the most advanced partner program is roche 's marketed product , kadcyla ( ado-trastuzumab emtansine ) , the first adc to demonstrate superiority over standard of care in a randomized pivotal trial , emilia , and gain fda approval . our adc platform is used in candidates in clinical development with amgen , bayer , biotest , cytomx , debiopharm , lilly , novartis , and sanofi . we also have a partnership with takeda , and expect they will advance their first candidate with our adc technology deploying our ign payload into clinical testing for solid tumors in the first half of 2018. we expect that substantially all of our revenue for the foreseeable future will result from payments under our collaborative arrangements . for more information concerning 41 these relationships , including their ongoing financial and accounting impact on our business , please read note c , significant collaborative agreements , to our consolidated financial statements included in this report . to date , we have not generated revenues from commercial sales of internal products and we expect to incur significant operating losses for the foreseeable future . as of december 31 , 2017 , we had $ 267.1 million in cash and cash equivalents compared to $ 160.0 million as of december 31 , 2016. change in fiscal year as previously reported , we changed our fiscal year end to december 31 from june 30 effective january 1 , 2017. this annual report on form 10-k is for the twelve months ended december 31 , 2017 , and we previously filed a transition report for the six-month period of july 1 , 2016 through december 31 , 2016 , which we refer to as the transition period . critical accounting policies we prepare our consolidated financial statements in accordance with accounting principles generally accepted in the u.s. the preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets , liabilities , revenues , and expenses and related disclosure of contingent assets and liabilities . on an on‑going basis , we evaluate our estimates , including those related to our collaborative agreements , clinical trial accruals , inventory , and stock‑based compensation . we base our estimates on historical experience and various other assumptions that we believe to be reasonable under the circumstances . actual results may differ from these estimates . we believe the following critical accounting policies reflect our more significant judgments and estimates used in the preparation of our consolidated financial statements . revenue recognition we enter into licensing and development agreements with collaborators for the development of adc therapeutics . the terms of these agreements contain multiple deliverables which may include ( i ) licenses , or options to obtain licenses , to our adc technology , ( ii ) rights to future technological improvements , ( iii ) research activities to be performed on behalf of the collaborative partner , ( iv ) delivery of cytotoxic agents , and ( v ) the manufacture of preclinical or clinical materials for the collaborative partner . payments to us under these agreements may include upfront fees , option fees , exercise fees , payments for research activities , payments for the manufacture of preclinical or clinical materials , payments based upon the achievement of certain milestones , and royalties on product sales . we follow the provisions of the financial accounting standards board , or fasb , accounting standards codification , or asc , topic 605‑25 , “ revenue recognition—multiple‑element arrangements , ” and asc topic 605‑28 , “ revenue recognition—milestone method , ” in accounting for these agreements . in order to account for these agreements , we must identify the deliverables included within the agreement and evaluate which deliverables represent separate units of accounting based on whether certain criteria are met , including whether the delivered element has stand‑alone value to the collaborator . the consideration received is allocated among the separate units of accounting , and the applicable revenue recognition criteria are applied to each of the separate units . at december 31 , 2017 , we had three material types of agreements with the parties identified below : · development and commercialization licenses , which provide the party with the right to use our adc technology and or certain other intellectual property to develop compounds to a specified antigen target : - amgen ( two exclusive single-target licenses – one of which has been sublicensed to oxford biotherapeutics ltd. ) - bayer ( one exclusive single-target license ) - biotest ( one exclusive single-target license ) - cytomx ( one exclusive single-target license ) - fusion pharmaceuticals ( one exclusive single-target license ) 42 - lilly ( three exclusive single-target licenses ) - novartis ( five exclusive single-target licenses and one license to two related targets : one target on an exclusive basis and the second target on a non-exclusive basis ) - roche , through its genentech unit ( five exclusive single-target licenses ) - sanofi ( five fully-paid , exclusive single-target licenses ) - takeda , through its wholly owned subsidiary , millennium pharmaceuticals , inc. ( one exclusive single-target license ) - debiopharm ( one exclusive single-compound license ) · research license/option agreement for a defined period of time to secure development and commercialization licenses to use our adc technology to develop anticancer compounds to specified targets on established terms ( referred to herein as right‑to‑test agreements ) : - takeda , through its wholly owned subsidiary , millennium pharmaceuticals , inc. · collaboration and option agreement for a defined period of time to secure development and commercialization licenses to develop and commercialize specified anticancer compounds on established terms : - jazz pharmaceuticals there are no performance , cancellation , termination or refund provisions in any of the arrangements that contain material financial consequences to us . story_separator_special_tag during the years ended december 31 , 2017 and 2016 , the six months ended december 31 , 2016 and 2015 and fiscal years 2016 and 2015 , we obtained additional quantities of dmx from our supplier which amounted to more material than would be required by our collaborators over the next twelve months and as a result , we recorded $ 403,000 , $ 302,000 , $ 150,000 , $ 966,000 , $ 1.1 million , and $ 1.0 million , respectively , of charges to research and development expense related to raw material inventory identified as excess . our collaborators ' estimates of their clinical material requirements are based upon expectations of their clinical trials , including the timing , size , dosing schedule and the maximum tolerated dose likely to be reached for the compound being evaluated . our collaborators ' actual requirements for clinical materials may vary significantly from their projections . significant differences between our collaborators ' actual manufacturing orders and their projections could result in our actual twelve‑month usage of raw materials varying significantly from our estimated usage at an earlier reporting period . such differences and or reductions in collaborators ' projections could indicate that we have excess raw material inventory and we would then evaluate the need to record write‑downs , which would be included as charges to research and development expense . stock‑based compensation as of december 31 , 2017 , we are authorized to grant future awards under one share‑based compensation plan , which is the immunogen , inc. 2016 employee , director and consultant equity incentive plan . the stock‑based awards are accounted for under asc topic 718 , “ compensation—stock compensation , ” pursuant to which the estimated grant 46 date fair value of awards is charged to the statement of operations over the requisite service period , which is the vesting period . such amounts have been reduced by our estimate of forfeitures for unvested awards . the fair value of each stock option is estimated on the date of grant using the black‑scholes option‑pricing model . expected volatility is based exclusively on historical volatility data of our stock . the expected term of stock options granted is based exclusively on historical data and represents the period of time that stock options granted are expected to be outstanding . the expected term is calculated for and applied to one group of stock options as we do not expect substantially different exercise or post‑vesting termination behavior amongst our employee population . the risk‑free rate of the stock options is based on the u.s. treasury rate in effect at the time of grant for the expected term of the stock options . estimated forfeitures are based on historical data as well as current trends . stock compensation cost related to stock options and restricted stock incurred during the years ended december 31 , 2017 and 2016 , the six months ended december 31 , 2016 and 2015 , and fiscal years 2016 and 2015 was $ 11.1 , $ 19.8 , $ 8.1 , $ 10.2 , $ 21.9 and $ 15.3 million , respectively . during each of calendar and fiscal years 2016 , we recorded $ 3.1 million of stock compensation cost related to the modification of certain outstanding common stock options with the former chief executive officer 's succession plan . stock compensation cost related to director deferred share units recorded during the years ended december 31 , 2017 and 2016 , the six months ended december 31 , 2016 and 2015 and fiscal years 2016 and 2015 was $ 206,000 , $ 431,000 , $ 215,000 , $ 164,000 , $ 380,000 and $ 389,000 , respectively . future stock‑based compensation may significantly differ based on changes in the fair value of our common stock and our estimates of expected volatility and the other relevant assumptions . results of operations revenues our total revenues for the year ended december 31 , 2017 were $ 115.4 million compared with $ 48.6 million for the year ended december 31 , 2016. the $ 66.8 million increase in revenues in calendar year 2017 compared to 2016 is attributable to an increase in license and milestone fees , non-cash royalty revenue and clinical materials revenue , partially offset by a decrease in research and development support revenue . our total revenues for the six months ended december 31 , 2016 were $ 21.5 million compared with $ 32.9 million for the six months ended december 31 , 2015. the $ 11.4 million decrease in revenues in the six-month transition period is attributable to a decrease in license and milestone fees and clinical materials revenue , partially offset by an increase in non-cash royalty revenue and research and development support revenue . our total revenues for the fiscal year ended june 30 , 2016 were $ 60.0 million compared with $ 85.5 million for the year ended june 30 , 2015. the $ 25.5 million decrease in revenues in fiscal year 2016 compared to fiscal 2015 is attributable to a decrease in license and milestone fees , royalty revenue and clinical materials revenue , partially offset by an increase in non‑cash royalty revenue and research and development support revenue , all of which are discussed below . 47 license and milestone fees the amount of license and milestone fees we earn is directly related to the number of our collaborators , the collaborators ' advancement of the product candidates , and the overall success in the clinical trials of the product candidates . as such , the amount of license and milestone fees may vary widely from quarter to quarter and year to year . total revenue recognized from license and milestone fees from each of our collaborators in the years ended december 31 , 2017 and 2016 , the six month periods ended december 31 , 2016 and 2015 , and the fiscal years ended june 30 , 2016

cash flows we require cash to fund our operating expenses , including the advancement of our own clinical programs , and to make capital expenditures . historically , we have funded our cash requirements primarily through equity financings in public markets and payments from our collaborators , including license fees , milestones , research funding , royalties and more recently , convertible debt . we have also sold our rights to receive royalties on kadcyla for up-front consideration . as of december 31 , 2017 , we had $ 267.1 million in cash and cash equivalents . net cash provided ( used ) for operating activities was $ 7.6 , $ ( 142.6 ) , $ ( 83.7 ) , $ ( 65.5 ) , $ ( 124.5 ) and $ ( 55.3 ) million during the years ended december 31 , 2017 and 2016 , the six months ended december 31 , 2016 and 2015 and for the years ended june 30 , 2016 and 2015 , respectively . the principal use of cash in operating activities for all periods presented was to fund our net loss , adjusted for non‑cash items , with the year ended december 31 , 2017 benefiting from payments by jazz , debiopharm and sanofi , totaling $ 137.8 million resulting in cash provided by operations . cash used for operating activities in fiscal year 2015 benefited from the $ 20 million upfront payment received from takeda in march 2015 with the execution of a right‑to‑test agreement between the companies . net cash used for investing activities was $ 1.1 , $ 6.7 , $ 1.4 , $ 5.1 , $ 10.4 , and $ 7.4 million for the years ended december 31 , 2017 and 2016 , the six months ended december 31 , 2016 and 2015 and the years ended june 30 , 2016 and 55 2015 , respectively , and represent cash outflows from capital expenditures .


 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 we require cash to fund our operating expenses , including the advancement of our own clinical programs , and to make capital expenditures . historically , we have funded our cash requirements primarily through equity financings in public markets and payments from our collaborators , including license fees , milestones , research funding , royalties and more recently , convertible debt . we have also sold our rights to receive royalties on kadcyla for up-front consideration . as of december 31 , 2017 , we had $ 267.1 million in cash and cash equivalents . net cash provided ( used ) for operating activities was $ 7.6 , $ ( 142.6 ) , $ ( 83.7 ) , $ ( 65.5 ) , $ ( 124.5 ) and $ ( 55.3 ) million during the years ended december 31 , 2017 and 2016 , the six months ended december 31 , 2016 and 2015 and for the years ended june 30 , 2016 and 2015 , respectively . the principal use of cash in operating activities for all periods presented was to fund our net loss , adjusted for non‑cash items , with the year ended december 31 , 2017 benefiting from payments by jazz , debiopharm and sanofi , totaling $ 137.8 million resulting in cash provided by operations . cash used for operating activities in fiscal year 2015 benefited from the $ 20 million upfront payment received from takeda in march 2015 with the execution of a right‑to‑test agreement between the companies . net cash used for investing activities was $ 1.1 , $ 6.7 , $ 1.4 , $ 5.1 , $ 10.4 , and $ 7.4 million for the years ended december 31 , 2017 and 2016 , the six months ended december 31 , 2016 and 2015 and the years ended june 30 , 2016 and 55 2015 , respectively , and represent cash outflows from capital expenditures .
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 Suspicious Activity Report : the most advanced partner program is roche 's marketed product , kadcyla ( ado-trastuzumab emtansine ) , the first adc to demonstrate superiority over standard of care in a randomized pivotal trial , emilia , and gain fda approval . our adc platform is used in candidates in clinical development with amgen , bayer , biotest , cytomx , debiopharm , lilly , novartis , and sanofi . we also have a partnership with takeda , and expect they will advance their first candidate with our adc technology deploying our ign payload into clinical testing for solid tumors in the first half of 2018. we expect that substantially all of our revenue for the foreseeable future will result from payments under our collaborative arrangements . for more information concerning 41 these relationships , including their ongoing financial and accounting impact on our business , please read note c , significant collaborative agreements , to our consolidated financial statements included in this report . to date , we have not generated revenues from commercial sales of internal products and we expect to incur significant operating losses for the foreseeable future . as of december 31 , 2017 , we had $ 267.1 million in cash and cash equivalents compared to $ 160.0 million as of december 31 , 2016. change in fiscal year as previously reported , we changed our fiscal year end to december 31 from june 30 effective january 1 , 2017. this annual report on form 10-k is for the twelve months ended december 31 , 2017 , and we previously filed a transition report for the six-month period of july 1 , 2016 through december 31 , 2016 , which we refer to as the transition period . critical accounting policies we prepare our consolidated financial statements in accordance with accounting principles generally accepted in the u.s. the preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets , liabilities , revenues , and expenses and related disclosure of contingent assets and liabilities . on an on‑going basis , we evaluate our estimates , including those related to our collaborative agreements , clinical trial accruals , inventory , and stock‑based compensation . we base our estimates on historical experience and various other assumptions that we believe to be reasonable under the circumstances . actual results may differ from these estimates . we believe the following critical accounting policies reflect our more significant judgments and estimates used in the preparation of our consolidated financial statements . revenue recognition we enter into licensing and development agreements with collaborators for the development of adc therapeutics . the terms of these agreements contain multiple deliverables which may include ( i ) licenses , or options to obtain licenses , to our adc technology , ( ii ) rights to future technological improvements , ( iii ) research activities to be performed on behalf of the collaborative partner , ( iv ) delivery of cytotoxic agents , and ( v ) the manufacture of preclinical or clinical materials for the collaborative partner . payments to us under these agreements may include upfront fees , option fees , exercise fees , payments for research activities , payments for the manufacture of preclinical or clinical materials , payments based upon the achievement of certain milestones , and royalties on product sales . we follow the provisions of the financial accounting standards board , or fasb , accounting standards codification , or asc , topic 605‑25 , “ revenue recognition—multiple‑element arrangements , ” and asc topic 605‑28 , “ revenue recognition—milestone method , ” in accounting for these agreements . in order to account for these agreements , we must identify the deliverables included within the agreement and evaluate which deliverables represent separate units of accounting based on whether certain criteria are met , including whether the delivered element has stand‑alone value to the collaborator . the consideration received is allocated among the separate units of accounting , and the applicable revenue recognition criteria are applied to each of the separate units . at december 31 , 2017 , we had three material types of agreements with the parties identified below : · development and commercialization licenses , which provide the party with the right to use our adc technology and or certain other intellectual property to develop compounds to a specified antigen target : - amgen ( two exclusive single-target licenses – one of which has been sublicensed to oxford biotherapeutics ltd. ) - bayer ( one exclusive single-target license ) - biotest ( one exclusive single-target license ) - cytomx ( one exclusive single-target license ) - fusion pharmaceuticals ( one exclusive single-target license ) 42 - lilly ( three exclusive single-target licenses ) - novartis ( five exclusive single-target licenses and one license to two related targets : one target on an exclusive basis and the second target on a non-exclusive basis ) - roche , through its genentech unit ( five exclusive single-target licenses ) - sanofi ( five fully-paid , exclusive single-target licenses ) - takeda , through its wholly owned subsidiary , millennium pharmaceuticals , inc. ( one exclusive single-target license ) - debiopharm ( one exclusive single-compound license ) · research license/option agreement for a defined period of time to secure development and commercialization licenses to use our adc technology to develop anticancer compounds to specified targets on established terms ( referred to herein as right‑to‑test agreements ) : - takeda , through its wholly owned subsidiary , millennium pharmaceuticals , inc. · collaboration and option agreement for a defined period of time to secure development and commercialization licenses to develop and commercialize specified anticancer compounds on established terms : - jazz pharmaceuticals there are no performance , cancellation , termination or refund provisions in any of the arrangements that contain material financial consequences to us . story_separator_special_tag during the years ended december 31 , 2017 and 2016 , the six months ended december 31 , 2016 and 2015 and fiscal years 2016 and 2015 , we obtained additional quantities of dmx from our supplier which amounted to more material than would be required by our collaborators over the next twelve months and as a result , we recorded $ 403,000 , $ 302,000 , $ 150,000 , $ 966,000 , $ 1.1 million , and $ 1.0 million , respectively , of charges to research and development expense related to raw material inventory identified as excess . our collaborators ' estimates of their clinical material requirements are based upon expectations of their clinical trials , including the timing , size , dosing schedule and the maximum tolerated dose likely to be reached for the compound being evaluated . our collaborators ' actual requirements for clinical materials may vary significantly from their projections . significant differences between our collaborators ' actual manufacturing orders and their projections could result in our actual twelve‑month usage of raw materials varying significantly from our estimated usage at an earlier reporting period . such differences and or reductions in collaborators ' projections could indicate that we have excess raw material inventory and we would then evaluate the need to record write‑downs , which would be included as charges to research and development expense . stock‑based compensation as of december 31 , 2017 , we are authorized to grant future awards under one share‑based compensation plan , which is the immunogen , inc. 2016 employee , director and consultant equity incentive plan . the stock‑based awards are accounted for under asc topic 718 , “ compensation—stock compensation , ” pursuant to which the estimated grant 46 date fair value of awards is charged to the statement of operations over the requisite service period , which is the vesting period . such amounts have been reduced by our estimate of forfeitures for unvested awards . the fair value of each stock option is estimated on the date of grant using the black‑scholes option‑pricing model . expected volatility is based exclusively on historical volatility data of our stock . the expected term of stock options granted is based exclusively on historical data and represents the period of time that stock options granted are expected to be outstanding . the expected term is calculated for and applied to one group of stock options as we do not expect substantially different exercise or post‑vesting termination behavior amongst our employee population . the risk‑free rate of the stock options is based on the u.s. treasury rate in effect at the time of grant for the expected term of the stock options . estimated forfeitures are based on historical data as well as current trends . stock compensation cost related to stock options and restricted stock incurred during the years ended december 31 , 2017 and 2016 , the six months ended december 31 , 2016 and 2015 , and fiscal years 2016 and 2015 was $ 11.1 , $ 19.8 , $ 8.1 , $ 10.2 , $ 21.9 and $ 15.3 million , respectively . during each of calendar and fiscal years 2016 , we recorded $ 3.1 million of stock compensation cost related to the modification of certain outstanding common stock options with the former chief executive officer 's succession plan . stock compensation cost related to director deferred share units recorded during the years ended december 31 , 2017 and 2016 , the six months ended december 31 , 2016 and 2015 and fiscal years 2016 and 2015 was $ 206,000 , $ 431,000 , $ 215,000 , $ 164,000 , $ 380,000 and $ 389,000 , respectively . future stock‑based compensation may significantly differ based on changes in the fair value of our common stock and our estimates of expected volatility and the other relevant assumptions . results of operations revenues our total revenues for the year ended december 31 , 2017 were $ 115.4 million compared with $ 48.6 million for the year ended december 31 , 2016. the $ 66.8 million increase in revenues in calendar year 2017 compared to 2016 is attributable to an increase in license and milestone fees , non-cash royalty revenue and clinical materials revenue , partially offset by a decrease in research and development support revenue . our total revenues for the six months ended december 31 , 2016 were $ 21.5 million compared with $ 32.9 million for the six months ended december 31 , 2015. the $ 11.4 million decrease in revenues in the six-month transition period is attributable to a decrease in license and milestone fees and clinical materials revenue , partially offset by an increase in non-cash royalty revenue and research and development support revenue . our total revenues for the fiscal year ended june 30 , 2016 were $ 60.0 million compared with $ 85.5 million for the year ended june 30 , 2015. the $ 25.5 million decrease in revenues in fiscal year 2016 compared to fiscal 2015 is attributable to a decrease in license and milestone fees , royalty revenue and clinical materials revenue , partially offset by an increase in non‑cash royalty revenue and research and development support revenue , all of which are discussed below . 47 license and milestone fees the amount of license and milestone fees we earn is directly related to the number of our collaborators , the collaborators ' advancement of the product candidates , and the overall success in the clinical trials of the product candidates . as such , the amount of license and milestone fees may vary widely from quarter to quarter and year to year . total revenue recognized from license and milestone fees from each of our collaborators in the years ended december 31 , 2017 and 2016 , the six month periods ended december 31 , 2016 and 2015 , and the fiscal years ended june 30 , 2016

