of stock-based compensation expense in future periods . 64 stock-based compensation expense recognized for options granted to consultants is also based upon the fair value of the options issued , as determined by the black-scholes option pricing model . however , the unvested portion of such option grants is re-measured at each reporting period , until such time as the option is fully vested . performance units we measure stock-based compensation cost at the accounting measurement date based on the fair value of the performance unit grant , and recognize the expense over the derived service period of the performance units . we estimate the fair value of each grant using a monte carlo simulation analysis that takes into account the forecasted price of our common stock , historical volatility of our common stock , risk-free rate as of valuation date , price of our common stock as of the grant date and the trigger for the performance condition to be met . the derived service period for each grant is calculated using a monte carlo simulation analysis . fair value measurements we define fair value as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date . we determine fair value based on the assumptions market participants use when pricing the asset or liability . we also use the fair value hierarchy that prioritizes the information used to develop these assumptions . the fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets ( level 1 ) and the lowest priority to unobservable inputs ( level 3 ) . our financial assets and liabilities are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement . the three levels of the fair value hierarchy , and its applicability to our financial assets , are described below : level 1 —unadjusted quoted prices in active markets that are accessible at the measurement date of identical , unrestricted assets . level 2 —quoted prices for similar assets , or inputs that are observable , either directly or indirectly , for substantially the full term through corroboration with observable market data . level 2 includes investments valued at quoted prices adjusted for legal or contractual restrictions specific to the security . level 3 —pricing inputs are unobservable for the asset , that is , inputs that reflect the reporting entity 's own assumptions about the assumptions market participants would use in pricing the asset . level 3 includes private investments that are supported by little or no market activity . as of december 31 , 2016 and 2015 , we held financial assets that were measured using level 1 and level 2 inputs . assets measured using level 1 inputs include money market funds , which are valued using quoted market prices with no valuation adjustments applied . assets measured using level 2 inputs include marketable securities that consist primarily of domestic corporate debt securities ( direct issuance bonds , corporate bonds , etc . ) and are valued using third-party pricing resources , which generally use interest rates and yield curves observable at commonly quoted intervals of similar assets as observable inputs for pricing . as of december 31 , 2016 and 2015 , we held no level 3 assets or liabilities . results of operations the following discussion summarizes the key factors our management team believes are necessary for an understanding of our consolidated financial statements . years ended december 31 , 2016 and december 31 , 2015 65 replace_table_token_6_th research and development expenses —for the year ended december 31 , 2016 , research and development expense was $ 107.4 million , as compared to $ 68.3 million for the year ended december 31 , 2015 , an increase of $ 39.1 million , or 57 % . this increase was primarily a result of increased compensation expense , including an increase of $ 3.3 million of non-cash stock-based compensation expense , due to growth in headcount from 48 research and development employees as of december 31 , 2015 , to 107 research and development employees as of december 31 , 2016 . this increase in spend was also driven by higher contract service costs associated with the development of our investigational product candidate rad1901 as a result of the increased clinical and manufacturing activities in 2016 , as compared to 2015. these amounts were partially offset by a decrease in the total professional contract service costs associated with the development of abaloparatide-sc as more patients completed study protocol activities associated with the 24-month activextend clinical trial in 2016 , as compared to 2015. general and administrative expenses —for the year ended december 31 , 2016 , general and administrative expense was $ 77.5 million , as compared to $ 30.8 million for the year ended december 31 , 2015 , an increase of $ 46.7 million , or 152 % . this increase was primarily due to increased professional support costs of approximately $ 19.4 million , including costs associated with preparing for the potential commercialization of abaloparatide-sc ( subject to a favorable regulatory review ) , as compared to 2015. this increase in spend was also driven by increased compensation expense , including an increase of $ 8.0 million of non-cash stock-based compensation expense , due to growth in headcount from 27 general and administrative employees as of december 31 , 2015 , to 130 general and administrative employees as of december 31 , 2016 . we

cash flows from financing activities net cash provided by financing activities for the year ended december 31 , 2016 was $ 2.6 million , as compared to $ 458.1 million of net cash provided by financing activities for the year ended december 31 , 2015 . net cash provided by financing activities during the year ended december 31 , 2016 consisted of $ 2.6 million of proceeds as the result of stock option exercises . net cash provided by financing activities during the year ended december 31 , 2015 consisted of $ 482.3 million of net proceeds received from public offerings of our common stock in january and july of 2015 , partially offset by the repayment of our 2014 credit facility . net cash provided by financing activities during the year ended december 31 , 2014 consisted of $ 50.4 million of net proceeds from our initial public offering , $ 53.4 million of net proceeds from our additional public offering that closed october 7 , 2014 , $ 27.4 million of net proceeds from the issuance of our series b-2 convertible preferred stock in february and march of 2014 , and $ 24.6 million of net proceeds from our 2014 credit facility , partially offset by payments under a previous credit facility arrangement of $ 13.2 million . sales of common stock on july 28 , 2015 , we completed a public offering of 4,054,054 shares of our common stock at a price of $ 74.00 per share , for aggregate proceeds , net of underwriting discounts , commissions and offering costs , of approximately $ 281.5 million . also , on july 28 , 2015 , the underwriters purchased an additional 608,108 shares by exercising an option to purchase additional shares that was granted to them in connection with the offering .


 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 from financing activities net cash provided by financing activities for the year ended december 31 , 2016 was $ 2.6 million , as compared to $ 458.1 million of net cash provided by financing activities for the year ended december 31 , 2015 . net cash provided by financing activities during the year ended december 31 , 2016 consisted of $ 2.6 million of proceeds as the result of stock option exercises . net cash provided by financing activities during the year ended december 31 , 2015 consisted of $ 482.3 million of net proceeds received from public offerings of our common stock in january and july of 2015 , partially offset by the repayment of our 2014 credit facility . net cash provided by financing activities during the year ended december 31 , 2014 consisted of $ 50.4 million of net proceeds from our initial public offering , $ 53.4 million of net proceeds from our additional public offering that closed october 7 , 2014 , $ 27.4 million of net proceeds from the issuance of our series b-2 convertible preferred stock in february and march of 2014 , and $ 24.6 million of net proceeds from our 2014 credit facility , partially offset by payments under a previous credit facility arrangement of $ 13.2 million . sales of common stock on july 28 , 2015 , we completed a public offering of 4,054,054 shares of our common stock at a price of $ 74.00 per share , for aggregate proceeds , net of underwriting discounts , commissions and offering costs , of approximately $ 281.5 million . also , on july 28 , 2015 , the underwriters purchased an additional 608,108 shares by exercising an option to purchase additional shares that was granted to them in connection with the offering .
```    
 Suspicious Activity Report : these data were published in the mayo clinic proceedings in february 2017. the combined 25-month fracture data from our phase 3 clinical trial program for abaloparatide-sc formed the basis of our regulatory submissions in the united states and europe . in november 2015 , we submitted an maa to the european medicines agency , or ema , which was validated and is currently undergoing active regulatory assessment by the chmp . we anticipate that the chmp may adopt an opinion regarding the maa in 2017. in march 2016 , we submitted an nda to the fda , which has been accepted for filing by the fda with a pdufa date of march 30 , 2017. we intend to enter into one or more collaborations for the potential commercialization of abaloparatide-sc prior to a commercial launch . subject to regulatory review and a favorable regulatory outcome , we anticipate the first commercial sales of abaloparatide-sc will take place in 2017. we intend to commercialize abaloparatide-sc in the united states ourselves and our experienced commercial leaders are rapidly expanding the breadth of our capabilities and sales organization with highly skilled and tenured individuals . we expect to report the top-line results from our recently completed 24-month activextend trial in the second quarter of 2017. abaloparatide-td— we are also developing abaloparatide-transdermal , which we refer to as abaloparatide-td , based on 3m 's patented microstructured transdermal system technology for potential use as a short wear-time transdermal patch . we hold worldwide commercialization rights to the abaloparatide-td technology . we are developing abaloparatide-td toward future global regulatory submissions to build upon the potential success of our investigational product candidate , abaloparatide-sc , if approved . we commenced a human replicative clinical evaluation of the optimized abaloparatide-td patch in december 2015 , with the goal of achieving comparability to abaloparatide-sc . in september 2016 , we presented results from this evaluation , which showed that the pharmacokinetic profile of an optimized abaloparatide-td patch with respect to tmax , t1/2 , and auc was successfully modified so as to improve comparability to abaloparatide-sc . the results of this clinical evaluation will inform the design of a pivotal bioequivalence study that will be initiated following completion of activities related to manufacturing scale-up , production , and other activities required for the initiation of that study . our capabilities-organization and experience in our evolution towards becoming a fully integrated biopharmaceutical company , we are completing the build out of our sales and medical organizations . we are also continuing to strengthen our compliance program as part of our commitment to a strong culture of compliance and good corporate governance . our accomplished senior commercial leadership is currently completing the build out of our commercial organization , with capabilities across sales , marketing , reimbursement , and distribution , to support the potential commercialization of abaloparatide-sc in the united states . in 2016 , we established our commercial organization with core teams organized around marketing , sales , market access and commercial operations functions . our market access and sales teams will engage and support external customers . our market access organization has hired an account team comprised of individuals with significant account experience with the large third-party payers and trade accounts that represent a substantial majority of all potential target patients . we also assembled a marketing team of seasoned professionals with substantial specialty pharmaceutical marketing , communications , professional education , patient education and advocacy expertise . our sales organization has hired over 20 capable sales leaders with prior osteoporosis , managerial , specialty launch and injectable therapy experience . these sales leaders will manage a sales organization that will be comprised of more than 200 clinical sales and integrated delivery network specialists . we intend to complete the hiring of our u.s. sales force in the first quarter of 2017. finally , we forged a comprehensive commercial operations team to support launch requirements . our commercial operations leaders have substantial specialty launch experience in establishing hub and specialty pharmacy distribution networks , analytics and forecasting , market research , sales and market operations , and sales training . if approved , we intend to distribute abaloparatide-sc in the united states through a network of distributors and specialty pharmacies . under this distribution model , both the distributors and specialty pharmacies would take physical delivery of product and the specialty pharmacies would dispense the product directly to patients . our experienced senior medical leadership is completing the build out of our medical organization to provide cross-functional support to both internal partners and external stakeholders by providing expert scientific knowledge , educational material and scientific training programs . this dedicated and skilled organization is comprised of 40 professionals with 60 extensive clinical and scientific experience within academic medical centers , clinical medical practice , research institutions , and other pharmaceutical organizations . our medical team was organized with key functions , including medical affairs , pharmacovigilance , medical information , publications , and health economics outcomes research . our medical affairs team includes physicians with relevant clinical and pharmaceutical experience in endocrinology and women 's health . the medical affairs team also includes scientists with extensive research experience in bone health who will provide clinical development support for current and future scientific research . our team of medical sciences liaisons , or msls , will provide medical educational support to external stakeholders . the director and regional managers of our msl team have comprehensive experience in the field of osteoporosis . under the leadership of our chief compliance officer , we are continuing to strengthen our compliance program as part of our commitment to a strong culture of compliance and good corporate governance . story_separator_special_tag we estimate forfeitures based upon historical data , adjusted for known trends , and will adjust the estimate of forfeitures if actual forfeitures differ or are expected to differ from such estimates . subsequent changes in estimated forfeitures are recognized through a cumulative adjustment in the period of change and also will impact the amount of stock-based compensation expense in future periods . 64 stock-based compensation expense recognized for options granted to consultants is also based upon the fair value of the options issued , as determined by the black-scholes option pricing model . however , the unvested portion of such option grants is re-measured at each reporting period , until such time as the option is fully vested . performance units we measure stock-based compensation cost at the accounting measurement date based on the fair value of the performance unit grant , and recognize the expense over the derived service period of the performance units . we estimate the fair value of each grant using a monte carlo simulation analysis that takes into account the forecasted price of our common stock , historical volatility of our common stock , risk-free rate as of valuation date , price of our common stock as of the grant date and the trigger for the performance condition to be met . the derived service period for each grant is calculated using a monte carlo simulation analysis . fair value measurements we define fair value as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date . we determine fair value based on the assumptions market participants use when pricing the asset or liability . we also use the fair value hierarchy that prioritizes the information used to develop these assumptions . the fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets ( level 1 ) and the lowest priority to unobservable inputs ( level 3 ) . our financial assets and liabilities are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement . the three levels of the fair value hierarchy , and its applicability to our financial assets , are described below : level 1 —unadjusted quoted prices in active markets that are accessible at the measurement date of identical , unrestricted assets . level 2 —quoted prices for similar assets , or inputs that are observable , either directly or indirectly , for substantially the full term through corroboration with observable market data . level 2 includes investments valued at quoted prices adjusted for legal or contractual restrictions specific to the security . level 3 —pricing inputs are unobservable for the asset , that is , inputs that reflect the reporting entity 's own assumptions about the assumptions market participants would use in pricing the asset . level 3 includes private investments that are supported by little or no market activity . as of december 31 , 2016 and 2015 , we held financial assets that were measured using level 1 and level 2 inputs . assets measured using level 1 inputs include money market funds , which are valued using quoted market prices with no valuation adjustments applied . assets measured using level 2 inputs include marketable securities that consist primarily of domestic corporate debt securities ( direct issuance bonds , corporate bonds , etc . ) and are valued using third-party pricing resources , which generally use interest rates and yield curves observable at commonly quoted intervals of similar assets as observable inputs for pricing . as of december 31 , 2016 and 2015 , we held no level 3 assets or liabilities . results of operations the following discussion summarizes the key factors our management team believes are necessary for an understanding of our consolidated financial statements . years ended december 31 , 2016 and december 31 , 2015 65 replace_table_token_6_th research and development expenses —for the year ended december 31 , 2016 , research and development expense was $ 107.4 million , as compared to $ 68.3 million for the year ended december 31 , 2015 , an increase of $ 39.1 million , or 57 % . this increase was primarily a result of increased compensation expense , including an increase of $ 3.3 million of non-cash stock-based compensation expense , due to growth in headcount from 48 research and development employees as of december 31 , 2015 , to 107 research and development employees as of december 31 , 2016 . this increase in spend was also driven by higher contract service costs associated with the development of our investigational product candidate rad1901 as a result of the increased clinical and manufacturing activities in 2016 , as compared to 2015. these amounts were partially offset by a decrease in the total professional contract service costs associated with the development of abaloparatide-sc as more patients completed study protocol activities associated with the 24-month activextend clinical trial in 2016 , as compared to 2015. general and administrative expenses —for the year ended december 31 , 2016 , general and administrative expense was $ 77.5 million , as compared to $ 30.8 million for the year ended december 31 , 2015 , an increase of $ 46.7 million , or 152 % . this increase was primarily due to increased professional support costs of approximately $ 19.4 million , including costs associated with preparing for the potential commercialization of abaloparatide-sc ( subject to a favorable regulatory review ) , as compared to 2015. this increase in spend was also driven by increased compensation expense , including an increase of $ 8.0 million of non-cash stock-based compensation expense , due to growth in headcount from 27 general and administrative employees as of december 31 , 2015 , to 130 general and administrative employees as of december 31 , 2016 . we

