subsequent to april 29 , 2015 , incuron was accounted for on the cost basis until we sold our remaining interest in incuron on june 30 , 2015. see item 1 , “ business ” for more information on our product candidates and our strategic partnerships . critical accounting policies and estimates our discussion and analysis of our financial condition and results of operations are based on our financial statements , which have been prepared in accordance with accounting principles generally accepted in the u.s. ( `` gaap `` ) . the preparation of these financial statements requires us to make estimates and judgments that affect our reported amounts of assets , liabilities , revenues and expenses . on an ongoing basis , we evaluate our estimates and judgments , including those related to accrued expenses , income taxes , stock-based compensation , investments and in-process r & d . we base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances , the results of which form the basis for making judgments about the carrying values of assets and liabilities and the reported amounts of revenues and expenses that are not readily apparent from other sources . actual results may differ from these estimates . we believe the following critical accounting policies affect our more significant judgments and estimates used in the preparation of our financial statements . revenue recognition revenue is recognized when persuasive evidence of an arrangement exists , delivery has occurred , the fee is fixed and determinable , collectability is reasonably assured , contractual obligations have been satisfied and title and risk of loss have been transferred to the customer . we generate our revenue from two different types of contractual arrangements : cost-reimbursable grants and contracts and fixed-price grants and contracts . costs consist primarily of actual internal labor charges , subcontractor and material costs incurred , plus an allocation of fringe benefits , overhead and general and administrative expenses ( `` g & a `` ) , based on the terms of the contract . revenues on cost-reimbursable grants and contracts are recognized in an amount equal to the costs incurred during the period , plus an estimate of the applicable fee earned . the estimate of the applicable fee earned is determined by reference to the contract : if the contract defines the fee in terms of risk-based milestones and specifies the fees to be earned upon the completion of each milestone , then the fee is recognized when the related milestones are earned . otherwise , we compute fee income earned in a given period by using a proportional performance method based on costs incurred during the period as compared to total estimated project costs and application of the resulting fraction to the total project fee specified in the grant or contract . revenues on fixed-price grants and contracts are recognized using a percentage-of-completion method , which uses assumptions and estimates , as appropriate . these assumptions and estimates are developed in coordination with the principal investigator performing the work under the fixed-price grant or contract to determine levels of accomplishments throughout the life of the grant or contract . 38 stock-based compensation we expense all share-based awards to employees and consultants , including grants of stock options and shares , based on their estimated fair value at the date of grant . costs of all share-based payments are recognized over the requisite service period that an employee or consultant must provide to earn the award ( i.e . , the vesting period ) and allocated to the functional operating expense associated with that employee or consultant . fair value of financial instruments the carrying value of cash and cash equivalents , accounts receivable , short-term investments , accounts payable and accrued expenses approximates fair value due to the relatively short maturity of these instruments . common stock warrants , which are classified as liabilities , are recorded at their fair market value as of each reporting period . the measurement of fair value requires the use of techniques based on observable and unobservable inputs . observable inputs reflect market data obtained from independent sources , while unobservable inputs reflect our market assumptions . the inputs create the following fair value hierarchy : level 1 – quoted prices for identical instruments in active markets . level 2 – quoted prices for similar instruments in active markets ; quoted prices for identical or similar instruments in markets that are not active ; and model-derived valuations where inputs are observable or where significant value drivers are observable . level 3 – instruments where significant value drivers are unobservable to third parties . we use the black-scholes model to determine the fair value of certain common stock warrants on a recurring basis and classify such warrants in level 3. the black-scholes model utilizes inputs consisting of : ( i ) the closing price of our common stock ; ( ii ) the expected remaining life of the warrants ; ( iii ) the expected volatility using a weighted-average of historical volatilities of cbli and a group of comparable companies ; and ( iv ) the risk-free market rate . as of december 31 , 2015 , we held approximately $ 4.0 million in accrued expenses classified as level 3 securities for warrants to purchase common stock . income taxes determining the consolidated provision for income tax expense , deferred tax assets and liabilities and related valuation allowance , if any , involves judgment . on an on-going basis , we evaluate whether a valuation allowance is needed to reduce our deferred income tax assets to an amount that is more likely than not to be realized . story_separator_special_tag to ramp up the newly awarded dod contracts discussed above , and the panacela product candidates are lower mainly due to periodic drug manufacturing costs incurred in 2014 that were not required in 2015.the increase in expenses related to entolimod 's oncology indication is attributable to an ongoing phase 2 study in the russian federation that was not active in 2014 , along with preparatory research for follow-on development efforts . we expect that costs associated with entolimod 's biodefense indication to significantly increase in 2016 , entolimod 's oncology indication should decrease and the other research efforts should remain relatively constant . replace_table_token_3_th general and administrative expenses g & a expenses decreased from $ 8.5 million for the year ended december 31 , 2014 to $ 6.4 million for the year ended december 31 , 2015 , representing a decrease of $ ( 2.1 ) million , or ( 25.0 ) % . $ 0.9 million of this decrease was due to the deconsolidation of incuron , which occurred in the fourth quarter of 2014. in addition , compensation expense decreased by $ 0.6 million and recurring professional fees and other costs decreased by $ 1.2 million . these reductions were partially offset by a one-time increase of $ 0.6 million related to costs associated with our equity offering in february 2015 , as more fully described in note 7 , `` stockholders ' equity , `` to our consolidated financial statements . the majority of the costs of the february equity offering were expensed , and not otherwise charged to equity , as the majority of the net proceeds were considered derivative liabilities . we expect g & a expenses to decrease in 2016 due to the one-time expenses described above and continued cost control efforts . other income and expenses other net income decreased from $ 14.5 million for the year ended december 31 , 2014 to other net expense of $ ( 2.3 ) million for the year ended december 31 , 2015 , representing a net expense increase of $ ( 16.8 ) million or ( 116 ) % . expense increases include : a one-time gain reported in 2014 of $ 14.2 million on the deconsolidation of incuron , $ 2.9 million attributable to the change in 41 periodic warrant valuation , $ 1.1 million in deposit losses associated with the nota-bank failure more fully discussed in note 2 , `` summary of significant accounting principles , `` and $ 0.1 million of equity investment losses associated with incuron . these expense increases which total $ 18.2 million were offset by expense reductions of $ 1.0 million in debt service costs associated with our debt to hercules technology growth capital and rusnano , both of which were retired in 2015 and more fully described in note 6 , `` debt , `` and $ 0.5 million due to lower foreign exchange losses . liquidity and capital resources we incurred net losses of $ ( 148.0 ) million from our inception through december 31 , 2015 . historically , we have not generated , and do not expect to generate , revenue from sales of product candidates in the immediate future . since our founding in 2003 , we have funded our operations through a variety of means : from inception through december 31 , 2015 , we have raised $ 144.7 million of net equity capital , including amounts received from the exercise of options and warrants . we have also received $ 7.3 million in net proceeds from the issuance of long-term debt instruments ; dod and barda have funded grants and contracts totaling $ 60.4 million for the development of entolimod for its biodefense indication ; the russian federation has funded a series of contracts totaling $ 17.3 million , based on the exchange rates in effect on the date of funding . these contracts include requirements for us to contribute matching funds , which we have satisfied or expect to satisfy with both the value of developed intellectual property at the time of award , incurred development expenses and future expenses ; we have been awarded $ 4.0 million in grants and contracts not described above , all of which has been recognized at december 31 , 2015 ; incuron was formed to develop and commercialize the curaxins product line , including its lead oncology drug candidate cbl0137 . as more fully described in note 5 , `` noncontrolling interests `` we sold our remaining ownership interest in incuron during 2015 for which we received approximately $ 3 million in april and $ 1 million in july . we also assigned the remainder of our curaxin intellectual property to incuron for a 2 % royalty ; and panacela was formed to develop and commercialize preclinical compounds , which were transferred to panacela through assignment and lease agreements . rusnano contributed $ 9.0 million and we contributed $ 3.0 million plus intellectual property at formation . as more fully described in note 5 , `` noncontrolling interests `` we recapitalized panacela in december 2015 with rusnano converting $ 0.7 million of debt to equity and cbli obtaining $ 2.2 million of panacela equity through a combination of cash payments , debt forgiveness and common stock issuance . as of the date of this filing , cbli owns 66.77 % of panacela . we have incurred cumulative net losses and expect to incur additional losses related to our r & d activities . we do not have commercial products and have limited capital resources . as of december 31 , 2015 we had $ 19.6 million in cash , cash equivalents and short-term investments which , along with the active government contracts described above , are expected to fund our projected operating requirements beyond one year . however , until we are able to commercialize our product candidates at a level that covers our cash expenses , we will need to raise substantial

net cash used in operations decreased by $ 2.4 million to $ ( 12.1 ) million for the year ended december 31 , 2015 from $ ( 14.5 ) million for the year ended december 31 , 2014 . net cash used in operating activities for the period ending december 31 , 2015 consisted of a reported net loss of $ ( 13.0 ) million , which was adjusted down for $ 2.4 million of net noncash operating activities , and a $ ( 1.4 ) million net increase due to changes in operating assets and liabilities . of the net noncash operating activities of $ 2.4 million , $ 1.1 million was due to an investment loss in connection with our nota-bank deposit , as more fully described in note 2 , `` summary of significant accounting policies- restricted cash , '' $ 0.6 million was due to warrant issuance costs associated with the sale of equity in february 2015 , $ 0.4 million was due to our equity in incuron losses , and $ 0.5 million was due to depreciation , amortization , noncash compensation expense and other noncash expenses . these expenses were partially offset by a $ 0.2 million gain on the settlement of debt associated with the panacela restructuring transaction more fully described in note 5 , `` noncontrolling interests . ''


 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 used in operations decreased by $ 2.4 million to $ ( 12.1 ) million for the year ended december 31 , 2015 from $ ( 14.5 ) million for the year ended december 31 , 2014 . net cash used in operating activities for the period ending december 31 , 2015 consisted of a reported net loss of $ ( 13.0 ) million , which was adjusted down for $ 2.4 million of net noncash operating activities , and a $ ( 1.4 ) million net increase due to changes in operating assets and liabilities . of the net noncash operating activities of $ 2.4 million , $ 1.1 million was due to an investment loss in connection with our nota-bank deposit , as more fully described in note 2 , `` summary of significant accounting policies- restricted cash , '' $ 0.6 million was due to warrant issuance costs associated with the sale of equity in february 2015 , $ 0.4 million was due to our equity in incuron losses , and $ 0.5 million was due to depreciation , amortization , noncash compensation expense and other noncash expenses . these expenses were partially offset by a $ 0.2 million gain on the settlement of debt associated with the panacela restructuring transaction more fully described in note 5 , `` noncontrolling interests . ''
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 Suspicious Activity Report : subsequent to april 29 , 2015 , incuron was accounted for on the cost basis until we sold our remaining interest in incuron on june 30 , 2015. see item 1 , “ business ” for more information on our product candidates and our strategic partnerships . critical accounting policies and estimates our discussion and analysis of our financial condition and results of operations are based on our financial statements , which have been prepared in accordance with accounting principles generally accepted in the u.s. ( `` gaap `` ) . the preparation of these financial statements requires us to make estimates and judgments that affect our reported amounts of assets , liabilities , revenues and expenses . on an ongoing basis , we evaluate our estimates and judgments , including those related to accrued expenses , income taxes , stock-based compensation , investments and in-process r & d . we base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances , the results of which form the basis for making judgments about the carrying values of assets and liabilities and the reported amounts of revenues and expenses that are not readily apparent from other sources . actual results may differ from these estimates . we believe the following critical accounting policies affect our more significant judgments and estimates used in the preparation of our financial statements . revenue recognition revenue is recognized when persuasive evidence of an arrangement exists , delivery has occurred , the fee is fixed and determinable , collectability is reasonably assured , contractual obligations have been satisfied and title and risk of loss have been transferred to the customer . we generate our revenue from two different types of contractual arrangements : cost-reimbursable grants and contracts and fixed-price grants and contracts . costs consist primarily of actual internal labor charges , subcontractor and material costs incurred , plus an allocation of fringe benefits , overhead and general and administrative expenses ( `` g & a `` ) , based on the terms of the contract . revenues on cost-reimbursable grants and contracts are recognized in an amount equal to the costs incurred during the period , plus an estimate of the applicable fee earned . the estimate of the applicable fee earned is determined by reference to the contract : if the contract defines the fee in terms of risk-based milestones and specifies the fees to be earned upon the completion of each milestone , then the fee is recognized when the related milestones are earned . otherwise , we compute fee income earned in a given period by using a proportional performance method based on costs incurred during the period as compared to total estimated project costs and application of the resulting fraction to the total project fee specified in the grant or contract . revenues on fixed-price grants and contracts are recognized using a percentage-of-completion method , which uses assumptions and estimates , as appropriate . these assumptions and estimates are developed in coordination with the principal investigator performing the work under the fixed-price grant or contract to determine levels of accomplishments throughout the life of the grant or contract . 38 stock-based compensation we expense all share-based awards to employees and consultants , including grants of stock options and shares , based on their estimated fair value at the date of grant . costs of all share-based payments are recognized over the requisite service period that an employee or consultant must provide to earn the award ( i.e . , the vesting period ) and allocated to the functional operating expense associated with that employee or consultant . fair value of financial instruments the carrying value of cash and cash equivalents , accounts receivable , short-term investments , accounts payable and accrued expenses approximates fair value due to the relatively short maturity of these instruments . common stock warrants , which are classified as liabilities , are recorded at their fair market value as of each reporting period . the measurement of fair value requires the use of techniques based on observable and unobservable inputs . observable inputs reflect market data obtained from independent sources , while unobservable inputs reflect our market assumptions . the inputs create the following fair value hierarchy : level 1 – quoted prices for identical instruments in active markets . level 2 – quoted prices for similar instruments in active markets ; quoted prices for identical or similar instruments in markets that are not active ; and model-derived valuations where inputs are observable or where significant value drivers are observable . level 3 – instruments where significant value drivers are unobservable to third parties . we use the black-scholes model to determine the fair value of certain common stock warrants on a recurring basis and classify such warrants in level 3. the black-scholes model utilizes inputs consisting of : ( i ) the closing price of our common stock ; ( ii ) the expected remaining life of the warrants ; ( iii ) the expected volatility using a weighted-average of historical volatilities of cbli and a group of comparable companies ; and ( iv ) the risk-free market rate . as of december 31 , 2015 , we held approximately $ 4.0 million in accrued expenses classified as level 3 securities for warrants to purchase common stock . income taxes determining the consolidated provision for income tax expense , deferred tax assets and liabilities and related valuation allowance , if any , involves judgment . on an on-going basis , we evaluate whether a valuation allowance is needed to reduce our deferred income tax assets to an amount that is more likely than not to be realized . story_separator_special_tag to ramp up the newly awarded dod contracts discussed above , and the panacela product candidates are lower mainly due to periodic drug manufacturing costs incurred in 2014 that were not required in 2015.the increase in expenses related to entolimod 's oncology indication is attributable to an ongoing phase 2 study in the russian federation that was not active in 2014 , along with preparatory research for follow-on development efforts . we expect that costs associated with entolimod 's biodefense indication to significantly increase in 2016 , entolimod 's oncology indication should decrease and the other research efforts should remain relatively constant . replace_table_token_3_th general and administrative expenses g & a expenses decreased from $ 8.5 million for the year ended december 31 , 2014 to $ 6.4 million for the year ended december 31 , 2015 , representing a decrease of $ ( 2.1 ) million , or ( 25.0 ) % . $ 0.9 million of this decrease was due to the deconsolidation of incuron , which occurred in the fourth quarter of 2014. in addition , compensation expense decreased by $ 0.6 million and recurring professional fees and other costs decreased by $ 1.2 million . these reductions were partially offset by a one-time increase of $ 0.6 million related to costs associated with our equity offering in february 2015 , as more fully described in note 7 , `` stockholders ' equity , `` to our consolidated financial statements . the majority of the costs of the february equity offering were expensed , and not otherwise charged to equity , as the majority of the net proceeds were considered derivative liabilities . we expect g & a expenses to decrease in 2016 due to the one-time expenses described above and continued cost control efforts . other income and expenses other net income decreased from $ 14.5 million for the year ended december 31 , 2014 to other net expense of $ ( 2.3 ) million for the year ended december 31 , 2015 , representing a net expense increase of $ ( 16.8 ) million or ( 116 ) % . expense increases include : a one-time gain reported in 2014 of $ 14.2 million on the deconsolidation of incuron , $ 2.9 million attributable to the change in 41 periodic warrant valuation , $ 1.1 million in deposit losses associated with the nota-bank failure more fully discussed in note 2 , `` summary of significant accounting principles , `` and $ 0.1 million of equity investment losses associated with incuron . these expense increases which total $ 18.2 million were offset by expense reductions of $ 1.0 million in debt service costs associated with our debt to hercules technology growth capital and rusnano , both of which were retired in 2015 and more fully described in note 6 , `` debt , `` and $ 0.5 million due to lower foreign exchange losses . liquidity and capital resources we incurred net losses of $ ( 148.0 ) million from our inception through december 31 , 2015 . historically , we have not generated , and do not expect to generate , revenue from sales of product candidates in the immediate future . since our founding in 2003 , we have funded our operations through a variety of means : from inception through december 31 , 2015 , we have raised $ 144.7 million of net equity capital , including amounts received from the exercise of options and warrants . we have also received $ 7.3 million in net proceeds from the issuance of long-term debt instruments ; dod and barda have funded grants and contracts totaling $ 60.4 million for the development of entolimod for its biodefense indication ; the russian federation has funded a series of contracts totaling $ 17.3 million , based on the exchange rates in effect on the date of funding . these contracts include requirements for us to contribute matching funds , which we have satisfied or expect to satisfy with both the value of developed intellectual property at the time of award , incurred development expenses and future expenses ; we have been awarded $ 4.0 million in grants and contracts not described above , all of which has been recognized at december 31 , 2015 ; incuron was formed to develop and commercialize the curaxins product line , including its lead oncology drug candidate cbl0137 . as more fully described in note 5 , `` noncontrolling interests `` we sold our remaining ownership interest in incuron during 2015 for which we received approximately $ 3 million in april and $ 1 million in july . we also assigned the remainder of our curaxin intellectual property to incuron for a 2 % royalty ; and panacela was formed to develop and commercialize preclinical compounds , which were transferred to panacela through assignment and lease agreements . rusnano contributed $ 9.0 million and we contributed $ 3.0 million plus intellectual property at formation . as more fully described in note 5 , `` noncontrolling interests `` we recapitalized panacela in december 2015 with rusnano converting $ 0.7 million of debt to equity and cbli obtaining $ 2.2 million of panacela equity through a combination of cash payments , debt forgiveness and common stock issuance . as of the date of this filing , cbli owns 66.77 % of panacela . we have incurred cumulative net losses and expect to incur additional losses related to our r & d activities . we do not have commercial products and have limited capital resources . as of december 31 , 2015 we had $ 19.6 million in cash , cash equivalents and short-term investments which , along with the active government contracts described above , are expected to fund our projected operating requirements beyond one year . however , until we are able to commercialize our product candidates at a level that covers our cash expenses , we will need to raise substantial

