in addition to being evaluated for safety , 23 of the 29 patients were evaluable for preliminary signals of efficacy prior to or at the eight-week conclusion of their first cycle of treatment using the response evaluation criteria in solid tumors ( “ recist ” ) , the current standard for evaluating changes in the size of tumors . eight of the 23 patients ( 35 % ) had stable disease ( “ sd ” ) and 15 of 24 ( 65 % ) had progressive disease ( “ pd ” ) . it should be noted that of the 15 patients with pd , six came from cohorts 1 and 2 and are considered to have received less than potentially therapeutic doses of sbp-101 . we also noted that 28 of the 29 patients had follow-up blood tests measuring the tumor marker ca 19-9 associated with pancreatic ductal adenocarcinoma . eleven of these patients ( 39 % ) had reductions in the ca 19-9 levels , as measured at least once after the baseline assessment . seven of the remaining 17 patients who showed no reduction in ca 19-9 came from cohorts one and two . by cohort , stable disease occurred in two patients in cohort 3 , two patients in cohort 4 and four patients in cohort 5. the best response outcomes and best median survival were observed in the group of patients who received total cumulative doses of approximately 6 mg/kg ( cohort 3 ) . two of four patients ( 50 % ) showed sd at week eight . median survival in this group was 5.9 months , with two patients surviving 8 and 10 months , respectively . by total cumulative dose received , 5 of 12 patients ( 42 % ) who received total cumulative doses between 2.5 mg/kg and 8.0 mg/kg had reductions in the ca19-9 levels , as measured at least once after the baseline assessment . nine of these patients ( 67 % ) exceeded 3 months of overall survival ( “ os ” ) , three patients ( 25 % ) exceeded 9 months of os and two patients ( 17 % ) exceeded 1 year of os and were still alive at the end of the study . 40 this study was conducted at clinical sites in both australia and the united states including the mayo clinic scottsdale and honorhealth in scottsdale , az , the austin health olivia newton-john cancer wellness & research centre in melbourne , australia and the ashford cancer centre in adelaide , australia . with the approval of the dsmb , we cancelled the phase 1b portion of the first-in-human monotherapy study in order to evaluate sbp-101 as front line , combination chemotherapy in pancreatic cancer patients . we began enrolling patients in our next clinical trial in june of 2018. this second clinical trial is a phase 1a/1b study of the safety , efficacy and pharmacokinetics of sbp-101 administered in combination with two standard-of-care chemotherapy agents , gemcitabine and nab-paclitaxel . we are currently conducting the trial at four study sites ( three in australia and one in the united states ) . in the phase 1a portion of this trial , we expect to enroll three cohorts of three to six patients with increased dosage levels of sbp-101 administered in the second and third cohorts . demonstration of adequate safety in phase 1a is expected to lead to the phase 1b exploration of efficacy , in which we plan to enroll ten patients using the recommended dosage level determined in phase 1a . should we obtain adequate funding , we hope to increase the number of patients enrolled in the phase 1b portion of the trial to 36 , thus providing a stronger basis for the next steps in the clinical evaluation of sbp - 101. we expect to complete phase 1a in the fourth quarter of 2019. early results from the phase 1b expansion could become available as soon as the second half of 2020. we estimate that completion of our phase 1a/1b clinical trial in pda will require additional funding of approximately $ 6 to $ 12 million . additional clinical trials will be required for fda or other similar approvals if the results of the front-line clinical trial of our sbp-101 product candidate justify continued development . the cost and timing of additional clinical trials is highly dependent on the nature and size of the trials ; however , it is estimated that the next steps in the approval process could cost between $ 25 and $ 30 million . financial overview we have incurred losses of $ 35.1 million since our inception in 2011. for the year ended december 31 , 2018 , we incurred a net loss of $ 5.9 million , which includes a non-cash charge of $ 1.8 million related to the amortization of the debt discount on $ 3.1 million of convertible notes which converted to common stock and common stock and warrants during the year . we also incurred negative cash flows from operating activities of $ 2.4 million for this period . we expect to incur substantial losses , which will continue to generate negative net cash flows from operating activities , as we continue to pursue research and development activities and commercialize our sbp-101 product candidate . our increase in cash compared to december 31 , 2017 was primarily due to $ 3.6 aggregate proceeds from equity and debt offerings completed during 2018 , offset in part by cash used in operations . story_separator_special_tag pursuant to these closings we issued notes with a principal balance equal to the gross proceeds of $ 817,000 and issued 481,422 warrants to purchase common stock 46 cash flows net cash used in operating activities net cash used in operating activities was $ 2.4 million during 2018 , compared to $ 3.4 million during 2017. the net cash used in each of these periods primarily reflects the net loss for these periods and is partially offset by the effects of changes in operating assets and liabilities . in the year ended december 31 , 2018 , the net loss is also offset by a non-cash charge of $ 1.8 million related to the amortization of the discount on the 2017 convertible notes payable . in the year ended december 31 , 2017 , the net loss is also offset by a non-cash charge of $ 3.7 million related to the induced conversions of $ 2.9 million of convertible promissory notes , including accrued but unpaid interest , and $ 250,000 aggregate principal amount of demand notes and a non-cash charge of $ 1.4 million related to the amortization of the discount on the 2017 convertible notes payable . story_separator_special_tag font-size : 10pt ; margin-top : 0pt ; margin-bottom : 0pt ; `` > we require additional funds to continue our operations and execute our business plan , including completing our current phase 1 clinical trial , planning for required future trials and pursuing regulatory approvals in the united states , the european union and other international markets . we historically have financed our operations principally from the sale of convertible debt and equity securities . while we have been successful in the past in obtaining the necessary capital to support our operations and we are likely to seek additional financing through similar means , there is no assurance that we will be able to obtain additional financing under commercially reasonable terms and conditions , or at all . we believe that our existing cash , combined with the proceeds from the sale of the 2018 notes , will be sufficient to fund our operating expenses through the second quarter of 2019. if we are unable to obtain additional financing when needed , we would need to scale back our operations taking actions which may include , among other things , reducing use of outside professional service providers , reducing staff or staff compensation , significantly modify or delay the development of our sbp-101 product candidate , license to third parties the rights to commercialize our sbp-101 product candidate for pancreatic cancer , pancreatitis or other applications that we would otherwise seek to pursue , or cease operations . to the extent that we raise additional capital through the sale of equity or convertible debt securities , the interests of our current stockholders would be diluted , and the terms may include liquidation or other preferences that adversely affect the rights of our current stockholders . if we issue preferred stock , it could affect the rights of our stockholders or reduce the value of our common stock . in particular , specific rights granted to future holders of preferred stock may include voting rights , preferences as to dividends and liquidation , conversion and redemption rights , sinking fund provisions , and restrictions on our ability to merge with or sell our assets to a third party . 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 expenditures or declaring dividends . any of these events could adversely affect our ability to achieve our regulatory approvals and commercialization goals and harm our business . our future success is dependent upon our ability to obtain additional financing , the success of our current phase 1a/1b clinical trial and required future trials , our ability to obtain marketing approval for our sbp-101 product candidate in the united states , the european union and other international markets . if we are unable to obtain additional financing when needed , if our phase 1 clinical trial is not successful , if we do not receive regulatory approval required future trials or if once these studies are concluded , we do not receive marketing approval for our sbp-101 product candidate , we would not be able to continue as a going concern and would be forced to cease operations . the financial statements included in this report have been prepared assuming that we will continue as a going concern and do not include any adjustments relating to the recoverability or classification of assets or the amounts of liabilities that might result from the outcome of these uncertainties . 49 license agreement on december 22 , 2011 , we entered into an exclusive license agreement with the university of florida research foundation ( “ ufrf ” ) , which was acquired in exchange for $ 15,000 in cash and the issuance of 10 % of our common stock . upon executing the license agreement , 80,000 shares of common stock were issued to ufrf which was determined to have a fair value of $ 20,000 based upon an estimated fair value of our common stock of $ 0.25 per share . the license agreement also contained an anti-dilution provision which required the company to issue additional shares to ufrf sufficient for ufrf to maintain its 10 % ownership interest in the company until we secured an addition $ 2.0 million external investment . this investment was received during 2012. the license agreement requires the company to pay royalties to ufrf ranging from 2.5 % to 5 % of net sales of licensed products developed from the licensed technology . minimum annual royalties are required after the initial occurrence of a commercial sale of a marketed product . royalties are payable for the longer of ( i ) the last to expire of the claims

net cash provided by financing activities net cash provided by financing activities was $ 3.6 million for the years ended december 31 , 2018 which was comprised primarily of net proceeds from the sale of common stock and warrants ( $ 2.3 million ) and the sale of the 2018 notes and warrants ( $ 1.3 million ) . during the year ended december 31 , 2017 , net cash provided by financing activities was $ 3.1 million which resulted from net proceeds received in the sale of convertible promissory notes . capital requirements as we continue to pursue our operations and execute our business plan , including the completion of our current phase 1a/1b clinical trial for our initial product candidate , sbp-101 , in pancreatic cancer , planning for required future trials and pursuing regulatory approvals in the united states , the european union and other international markets , we expect to continue to incur substantial and increasing losses , which will continue to generate negative net cash flows from operating activities . our future capital uses and requirements depend on numerous current and future factors . these factors include , but are not limited to , the following : ● the progress of clinical trials required to support our applications for regulatory approvals , including our phase 1a /1b clinical trial , a human clinical trial in australia and the united states ; ● our ability to demonstrate the safety and effectiveness of our sbp-101 product candidate ; ● our ability to obtain regulatory approval of our sbp-101 product candidate in the united states , the european union or other international markets ; ● the cost and delays in product development that may result from changes in regulatory oversight applicable to our sbp-101 product candidate ; ● the market acceptance and level of future sales of our sbp-101 product candidate ; ● the rate of progress in establishing reimbursement arrangements with third-party payors ; ● the effect of competing technological and market developments ; and ● the costs involved in filing and prosecuting patent applications and enforcing or defending patent claims .


 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.
     ```net cash provided by financing activities net cash provided by financing activities was $ 3.6 million for the years ended december 31 , 2018 which was comprised primarily of net proceeds from the sale of common stock and warrants ( $ 2.3 million ) and the sale of the 2018 notes and warrants ( $ 1.3 million ) . during the year ended december 31 , 2017 , net cash provided by financing activities was $ 3.1 million which resulted from net proceeds received in the sale of convertible promissory notes . capital requirements as we continue to pursue our operations and execute our business plan , including the completion of our current phase 1a/1b clinical trial for our initial product candidate , sbp-101 , in pancreatic cancer , planning for required future trials and pursuing regulatory approvals in the united states , the european union and other international markets , we expect to continue to incur substantial and increasing losses , which will continue to generate negative net cash flows from operating activities . our future capital uses and requirements depend on numerous current and future factors . these factors include , but are not limited to , the following : ● the progress of clinical trials required to support our applications for regulatory approvals , including our phase 1a /1b clinical trial , a human clinical trial in australia and the united states ; ● our ability to demonstrate the safety and effectiveness of our sbp-101 product candidate ; ● our ability to obtain regulatory approval of our sbp-101 product candidate in the united states , the european union or other international markets ; ● the cost and delays in product development that may result from changes in regulatory oversight applicable to our sbp-101 product candidate ; ● the market acceptance and level of future sales of our sbp-101 product candidate ; ● the rate of progress in establishing reimbursement arrangements with third-party payors ; ● the effect of competing technological and market developments ; and ● the costs involved in filing and prosecuting patent applications and enforcing or defending patent claims .
```    
 Suspicious Activity Report : in addition to being evaluated for safety , 23 of the 29 patients were evaluable for preliminary signals of efficacy prior to or at the eight-week conclusion of their first cycle of treatment using the response evaluation criteria in solid tumors ( “ recist ” ) , the current standard for evaluating changes in the size of tumors . eight of the 23 patients ( 35 % ) had stable disease ( “ sd ” ) and 15 of 24 ( 65 % ) had progressive disease ( “ pd ” ) . it should be noted that of the 15 patients with pd , six came from cohorts 1 and 2 and are considered to have received less than potentially therapeutic doses of sbp-101 . we also noted that 28 of the 29 patients had follow-up blood tests measuring the tumor marker ca 19-9 associated with pancreatic ductal adenocarcinoma . eleven of these patients ( 39 % ) had reductions in the ca 19-9 levels , as measured at least once after the baseline assessment . seven of the remaining 17 patients who showed no reduction in ca 19-9 came from cohorts one and two . by cohort , stable disease occurred in two patients in cohort 3 , two patients in cohort 4 and four patients in cohort 5. the best response outcomes and best median survival were observed in the group of patients who received total cumulative doses of approximately 6 mg/kg ( cohort 3 ) . two of four patients ( 50 % ) showed sd at week eight . median survival in this group was 5.9 months , with two patients surviving 8 and 10 months , respectively . by total cumulative dose received , 5 of 12 patients ( 42 % ) who received total cumulative doses between 2.5 mg/kg and 8.0 mg/kg had reductions in the ca19-9 levels , as measured at least once after the baseline assessment . nine of these patients ( 67 % ) exceeded 3 months of overall survival ( “ os ” ) , three patients ( 25 % ) exceeded 9 months of os and two patients ( 17 % ) exceeded 1 year of os and were still alive at the end of the study . 40 this study was conducted at clinical sites in both australia and the united states including the mayo clinic scottsdale and honorhealth in scottsdale , az , the austin health olivia newton-john cancer wellness & research centre in melbourne , australia and the ashford cancer centre in adelaide , australia . with the approval of the dsmb , we cancelled the phase 1b portion of the first-in-human monotherapy study in order to evaluate sbp-101 as front line , combination chemotherapy in pancreatic cancer patients . we began enrolling patients in our next clinical trial in june of 2018. this second clinical trial is a phase 1a/1b study of the safety , efficacy and pharmacokinetics of sbp-101 administered in combination with two standard-of-care chemotherapy agents , gemcitabine and nab-paclitaxel . we are currently conducting the trial at four study sites ( three in australia and one in the united states ) . in the phase 1a portion of this trial , we expect to enroll three cohorts of three to six patients with increased dosage levels of sbp-101 administered in the second and third cohorts . demonstration of adequate safety in phase 1a is expected to lead to the phase 1b exploration of efficacy , in which we plan to enroll ten patients using the recommended dosage level determined in phase 1a . should we obtain adequate funding , we hope to increase the number of patients enrolled in the phase 1b portion of the trial to 36 , thus providing a stronger basis for the next steps in the clinical evaluation of sbp - 101. we expect to complete phase 1a in the fourth quarter of 2019. early results from the phase 1b expansion could become available as soon as the second half of 2020. we estimate that completion of our phase 1a/1b clinical trial in pda will require additional funding of approximately $ 6 to $ 12 million . additional clinical trials will be required for fda or other similar approvals if the results of the front-line clinical trial of our sbp-101 product candidate justify continued development . the cost and timing of additional clinical trials is highly dependent on the nature and size of the trials ; however , it is estimated that the next steps in the approval process could cost between $ 25 and $ 30 million . financial overview we have incurred losses of $ 35.1 million since our inception in 2011. for the year ended december 31 , 2018 , we incurred a net loss of $ 5.9 million , which includes a non-cash charge of $ 1.8 million related to the amortization of the debt discount on $ 3.1 million of convertible notes which converted to common stock and common stock and warrants during the year . we also incurred negative cash flows from operating activities of $ 2.4 million for this period . we expect to incur substantial losses , which will continue to generate negative net cash flows from operating activities , as we continue to pursue research and development activities and commercialize our sbp-101 product candidate . our increase in cash compared to december 31 , 2017 was primarily due to $ 3.6 aggregate proceeds from equity and debt offerings completed during 2018 , offset in part by cash used in operations . story_separator_special_tag pursuant to these closings we issued notes with a principal balance equal to the gross proceeds of $ 817,000 and issued 481,422 warrants to purchase common stock 46 cash flows net cash used in operating activities net cash used in operating activities was $ 2.4 million during 2018 , compared to $ 3.4 million during 2017. the net cash used in each of these periods primarily reflects the net loss for these periods and is partially offset by the effects of changes in operating assets and liabilities . in the year ended december 31 , 2018 , the net loss is also offset by a non-cash charge of $ 1.8 million related to the amortization of the discount on the 2017 convertible notes payable . in the year ended december 31 , 2017 , the net loss is also offset by a non-cash charge of $ 3.7 million related to the induced conversions of $ 2.9 million of convertible promissory notes , including accrued but unpaid interest , and $ 250,000 aggregate principal amount of demand notes and a non-cash charge of $ 1.4 million related to the amortization of the discount on the 2017 convertible notes payable . story_separator_special_tag font-size : 10pt ; margin-top : 0pt ; margin-bottom : 0pt ; `` > we require additional funds to continue our operations and execute our business plan , including completing our current phase 1 clinical trial , planning for required future trials and pursuing regulatory approvals in the united states , the european union and other international markets . we historically have financed our operations principally from the sale of convertible debt and equity securities . while we have been successful in the past in obtaining the necessary capital to support our operations and we are likely to seek additional financing through similar means , there is no assurance that we will be able to obtain additional financing under commercially reasonable terms and conditions , or at all . we believe that our existing cash , combined with the proceeds from the sale of the 2018 notes , will be sufficient to fund our operating expenses through the second quarter of 2019. if we are unable to obtain additional financing when needed , we would need to scale back our operations taking actions which may include , among other things , reducing use of outside professional service providers , reducing staff or staff compensation , significantly modify or delay the development of our sbp-101 product candidate , license to third parties the rights to commercialize our sbp-101 product candidate for pancreatic cancer , pancreatitis or other applications that we would otherwise seek to pursue , or cease operations . to the extent that we raise additional capital through the sale of equity or convertible debt securities , the interests of our current stockholders would be diluted , and the terms may include liquidation or other preferences that adversely affect the rights of our current stockholders . if we issue preferred stock , it could affect the rights of our stockholders or reduce the value of our common stock . in particular , specific rights granted to future holders of preferred stock may include voting rights , preferences as to dividends and liquidation , conversion and redemption rights , sinking fund provisions , and restrictions on our ability to merge with or sell our assets to a third party . 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 expenditures or declaring dividends . any of these events could adversely affect our ability to achieve our regulatory approvals and commercialization goals and harm our business . our future success is dependent upon our ability to obtain additional financing , the success of our current phase 1a/1b clinical trial and required future trials , our ability to obtain marketing approval for our sbp-101 product candidate in the united states , the european union and other international markets . if we are unable to obtain additional financing when needed , if our phase 1 clinical trial is not successful , if we do not receive regulatory approval required future trials or if once these studies are concluded , we do not receive marketing approval for our sbp-101 product candidate , we would not be able to continue as a going concern and would be forced to cease operations . the financial statements included in this report have been prepared assuming that we will continue as a going concern and do not include any adjustments relating to the recoverability or classification of assets or the amounts of liabilities that might result from the outcome of these uncertainties . 49 license agreement on december 22 , 2011 , we entered into an exclusive license agreement with the university of florida research foundation ( “ ufrf ” ) , which was acquired in exchange for $ 15,000 in cash and the issuance of 10 % of our common stock . upon executing the license agreement , 80,000 shares of common stock were issued to ufrf which was determined to have a fair value of $ 20,000 based upon an estimated fair value of our common stock of $ 0.25 per share . the license agreement also contained an anti-dilution provision which required the company to issue additional shares to ufrf sufficient for ufrf to maintain its 10 % ownership interest in the company until we secured an addition $ 2.0 million external investment . this investment was received during 2012. the license agreement requires the company to pay royalties to ufrf ranging from 2.5 % to 5 % of net sales of licensed products developed from the licensed technology . minimum annual royalties are required after the initial occurrence of a commercial sale of a marketed product . royalties are payable for the longer of ( i ) the last to expire of the claims

