healthcare laws and proposals . overview we are a biotechnology company focused on rapidly bringing to market precisely designed dna medicines to treat , cure , and protect people from diseases associated with human papillomavirus ( hpv ) , cancer , and infectious diseases . our dna medicine pipeline is comprised of three types of product candidates , dna vaccines , dna immunotherapies and dna encoded monoclonal antibodies ( dmabs ) . in clinical trials , we have demonstrated that a dna medicine can be delivered directly into cells in the body via our proprietary smart device to consistently activate robust and fully functional t cell and antibody responses against targeted cancers and pathogens . our novel dna medicine candidates are made using our proprietary syncon ® technology that creates optimized plasmids , which are circular strands of dna that can produce antigens independently inside a cell to help the person 's immune system recognize and destroy cancerous or virally infected cells . our hand-held cellectra ® smart delivery devices provide optimized uptake of our dna medicines within the cell , overcoming a key limitation of other dna-based technology approaches . human data to date have shown a favorable safety profile of our dna medicines delivered directly into cells in the body using the cellectra ® smart device in more than 6,000 administrations across more than 2,000 patients . our corporate strategy is to advance , protect , and provide our novel dna medicines to meet urgent and emerging global health needs . we continue to advance and validate an array of dna medicine candidates that target hpv-related diseases , cancer , and infectious diseases . we aim to advance these candidates through commercialization and continue to leverage third-party resources through collaborations and partnerships , including product license agreements . our partners and collaborators include apollobio corp. , astrazeneca , beijing advaccine , the bill & melinda gates foundation , coalition for epidemic preparedness innovations ( cepi ) , defense advanced research projects agency ( darpa ) , 67 geneone life science , hiv vaccines trial network , the u.s. defense threat reduction agency 's medical cbrn defense consortium ( mcdc ) , national cancer institute , national institutes of health , national institute of allergy and infectious diseases , plumbline life sciences , regeneron pharmaceuticals , roche/genentech , the university of pennsylvania , the walter reed army institute of research , and the wistar institute . we or our collaborators are currently conducting or planning clinical studies of our dna medicines for hpv-associated precancers , including cervical , vulvar , and anal dysplasia ; hpv-associated cancers , including head & neck , cervical , anal , penile , vulvar , and vaginal ; other hpv-associated disorders , such as recurrent respiratory papillomatosis , or rrp ; glioblastoma multiforme , or gbm ; prostate cancer ; hiv ; ebola ; middle east respiratory syndrome , or mers ; lassa fever ; zika virus ; and the covid-19 virus ( coronavirus ) . all of our product candidates are in the research and development phase . we have not generated any revenues from the sale of any products , and we do not expect to generate any such revenues for at least the next several years . we earn revenue from license fees and milestone revenue and collaborative research and development agreements . our product candidates will require significant additional research and development efforts , including extensive preclinical and clinical testing . all product candidates that we advance to clinical testing will require regulatory approval prior to commercial use , and will require significant costs for commercialization . we may not be successful in our research and development efforts , and we may never generate sufficient product revenue to be profitable . in july 2019 , we announced a strategic organizational restructuring . in order to reduce operating expenses and conserve cash resources , we reduced approximately 28 % of our workforce and discontinued our immuno-oncology phase 1/2 clinical trial of our product candidate ino-5401 in patients with advanced bladder cancer . in the third quarter of 2019 , we incurred a personnel-related restructuring charge of $ 2.2 million in connection with one-time employee termination costs , including severance and other benefits . as of december 31 , 2019 , we had an accumulated deficit of $ 739.8 million . we expect to continue to incur substantial operating losses in the future due to our commitment to our research and development programs , the funding of preclinical studies , clinical trials and regulatory activities and the costs of general and administrative activities . critical accounting policies the sec defines critical accounting policies as those that are , in management 's view , important to the portrayal of our financial condition and results of operations and require management 's judgment . our discussion and analysis of our financial condition and results of operations are based on our audited consolidated financial statements , which have been prepared in accordance with u.s. gaap . the preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets , liabilities , revenue and expenses . we base our estimates on experience and on various assumptions that we believe are reasonable under the circumstances , the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources . actual results may differ from those estimates . our critical accounting policies include : revenue recognition effective january 1 , 2018 , we adopted accounting standards update ( “ asu ” ) 2014-09 , revenue from contracts with customers ( “ topic 606 ” ) using the modified retrospective method which consisted of applying and recognizing the cumulative effect of topic 606 at the date of initial application . story_separator_special_tag we also had u.s. federal and state research and development tax credits of $ 17.3 million and $ 3.2 million , respectively , net of the federal research and development credits that will expire due to irc section 383 limitations . the net operating losses and credits began to expire during 2020 . comparison of years ended december 31 , 2018 and 2017 revenue revenue primarily consisted of revenue under collaborative research and development arrangements for the year ended december 31 , 2018 , and revenue under collaborative research and development arrangements , grants and government contracts for the year ended december 31 , 2017. our year over year total revenue decreased $ 11.7 million , or 28 % . as of january 1 , 2018 , accounting for our various grant agreements falls under the contributions guidance under subtopic 958-605 , not-for-profit entities-revenue recognition , which is outside the scope of topic 606 , as the government agencies granting us funds are not receiving equivalent value for their contributions . beginning on january 1 , 2018 , after adopting topic 606 using the modified retrospective transition method , all contributions received from current grant agreements are being recorded as a contra-expense as opposed to revenue on the consolidated statement of operations . the $ 1.1 million increase in revenue under collaborative research and development arrangements for the year ended december 31 , 2018 as compared to 2017 was primarily due to the recognition of the gross upfront payment of $ 23.0 million from apollobio during the second quarter of 2018. this increase was offset by an overall decrease in revenue from the astrazeneca collaboration of $ 15.4 million , primarily related to previously deferred revenue recognized during the second quarter of 2017 , upon selection of the first cancer research collaboration product candidate by astrazeneca , among other variances . there was also no revenue recognized in 2018 from roche compared to $ 6.1 million for 2017 , due to the termination of the agreement in 2017. for the year ended december 31 , 2018 , grant funding received and recorded as contra-research and development expense was $ 9.5 million , as compared to $ 13.0 million recorded as grant and miscellaneous revenue , including arrangements with affiliated entities , for the year ended december 31 , 2017. the decrease in grant funding recorded for the year over year was primarily due to a decrease from our darpa ebola grant of $ 8.8 million , partially offset by an increase from our cepi grant of $ 4.3 million . research and development expenses the $ 3.3 million decrease in research and development expenses for the year ended december 31 , 2018 as compared to 2017 was primarily due to the $ 9.5 million contra-research and development expense recorded from grant agreements as discussed above , as well as a decrease of $ 8.9 million in expenses related to the darpa ebola grant and a decrease of $ 2.0 million in expenses related to our hepatitis b program . these decreases were partially offset by an increase of $ 4.0 million related to increased employee headcount to support clinical trials and partnerships , an increase of $ 3.1 million for drug manufacturing related to our collaboration with astrazeneca , an increase in expenses related to our gbm clinical trial of $ 2.8 million , an increase in expenses of $ 2.6 million related to our vgx-3100 phase 3 clinical trial , an increase in expenses of $ 2.6 million related to our cepi grant and an increase in depreciation expense of $ 2.3 million , among other variances . general and administrative expenses the $ 1.0 million increase in general and administrative expenses for the year ended december 31 , 2018 as compared to 2017 was primarily related to the $ 1.4 million of foreign non-income taxes withheld from the apollobio upfront payment we received in 2018 and the advisory fee of $ 960,000 incurred in connection with receiving the upfront payment . there were also increases in legal expense and personnel costs from increases in employee headcount of $ 1.3 million and $ 1.2 million , respectively , partially offset by a decrease in non-cash stock-based compensation expense of $ 2.8 million and depreciation expense of $ 1.4 million , among other variances . stock-based compensation employee stock-based compensation cost is measured at the grant date , based on the fair value of the award , and is recognized as expense over the employee 's requisite service period . total employee stock-based compensation cost for the years ended december 31 , 2018 and 2017 was $ 10.2 million and $ 12.9 million , of which $ 5.9 million and $ 5.8 million was included in research and development expenses and $ 4.3 million and $ 7.1 million was included in general and administrative expenses , respectively . the year over year decrease was primarily due to a lower weighted average grant date fair value for the 73 awards granted in 2018 , as well as higher expenses recorded for certain stock option modifications which occurred in 2017. at december 31 , 2018 , there was $ 5.2 million of total unrecognized compensation cost related to unvested stock options , which we expect to recognize over a weighted-average period of 1.7 years , as compared to $ 5.9 million for the year ended december 31 , 2017 expected to be recognized over a weighted-average period of 1.8 years . at december 31 , 2018 , there was $ 5.1 million of total unrecognized compensation cost related to unvested restricted stock units , which is expected to be recognized over a weighted-average period of 1.7 years , as compared to $ 5.3 million for the year ended december 31 , 2017 expected to be recognized over a weighted-average period of 1.8 years . total stock-based compensation for options granted to non-employees for the years ended december 31 , 2018 and 2017

working capital and liquidity as of december 31 , 2019 , we had cash and short-term investments of $ 89.5 million and working capital of $ 62.2 million , as compared to $ 81.2 million and $ 52.5 million as of december 31 , 2018 , respectively . the increase in cash and short-term investments during the year ended december 31 , 2019 was primarily due to the net proceeds of $ 75.7 million received from the issuance of the notes and net proceeds of $ 14.5 million and $ 4.0 million received from the issuance of the august 2019 bonds and december 2019 bonds , respectively , offset by expenditures related to our research and development activities , clinical trials and various general and administrative expenses related to legal , consultants , accounting and audit , and corporate development . net cash used in operating activities for the year ended december 31 , 2019 of $ 97.9 million consisted of net loss of $ 120.6 million less use of net cash in operating assets and liabilities of $ 3.5 million , partially offset by net non-cash adjustments of $ 26.2 million . the primary non-cash expenses added back to net loss included stock-based compensation of $ 10.9 million , interest expense of $ 5.2 million , depreciation and amortization of $ 4.7 million , loss on investment in affiliated entities of $ 3.1 million and change in fair value of derivative liability of $ 1.8 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.
     ```working capital and liquidity as of december 31 , 2019 , we had cash and short-term investments of $ 89.5 million and working capital of $ 62.2 million , as compared to $ 81.2 million and $ 52.5 million as of december 31 , 2018 , respectively . the increase in cash and short-term investments during the year ended december 31 , 2019 was primarily due to the net proceeds of $ 75.7 million received from the issuance of the notes and net proceeds of $ 14.5 million and $ 4.0 million received from the issuance of the august 2019 bonds and december 2019 bonds , respectively , offset by expenditures related to our research and development activities , clinical trials and various general and administrative expenses related to legal , consultants , accounting and audit , and corporate development . net cash used in operating activities for the year ended december 31 , 2019 of $ 97.9 million consisted of net loss of $ 120.6 million less use of net cash in operating assets and liabilities of $ 3.5 million , partially offset by net non-cash adjustments of $ 26.2 million . the primary non-cash expenses added back to net loss included stock-based compensation of $ 10.9 million , interest expense of $ 5.2 million , depreciation and amortization of $ 4.7 million , loss on investment in affiliated entities of $ 3.1 million and change in fair value of derivative liability of $ 1.8 million .
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 Suspicious Activity Report : healthcare laws and proposals . overview we are a biotechnology company focused on rapidly bringing to market precisely designed dna medicines to treat , cure , and protect people from diseases associated with human papillomavirus ( hpv ) , cancer , and infectious diseases . our dna medicine pipeline is comprised of three types of product candidates , dna vaccines , dna immunotherapies and dna encoded monoclonal antibodies ( dmabs ) . in clinical trials , we have demonstrated that a dna medicine can be delivered directly into cells in the body via our proprietary smart device to consistently activate robust and fully functional t cell and antibody responses against targeted cancers and pathogens . our novel dna medicine candidates are made using our proprietary syncon ® technology that creates optimized plasmids , which are circular strands of dna that can produce antigens independently inside a cell to help the person 's immune system recognize and destroy cancerous or virally infected cells . our hand-held cellectra ® smart delivery devices provide optimized uptake of our dna medicines within the cell , overcoming a key limitation of other dna-based technology approaches . human data to date have shown a favorable safety profile of our dna medicines delivered directly into cells in the body using the cellectra ® smart device in more than 6,000 administrations across more than 2,000 patients . our corporate strategy is to advance , protect , and provide our novel dna medicines to meet urgent and emerging global health needs . we continue to advance and validate an array of dna medicine candidates that target hpv-related diseases , cancer , and infectious diseases . we aim to advance these candidates through commercialization and continue to leverage third-party resources through collaborations and partnerships , including product license agreements . our partners and collaborators include apollobio corp. , astrazeneca , beijing advaccine , the bill & melinda gates foundation , coalition for epidemic preparedness innovations ( cepi ) , defense advanced research projects agency ( darpa ) , 67 geneone life science , hiv vaccines trial network , the u.s. defense threat reduction agency 's medical cbrn defense consortium ( mcdc ) , national cancer institute , national institutes of health , national institute of allergy and infectious diseases , plumbline life sciences , regeneron pharmaceuticals , roche/genentech , the university of pennsylvania , the walter reed army institute of research , and the wistar institute . we or our collaborators are currently conducting or planning clinical studies of our dna medicines for hpv-associated precancers , including cervical , vulvar , and anal dysplasia ; hpv-associated cancers , including head & neck , cervical , anal , penile , vulvar , and vaginal ; other hpv-associated disorders , such as recurrent respiratory papillomatosis , or rrp ; glioblastoma multiforme , or gbm ; prostate cancer ; hiv ; ebola ; middle east respiratory syndrome , or mers ; lassa fever ; zika virus ; and the covid-19 virus ( coronavirus ) . all of our product candidates are in the research and development phase . we have not generated any revenues from the sale of any products , and we do not expect to generate any such revenues for at least the next several years . we earn revenue from license fees and milestone revenue and collaborative research and development agreements . our product candidates will require significant additional research and development efforts , including extensive preclinical and clinical testing . all product candidates that we advance to clinical testing will require regulatory approval prior to commercial use , and will require significant costs for commercialization . we may not be successful in our research and development efforts , and we may never generate sufficient product revenue to be profitable . in july 2019 , we announced a strategic organizational restructuring . in order to reduce operating expenses and conserve cash resources , we reduced approximately 28 % of our workforce and discontinued our immuno-oncology phase 1/2 clinical trial of our product candidate ino-5401 in patients with advanced bladder cancer . in the third quarter of 2019 , we incurred a personnel-related restructuring charge of $ 2.2 million in connection with one-time employee termination costs , including severance and other benefits . as of december 31 , 2019 , we had an accumulated deficit of $ 739.8 million . we expect to continue to incur substantial operating losses in the future due to our commitment to our research and development programs , the funding of preclinical studies , clinical trials and regulatory activities and the costs of general and administrative activities . critical accounting policies the sec defines critical accounting policies as those that are , in management 's view , important to the portrayal of our financial condition and results of operations and require management 's judgment . our discussion and analysis of our financial condition and results of operations are based on our audited consolidated financial statements , which have been prepared in accordance with u.s. gaap . the preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets , liabilities , revenue and expenses . we base our estimates on experience and on various assumptions that we believe are reasonable under the circumstances , the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources . actual results may differ from those estimates . our critical accounting policies include : revenue recognition effective january 1 , 2018 , we adopted accounting standards update ( “ asu ” ) 2014-09 , revenue from contracts with customers ( “ topic 606 ” ) using the modified retrospective method which consisted of applying and recognizing the cumulative effect of topic 606 at the date of initial application . story_separator_special_tag we also had u.s. federal and state research and development tax credits of $ 17.3 million and $ 3.2 million , respectively , net of the federal research and development credits that will expire due to irc section 383 limitations . the net operating losses and credits began to expire during 2020 . comparison of years ended december 31 , 2018 and 2017 revenue revenue primarily consisted of revenue under collaborative research and development arrangements for the year ended december 31 , 2018 , and revenue under collaborative research and development arrangements , grants and government contracts for the year ended december 31 , 2017. our year over year total revenue decreased $ 11.7 million , or 28 % . as of january 1 , 2018 , accounting for our various grant agreements falls under the contributions guidance under subtopic 958-605 , not-for-profit entities-revenue recognition , which is outside the scope of topic 606 , as the government agencies granting us funds are not receiving equivalent value for their contributions . beginning on january 1 , 2018 , after adopting topic 606 using the modified retrospective transition method , all contributions received from current grant agreements are being recorded as a contra-expense as opposed to revenue on the consolidated statement of operations . the $ 1.1 million increase in revenue under collaborative research and development arrangements for the year ended december 31 , 2018 as compared to 2017 was primarily due to the recognition of the gross upfront payment of $ 23.0 million from apollobio during the second quarter of 2018. this increase was offset by an overall decrease in revenue from the astrazeneca collaboration of $ 15.4 million , primarily related to previously deferred revenue recognized during the second quarter of 2017 , upon selection of the first cancer research collaboration product candidate by astrazeneca , among other variances . there was also no revenue recognized in 2018 from roche compared to $ 6.1 million for 2017 , due to the termination of the agreement in 2017. for the year ended december 31 , 2018 , grant funding received and recorded as contra-research and development expense was $ 9.5 million , as compared to $ 13.0 million recorded as grant and miscellaneous revenue , including arrangements with affiliated entities , for the year ended december 31 , 2017. the decrease in grant funding recorded for the year over year was primarily due to a decrease from our darpa ebola grant of $ 8.8 million , partially offset by an increase from our cepi grant of $ 4.3 million . research and development expenses the $ 3.3 million decrease in research and development expenses for the year ended december 31 , 2018 as compared to 2017 was primarily due to the $ 9.5 million contra-research and development expense recorded from grant agreements as discussed above , as well as a decrease of $ 8.9 million in expenses related to the darpa ebola grant and a decrease of $ 2.0 million in expenses related to our hepatitis b program . these decreases were partially offset by an increase of $ 4.0 million related to increased employee headcount to support clinical trials and partnerships , an increase of $ 3.1 million for drug manufacturing related to our collaboration with astrazeneca , an increase in expenses related to our gbm clinical trial of $ 2.8 million , an increase in expenses of $ 2.6 million related to our vgx-3100 phase 3 clinical trial , an increase in expenses of $ 2.6 million related to our cepi grant and an increase in depreciation expense of $ 2.3 million , among other variances . general and administrative expenses the $ 1.0 million increase in general and administrative expenses for the year ended december 31 , 2018 as compared to 2017 was primarily related to the $ 1.4 million of foreign non-income taxes withheld from the apollobio upfront payment we received in 2018 and the advisory fee of $ 960,000 incurred in connection with receiving the upfront payment . there were also increases in legal expense and personnel costs from increases in employee headcount of $ 1.3 million and $ 1.2 million , respectively , partially offset by a decrease in non-cash stock-based compensation expense of $ 2.8 million and depreciation expense of $ 1.4 million , among other variances . stock-based compensation employee stock-based compensation cost is measured at the grant date , based on the fair value of the award , and is recognized as expense over the employee 's requisite service period . total employee stock-based compensation cost for the years ended december 31 , 2018 and 2017 was $ 10.2 million and $ 12.9 million , of which $ 5.9 million and $ 5.8 million was included in research and development expenses and $ 4.3 million and $ 7.1 million was included in general and administrative expenses , respectively . the year over year decrease was primarily due to a lower weighted average grant date fair value for the 73 awards granted in 2018 , as well as higher expenses recorded for certain stock option modifications which occurred in 2017. at december 31 , 2018 , there was $ 5.2 million of total unrecognized compensation cost related to unvested stock options , which we expect to recognize over a weighted-average period of 1.7 years , as compared to $ 5.9 million for the year ended december 31 , 2017 expected to be recognized over a weighted-average period of 1.8 years . at december 31 , 2018 , there was $ 5.1 million of total unrecognized compensation cost related to unvested restricted stock units , which is expected to be recognized over a weighted-average period of 1.7 years , as compared to $ 5.3 million for the year ended december 31 , 2017 expected to be recognized over a weighted-average period of 1.8 years . total stock-based compensation for options granted to non-employees for the years ended december 31 , 2018 and 2017

