in the fourth quarter of 2020 , we acquired panoptes , transforming our pipeline with the addition of pp-001 . pp-001 , is a next-generation , non-steroidal , immuno-modulatory and small-molecule inhibitor of dhodh with what we believe to be best-in-class picomolar potency and a validated immune modulating mechanism designed to overcome the off-target side effects and safety issues associated with dhodh inhibitors . pp-001 has been developed in two clinical-stage ophthalmic formulations : paniject , an intravitreal injection for inflammatory diseases of the eye including posterior uveitis , and panidrop , a novel nano carrier technology eye drop for ocular surface diseases such as conjunctivitis , dry eye disease and others . other administration routes are also in development and ind enabling studies are underway for conditions outside the ocular space . in addition , we are developing ocular bandage gel ( “ obg ” ) , a modified form of the natural polymer hyaluronic acid , designed to protect the ocular surface to permit re-epithelialization of the cornea and improve ocular surface integrity . obg , with unique properties that help hydrate and protect the ocular surface , is in clinical evaluation for patients undergoing prk surgery for corneal wound repair after refractive surgery and patients with pe as a result of dry eye . we are currently developing obg as a device but are evaluating the potential to reclassify obg as a drug . we attended a type-b meeting with the fda 's cder division during the first quarter of 2021 to discuss obg 's path forward as a drug and will continue to evaluate this feedback in reaching a decision . 54 in may 2020 , we were granted a loan ( the “ loan ” ) from silicon valley bank in the amount of approximately $ 0.278 million pursuant to the paycheck protection program ( the “ ppp ” ) under division a , title i of the coronavirus aid , relief , and economic security act ( “ cares act ” ) , which was enacted in march 2020. the loan may be prepaid by the company at any time prior to maturity with no prepayment penalties . funds from the loan may only be used for payroll costs , costs used to continue group health care benefits , mortgage payments , rent , utilities , and interest on other debt obligations incurred before february 15 , 2020 ( “ qualifying expenses ” ) . we used the entire loan amount for qualifying expenses . under the terms of the ppp , certain amounts of the loan may be forgiven if they are used for qualifying expenses as described in the cares act . if the loan is not forgiven , the loan will mature in may 2022 and bear interest at a rate of 1.0 % per annum , payable monthly commencing in september 2021. throughout our history , we have not generated significant revenue . we have never been profitable , and from inception through december 31 , 2020 , our losses from operations have aggregated $ 108.3 million . our net loss was approximately $ 8.1 million and $ 7.1 million for the twelve months ended december 31 , 2020 and 2019 , respectively . we expect to incur significant expenses and increasing operating losses for the foreseeable future as we continue the development and clinical trials of and seek regulatory approval for our pp-001 and obg product candidates , and any other product candidates we advance to clinical development . if we obtain regulatory approval for pp-001 and obg , we expect to incur significant expenses to create an infrastructure to support the commercialization of pp-001 and obg including sales , marketing and distribution functions . the continued spread of the covid-19 pandemic could adversely impact our clinical studies . in addition , covid-19 has resulted in significant governmental measures being implemented to control the spread of the virus , including quarantines , travel restrictions , and business shutdowns . covid-19 has also caused volatility in the global financial markets and threatened a slowdown in the global economy , which could negatively affect our ability to raise additional capital on attractive terms or at all . see “ item 1a . risk factors ” beginning on page 24 of this annual report on form 10-k. the extent to which covid-19 may impact our business will depend on future developments , which are highly uncertain and can not be predicted with confidence , such as the duration of the outbreak , the emergence of new variants , and the effectiveness of actions to contain and treat covid-19 . we can not presently predict the scope and severity of any potential disruptions to our business , including to our ongoing and planned clinical studies . any such shutdowns or other business interruptions could result in material and negative effects to our ability to conduct our business in the manner and on the timelines presently planned , which could have a material adverse impact on our business , results of operation , and financial condition . as of the date of this report , there have been no material adverse effects to our ongoing business operations from covid-19 . we will need additional financing to support our continuing operations . we will seek to fund our operations through public or private equity , debt financings , license and development agreements , 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 failure to raise capital as and when needed would have a negative impact on our financial condition and our ability to pursue our business strategy . story_separator_special_tag as a result , if we generate taxable income , our ability to use our pre-change net operating loss and tax credits carryforwards to reduce u.s. federal and state taxable income may be subject to limitations , which could result in increased future tax liability to us . in addition , the tcja enacted on december 22 , 2017 limits the amount of nols that we are permitted to deduct in any taxable year to 80 % of our taxable income in such year . the tcja also eliminates the ability to carry back nols to prior years but allows nols generated after 2017 to be carried forward indefinitely . as such , there is a risk that due to such items , our existing nols could expire or be unavailable to offset future income . jobs act effective december 31 , 2020 , we are no longer considered an “ emerging growth company ” under the jumpstart our business startups act of 2012 . 60 results of operations comparison of years ended december 31 , 2020 and 2019 the following table summarizes the results of our operations for the years ended december 31 , 2020 and 2019 : replace_table_token_1_th collaboration revenue . collaboration revenue was $ 0.012 million for the year ended december 31 , 2020 , compared to $ 2.686 million for the year ended december 31 , 2019. the revenue recognized for the year ended december 31 , 2020 related to the panoptes acquisition and the accompanying revenue we now generate from government funds from the date of its acquisition . the revenue recognized in the year ended december 31 , 2019 was a result of the termination of the license agreements with bhc and no further revenue will be recognized related to these agreements . research and development expenses . research and development expenses were $ 3.566 million for the year ended december 31 , 2020 compared to $ 5.389 million for the year ended december 31 , 2019. the decrease of $ 1.823 million was primarily due to a decrease in obg clinical activities following the completion of the prk pivotal study in 2019 , as well as the $ 0.500 million adjustment recorded in 2019 to the present value of the jade earn-out payment due upon fda approval of obg . these decreases were partially offset by increases in obg manufacturing and the expiration of a prepaid agreement in 2020 with a research vendor . general and administrative expenses . general and administrative expenses were $ 4.659 million for the year ended december 31 , 2020 , compared to $ 4.406 million for the year ended december 31 , 2019. the increase of $ 0.253 million was mainly due to increases in professional fees and acquisition costs as a result of the panoptes acquisition . these increases were partially offset by a decrease in personnel-related costs . other income , net . other income , net was $ 0.133 million for the year ended december 31 , 2020 , compared to $ 0.108 million for the year ended december 31 , 2019. the increase of $ 0.025 million was mainly due to a gain recognized on the dissolution of eyegate pharma s.a.s . in 2020 , partially offset by less interest earned on our cash balances . income tax expense . income tax expense was $ 0.012 million for the year ended december 31 , 2020 , compared to $ 0.095 million for the year ended december 31 , 2019. the 2020 and 2019 tax expense was a result of an increase in the state blended tax rate , which was applied to the deferred tax liability balance . 61 story_separator_special_tag pharmaceutical partners , we may have to relinquish valuable rights to our technologies , future revenue streams , research programs or product candidates , including our pp-001 and modified ha-based products , on terms that may not be favorable to us . if we are unable to raise additional funds through equity or debt financings when needed , we may be required to delay , limit , reduce or terminate our product development or future commercialization efforts or grant rights to develop and market pp-001 and modified ha-based products , or any other products that we would otherwise prefer to develop and market ourselves . based on our cash on hand at december 31 , 2020 and the approximately $ 8.0 million in net proceeds received from a private placement that closed on january 6 , 2021 , we believe we will have sufficient cash to fund planned operations through august 31 , 2021. however , the acceleration or reduction of cash outflows by management can significantly impact the timing for raising additional capital to complete development of its products . to continue development , we will need to raise additional capital through debt and or equity financing , or access additional funding through u.s. and or foreign grants . although we successfully completed our ipo and several subsequent registered offerings and private placements of our securities , additional capital may not be available on terms favorable to us , if at all . on may 13 , 2019 , the sec declared effective our registration statement on form s-3 , registering a total of $ 50,000,000 of our securities for sale to the public from time to time in what is known as a “ shelf offering ” . we do not know if our future offerings , including offerings pursuant to our shelf registration statement , will succeed . accordingly , no assurances can be given that management will be successful in these endeavors . our recurring losses from operations have caused management to determine there is substantial doubt about our ability to continue as a going concern . our consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities or any other

liquidity and capital resources since becoming a public company in 2015 , we have financed our operations from several registered offerings and private placements of our securities , payments from license agreements , and u.s. and foreign government grants . from inception through march 25 , 2021 , we have raised a total of approximately $ 108.9 million from such sales of our equity and debt securities , both as a public company and prior to our ipo , as well as approximately $ 14.9 million in payments received under our license agreements and government grants and $ 0.278 million received pursuant to the loan under the ppp . on october 2 , 2019 , we completed a private placement of 600,000 shares of common stock and warrants to purchase up to 600,000 shares of common stock to an affiliate of armistice capital , llc , with a combined purchase price per share and warrant of $ 3.125. the total net proceeds from the private placement were approximately $ 1.8 million . the warrants have an exercise price of $ 3.125 per share , subject to adjustments as provided under the terms of the warrants , and will be exercisable on the six-month anniversary of their issuance date . the warrants are exercisable for five years from the issuance date . on january 3 , 2020 , we completed a registered direct offering for 500,000 shares of common stock with a purchase price of $ 10.00 per share . the total net proceeds to the company from the offering were approximately $ 4.5 million . on january 6 , 2021 , we completed a private placement of 1,531,101 shares of common stock and warrants to purchase up to 1,531,101 shares of common stock to an affiliate of armistice capital , llc , with a combined purchase price per share and warrant of $ 5.225. the total net proceeds from the private placement were approximately $ 8.0 million .


 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 since becoming a public company in 2015 , we have financed our operations from several registered offerings and private placements of our securities , payments from license agreements , and u.s. and foreign government grants . from inception through march 25 , 2021 , we have raised a total of approximately $ 108.9 million from such sales of our equity and debt securities , both as a public company and prior to our ipo , as well as approximately $ 14.9 million in payments received under our license agreements and government grants and $ 0.278 million received pursuant to the loan under the ppp . on october 2 , 2019 , we completed a private placement of 600,000 shares of common stock and warrants to purchase up to 600,000 shares of common stock to an affiliate of armistice capital , llc , with a combined purchase price per share and warrant of $ 3.125. the total net proceeds from the private placement were approximately $ 1.8 million . the warrants have an exercise price of $ 3.125 per share , subject to adjustments as provided under the terms of the warrants , and will be exercisable on the six-month anniversary of their issuance date . the warrants are exercisable for five years from the issuance date . on january 3 , 2020 , we completed a registered direct offering for 500,000 shares of common stock with a purchase price of $ 10.00 per share . the total net proceeds to the company from the offering were approximately $ 4.5 million . on january 6 , 2021 , we completed a private placement of 1,531,101 shares of common stock and warrants to purchase up to 1,531,101 shares of common stock to an affiliate of armistice capital , llc , with a combined purchase price per share and warrant of $ 5.225. the total net proceeds from the private placement were approximately $ 8.0 million .
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 Suspicious Activity Report : in the fourth quarter of 2020 , we acquired panoptes , transforming our pipeline with the addition of pp-001 . pp-001 , is a next-generation , non-steroidal , immuno-modulatory and small-molecule inhibitor of dhodh with what we believe to be best-in-class picomolar potency and a validated immune modulating mechanism designed to overcome the off-target side effects and safety issues associated with dhodh inhibitors . pp-001 has been developed in two clinical-stage ophthalmic formulations : paniject , an intravitreal injection for inflammatory diseases of the eye including posterior uveitis , and panidrop , a novel nano carrier technology eye drop for ocular surface diseases such as conjunctivitis , dry eye disease and others . other administration routes are also in development and ind enabling studies are underway for conditions outside the ocular space . in addition , we are developing ocular bandage gel ( “ obg ” ) , a modified form of the natural polymer hyaluronic acid , designed to protect the ocular surface to permit re-epithelialization of the cornea and improve ocular surface integrity . obg , with unique properties that help hydrate and protect the ocular surface , is in clinical evaluation for patients undergoing prk surgery for corneal wound repair after refractive surgery and patients with pe as a result of dry eye . we are currently developing obg as a device but are evaluating the potential to reclassify obg as a drug . we attended a type-b meeting with the fda 's cder division during the first quarter of 2021 to discuss obg 's path forward as a drug and will continue to evaluate this feedback in reaching a decision . 54 in may 2020 , we were granted a loan ( the “ loan ” ) from silicon valley bank in the amount of approximately $ 0.278 million pursuant to the paycheck protection program ( the “ ppp ” ) under division a , title i of the coronavirus aid , relief , and economic security act ( “ cares act ” ) , which was enacted in march 2020. the loan may be prepaid by the company at any time prior to maturity with no prepayment penalties . funds from the loan may only be used for payroll costs , costs used to continue group health care benefits , mortgage payments , rent , utilities , and interest on other debt obligations incurred before february 15 , 2020 ( “ qualifying expenses ” ) . we used the entire loan amount for qualifying expenses . under the terms of the ppp , certain amounts of the loan may be forgiven if they are used for qualifying expenses as described in the cares act . if the loan is not forgiven , the loan will mature in may 2022 and bear interest at a rate of 1.0 % per annum , payable monthly commencing in september 2021. throughout our history , we have not generated significant revenue . we have never been profitable , and from inception through december 31 , 2020 , our losses from operations have aggregated $ 108.3 million . our net loss was approximately $ 8.1 million and $ 7.1 million for the twelve months ended december 31 , 2020 and 2019 , respectively . we expect to incur significant expenses and increasing operating losses for the foreseeable future as we continue the development and clinical trials of and seek regulatory approval for our pp-001 and obg product candidates , and any other product candidates we advance to clinical development . if we obtain regulatory approval for pp-001 and obg , we expect to incur significant expenses to create an infrastructure to support the commercialization of pp-001 and obg including sales , marketing and distribution functions . the continued spread of the covid-19 pandemic could adversely impact our clinical studies . in addition , covid-19 has resulted in significant governmental measures being implemented to control the spread of the virus , including quarantines , travel restrictions , and business shutdowns . covid-19 has also caused volatility in the global financial markets and threatened a slowdown in the global economy , which could negatively affect our ability to raise additional capital on attractive terms or at all . see “ item 1a . risk factors ” beginning on page 24 of this annual report on form 10-k. the extent to which covid-19 may impact our business will depend on future developments , which are highly uncertain and can not be predicted with confidence , such as the duration of the outbreak , the emergence of new variants , and the effectiveness of actions to contain and treat covid-19 . we can not presently predict the scope and severity of any potential disruptions to our business , including to our ongoing and planned clinical studies . any such shutdowns or other business interruptions could result in material and negative effects to our ability to conduct our business in the manner and on the timelines presently planned , which could have a material adverse impact on our business , results of operation , and financial condition . as of the date of this report , there have been no material adverse effects to our ongoing business operations from covid-19 . we will need additional financing to support our continuing operations . we will seek to fund our operations through public or private equity , debt financings , license and development agreements , 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 failure to raise capital as and when needed would have a negative impact on our financial condition and our ability to pursue our business strategy . story_separator_special_tag as a result , if we generate taxable income , our ability to use our pre-change net operating loss and tax credits carryforwards to reduce u.s. federal and state taxable income may be subject to limitations , which could result in increased future tax liability to us . in addition , the tcja enacted on december 22 , 2017 limits the amount of nols that we are permitted to deduct in any taxable year to 80 % of our taxable income in such year . the tcja also eliminates the ability to carry back nols to prior years but allows nols generated after 2017 to be carried forward indefinitely . as such , there is a risk that due to such items , our existing nols could expire or be unavailable to offset future income . jobs act effective december 31 , 2020 , we are no longer considered an “ emerging growth company ” under the jumpstart our business startups act of 2012 . 60 results of operations comparison of years ended december 31 , 2020 and 2019 the following table summarizes the results of our operations for the years ended december 31 , 2020 and 2019 : replace_table_token_1_th collaboration revenue . collaboration revenue was $ 0.012 million for the year ended december 31 , 2020 , compared to $ 2.686 million for the year ended december 31 , 2019. the revenue recognized for the year ended december 31 , 2020 related to the panoptes acquisition and the accompanying revenue we now generate from government funds from the date of its acquisition . the revenue recognized in the year ended december 31 , 2019 was a result of the termination of the license agreements with bhc and no further revenue will be recognized related to these agreements . research and development expenses . research and development expenses were $ 3.566 million for the year ended december 31 , 2020 compared to $ 5.389 million for the year ended december 31 , 2019. the decrease of $ 1.823 million was primarily due to a decrease in obg clinical activities following the completion of the prk pivotal study in 2019 , as well as the $ 0.500 million adjustment recorded in 2019 to the present value of the jade earn-out payment due upon fda approval of obg . these decreases were partially offset by increases in obg manufacturing and the expiration of a prepaid agreement in 2020 with a research vendor . general and administrative expenses . general and administrative expenses were $ 4.659 million for the year ended december 31 , 2020 , compared to $ 4.406 million for the year ended december 31 , 2019. the increase of $ 0.253 million was mainly due to increases in professional fees and acquisition costs as a result of the panoptes acquisition . these increases were partially offset by a decrease in personnel-related costs . other income , net . other income , net was $ 0.133 million for the year ended december 31 , 2020 , compared to $ 0.108 million for the year ended december 31 , 2019. the increase of $ 0.025 million was mainly due to a gain recognized on the dissolution of eyegate pharma s.a.s . in 2020 , partially offset by less interest earned on our cash balances . income tax expense . income tax expense was $ 0.012 million for the year ended december 31 , 2020 , compared to $ 0.095 million for the year ended december 31 , 2019. the 2020 and 2019 tax expense was a result of an increase in the state blended tax rate , which was applied to the deferred tax liability balance . 61 story_separator_special_tag pharmaceutical partners , we may have to relinquish valuable rights to our technologies , future revenue streams , research programs or product candidates , including our pp-001 and modified ha-based products , on terms that may not be favorable to us . if we are unable to raise additional funds through equity or debt financings when needed , we may be required to delay , limit , reduce or terminate our product development or future commercialization efforts or grant rights to develop and market pp-001 and modified ha-based products , or any other products that we would otherwise prefer to develop and market ourselves . based on our cash on hand at december 31 , 2020 and the approximately $ 8.0 million in net proceeds received from a private placement that closed on january 6 , 2021 , we believe we will have sufficient cash to fund planned operations through august 31 , 2021. however , the acceleration or reduction of cash outflows by management can significantly impact the timing for raising additional capital to complete development of its products . to continue development , we will need to raise additional capital through debt and or equity financing , or access additional funding through u.s. and or foreign grants . although we successfully completed our ipo and several subsequent registered offerings and private placements of our securities , additional capital may not be available on terms favorable to us , if at all . on may 13 , 2019 , the sec declared effective our registration statement on form s-3 , registering a total of $ 50,000,000 of our securities for sale to the public from time to time in what is known as a “ shelf offering ” . we do not know if our future offerings , including offerings pursuant to our shelf registration statement , will succeed . accordingly , no assurances can be given that management will be successful in these endeavors . our recurring losses from operations have caused management to determine there is substantial doubt about our ability to continue as a going concern . our consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities or any other

