after evaluating multiple product candidates using evolverai , we selected our lead programs because our analysis indicated these drugs may have utility in new therapeutic indices where there is substantial unmet medical needs and limited competition . by focusing on clinical candidates with relevant human data , we believe our approach will help us design more efficient clinical trials , thereby accelerating our product candidates ' time to market . we retain global development and commercialization rights to these two programs . 75 our clinical programs the following table summarizes our lead development programs : our strategy our goal is to become a leader in the field of neuroscience and immuno‑oncology . the key elements to achieving this goal are to : · advance bxcl501 , a sublingual thin film formulation of dex , a selective α 2a adrenergic receptor agonist , designed for acute treatment of agitation , to approval through an accelerated fda section 505 ( b ) ( 2 ) pathway . · neurological and psychiatric disorders . we believe that bxcl501 has the potential to become the standard of care for the acute treatment of agitation arising from diseases such as schizophrenia , bipolar disorder , senile dementia ( alzheimer 's type ) , and other indications . dex has been shown to significantly reduce agitation in elderly patients experiencing post surgical anesthetic‑induced delirium who did not respond to treatment with haloperidol , a potent antipsychotic that is used to treat symptoms for schizophrenia . · additional indications . we also plan to expand into additional indications for acute treatment of agitation resulting from delirium , alcohol or opioid withdrawal , and post‑traumatic stress disorder , or ptsd , as well as explore the use of bxcl501 in patients who are claustrophobic and anxious awaiting an mri or other out-patient medical procedures . · advance bxcl701 into phase 2 trials to assess its potential to be the first approved therapy for tnepc and for the second line treatment of pancreatic cancer . · tnepc ( orphan segment of prostate cancer ) . bxcl701 was previously studied in multiple clinical trials and demonstrated single agent anti‑tumor activity in melanoma , an immuno‑sensitive tumor . in our preclinical studies , bxcl701 has demonstrated the ability to 76 synergistically increase the anti‑tumor activity of checkpoint inhibitors . we believe the existing preclinical and clinical data for bxcl701 may significantly reduce our development time for this compound . the fda accepted our ind proposal to test bxcl701 in tnepc , and the trial opened to accrual in february 2019 . · pancreatic cancer . data indicates that fibroblast activation protein positive , or fap contribute to checkpoint inhibitor resistance , and immunosuppression more generally in pancreatic cancer . we believe provides a strong rationale for combining bxcl701 with a checkpoint inhibitor avelumab ( bavencio ) or nivolumab ( opdivo ) . furthermore we have shown strong synergy between bxcl 701 checkpoint inhibition and nktr 214 , a cd122 based agonist of il2 , in a pancreatic preclinical model . bxcl701 has been granted orphan drug designation by the fda for the treatment of pancreatic cancer . we believe the existing clinical and preclinical data for bxcl701 in pancreatic cancer may reduce our development time for this compound . · potential for accelerated clinical and regulatory approval . given that both indications represent high unmet medical needs with few treatment options , we intend to pursue breakthrough therapy designation and accelerated approval pathways for both indications . · additional indications . we believe bxcl701 is active at multiple stages of the cancer immunity cycle . as such , we believe bxcl701 offers a “ pipeline in a product ” platform given its potential application across other solid tumor types . we believe existing preclinical and clinical evidence support the combination of bxcl701 with checkpoint inhibitors , agents that stimulate of “ co-stimulate ” immune effoctor calles . moreover , agents that stimulate antibody‑dependent cell‑mediated cytotoxicity , ( adcc ) or cell-based therapies such as chimeric antigen receptor t‑cell ( car‑t ) therapy , oncolytic viruses or therapeutic vaccines all represent potential combinations with synergistic benefit . · identify biomarkers to select patients who have the highest likelihood to respond to our product candidates . predicting optimal drug responses in patients requires the identification and validation of predictive biomarkers . we believe that our ability to identify patient subsets most likely to respond to our product candidates will increase the clinical benefit to patients and improve the probability of success of our clinical trials . the indications for our lead product candidate bxcl701 were chosen in part because they are known to overexpress dpp 8/9 and fap . our planned poc clinical trial of bxcl701 will examine biomarkers retrospectively related to its molecular and cellular targets to identify those that may correlate with clinical efficacy and increase our likelihood of success . · enhance our r & d pipeline by leveraging our therapeutic area expertise with evolverai to identify , develop and commercialize new product candidates in neuroscience and immuno‑oncology . in addition to our leading clinical programs and our emerging and future pipeline , we intend to select our next clinical program during 2019. we have established translational and development expertise , which we believe will help us advance the present and future product candidates in these fields . we may also opportunistically in‑license additional product candidates identified through our ai platform approach within our core areas of expertise . · maximize the commercial potential of our product candidates . we have worldwide development and commercialization rights to our bxcl501 , bxcl701 , bxcl502 and bxcl702 product candidates . story_separator_special_tag stock-based compensation expense from awards granted under the bioxcel plan is allocated to bti over the required service period over which those stock option awards vest and is based upon the percentage of time the award recipient spent working on our activities compared to bioxcel activities , which is the same basis used for allocation of salary costs . the bioxcel stock option awards are valued at fair value on the date of grant and that fair value is recognized over the requisite service period . the estimated fair value of these bioxcel stock option awards was determined using the black scholes option pricing model on the date of grant . stock based awards to non-employees are remeasured at fair value each financial reporting date until vesting is complete . significant judgment and estimates were used to estimate the fair value of these awards , as they are not publicly traded . our estimation of fair value of the awards considered recent transactions entered into by bioxcel , relevant industry and comparable public company data . since bioxcel is a non-public entity , the majority of the inputs used to estimate the fair value of the common stock option awards are considered level 3 due to their unobservable nature . each option award is subject to specified vesting schedules and requirements ( a mix of time-based , and corporate event-based , including financing events ) . compensation expense is charged to us by bioxcel over the required service period to earn the award which is expected to be up to four years , subject to the achievement of time and event-based vesting requirements . bioxcel therapeutics , inc. 2017 equity incentive plan our board of directors adopted the 2017 equity incentive plan , or the plan , on august 22 , 2017. the plan will expire on august 22 , 2027. the purpose of the plan is to attract and retain key personnel and to provide a means for directors , officers , managers , employees , consultants and advisors to acquire and maintain an interest in our company , which interest may be measured by reference to the value of its common stock . the company accounts for stock-based compensation in accordance with asc 718 , “ compensation—stock compensation , ” which requires the measurement and recognition of compensation expense based on estimated fair market values for all share-based awards made to employees and directors , including stock options . the company 's stock-based compensation plan was adopted and became effective in august 2017. prior to the company adopting its stock-based compensation plan the parent granted stock options to its employees . as a result , related stock-based compensation expense has been allocated to the company over the required service period over which these bioxcel stock option awards vest in the same manner salary costs of employees have been allocated to the bti business in the carve-out process . both bioxcel and the company 's stock option awards are valued at fair value on the date of grant and that fair value is recognized over the requisite service period . the estimated fair value of stock option awards was determined using the black-scholes option pricing model on the date of grant . significant judgment and estimates were used to estimate the fair value of these awards , as they were not publicly traded . stock awards granted by the company subsequent to the ipo are valued using market prices at the date of grant . stock-based awards to non-employees are re-measured at fair value each financial reporting date until performance is complete . the company adopted fasb asu 2016‑09 as of january 1 , 2018 and has elected to account for forfeitures as they occur , by reversing compensation cost when the award is forfeited . 85 the assumptions underlying these valuations represent management 's best estimates , which involve inherent uncertainties and the application of management judgment . as a result , if factors or expected outcomes change and we use significantly different assumptions or estimates , our stock-based compensation expense could be materially different . expenses accrued under contractual arrangements with third parties ; accrued clinical expenses as part of the process of preparing our financial statements , we are required to estimate our accrued expenses . this process involves reviewing open contracts and purchase orders , communicating with our applicable personnel to identify services that have been performed on our behalf and estimating the level of service performed and the associated cost incurred for the service when we have not yet been invoiced or otherwise notified of actual cost . the majority of our service providers invoice us monthly in arrears for services performed . we make estimates of our accrued expenses as of each balance sheet date in our financial statements based on facts and circumstances known to us at that time . we periodically confirm the accuracy of our estimates with the service providers and make adjustments if necessary . we base our expenses related to clinical trials on our estimates of the services received and efforts expended pursuant to contracts with multiple research institutions and contract research organizations that conduct and manage clinical trials on our behalf . the financial terms of these agreements are subject to negotiation , vary from contract to contract and may result in uneven payment flows . payments under some of these contracts depend on factors such as the successful enrollment of patients and the completion of clinical trial milestones . in accruing expenses , we estimate the time period over which services will be performed and the level of effort to be expended in each period , which is based on an established protocol specific to each clinical trial . if the actual timing of the performance of services or the level of effort varies from our estimate , we adjust the accrual accordingly . although we do not expect our estimates to be materially different from

liquidity and capital resources as of december 31 , 2018 , we had cash and cash equivalents of $ 42.6 million , working capital of $ 38.5 million and stockholders ' equity of $ 38.9 million . net cash used in operating activities was $ 13.5 million and $ 2.2 million for the years ended december 31 , 2018 and 2017. we incurred losses of approximately $ 19.3 million and $ 4.5 million for the years ended december 31 , 2018 and 2017. we have not yet generated any revenues and we have not yet achieved profitability . we expect that our research and development and general and administrative expenses will continue to increase and , as a result , we will need to generate significant product revenues to achieve profitability . on march 7 , 2018 , the company 's registration statement on form s-1 relating to its ipo was declared effective by the securities and exchange commission ( “ sec ” ) . the ipo closed on march 12 , 2018 , and the company issued and sold 5,454,545 common shares at a public offering price of $ 11.00 per share . gross proceeds totaled $ 60,000 and net proceeds totaled $ 54,102 after deducting underwriting discounts and commissions of $ 4,200 and other offering expenses of approximately $ 1,698. we believe that our existing cash and cash equivalents as of december 31 , 2018 , and a review of projected project timing , will enable us to fund our operating expenses and capital expenditure requirements for at least one year from the date of this annual report on form 10-k. our current cash and cash equivalents will be used primarily to fund our ongoing research and development efforts over the coming months . we will be required to expend significant funds in order to advance the development of bxcl501 , bxcl701 and our other product candidates .


 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 as of december 31 , 2018 , we had cash and cash equivalents of $ 42.6 million , working capital of $ 38.5 million and stockholders ' equity of $ 38.9 million . net cash used in operating activities was $ 13.5 million and $ 2.2 million for the years ended december 31 , 2018 and 2017. we incurred losses of approximately $ 19.3 million and $ 4.5 million for the years ended december 31 , 2018 and 2017. we have not yet generated any revenues and we have not yet achieved profitability . we expect that our research and development and general and administrative expenses will continue to increase and , as a result , we will need to generate significant product revenues to achieve profitability . on march 7 , 2018 , the company 's registration statement on form s-1 relating to its ipo was declared effective by the securities and exchange commission ( “ sec ” ) . the ipo closed on march 12 , 2018 , and the company issued and sold 5,454,545 common shares at a public offering price of $ 11.00 per share . gross proceeds totaled $ 60,000 and net proceeds totaled $ 54,102 after deducting underwriting discounts and commissions of $ 4,200 and other offering expenses of approximately $ 1,698. we believe that our existing cash and cash equivalents as of december 31 , 2018 , and a review of projected project timing , will enable us to fund our operating expenses and capital expenditure requirements for at least one year from the date of this annual report on form 10-k. our current cash and cash equivalents will be used primarily to fund our ongoing research and development efforts over the coming months . we will be required to expend significant funds in order to advance the development of bxcl501 , bxcl701 and our other product candidates .
```    
 Suspicious Activity Report : after evaluating multiple product candidates using evolverai , we selected our lead programs because our analysis indicated these drugs may have utility in new therapeutic indices where there is substantial unmet medical needs and limited competition . by focusing on clinical candidates with relevant human data , we believe our approach will help us design more efficient clinical trials , thereby accelerating our product candidates ' time to market . we retain global development and commercialization rights to these two programs . 75 our clinical programs the following table summarizes our lead development programs : our strategy our goal is to become a leader in the field of neuroscience and immuno‑oncology . the key elements to achieving this goal are to : · advance bxcl501 , a sublingual thin film formulation of dex , a selective α 2a adrenergic receptor agonist , designed for acute treatment of agitation , to approval through an accelerated fda section 505 ( b ) ( 2 ) pathway . · neurological and psychiatric disorders . we believe that bxcl501 has the potential to become the standard of care for the acute treatment of agitation arising from diseases such as schizophrenia , bipolar disorder , senile dementia ( alzheimer 's type ) , and other indications . dex has been shown to significantly reduce agitation in elderly patients experiencing post surgical anesthetic‑induced delirium who did not respond to treatment with haloperidol , a potent antipsychotic that is used to treat symptoms for schizophrenia . · additional indications . we also plan to expand into additional indications for acute treatment of agitation resulting from delirium , alcohol or opioid withdrawal , and post‑traumatic stress disorder , or ptsd , as well as explore the use of bxcl501 in patients who are claustrophobic and anxious awaiting an mri or other out-patient medical procedures . · advance bxcl701 into phase 2 trials to assess its potential to be the first approved therapy for tnepc and for the second line treatment of pancreatic cancer . · tnepc ( orphan segment of prostate cancer ) . bxcl701 was previously studied in multiple clinical trials and demonstrated single agent anti‑tumor activity in melanoma , an immuno‑sensitive tumor . in our preclinical studies , bxcl701 has demonstrated the ability to 76 synergistically increase the anti‑tumor activity of checkpoint inhibitors . we believe the existing preclinical and clinical data for bxcl701 may significantly reduce our development time for this compound . the fda accepted our ind proposal to test bxcl701 in tnepc , and the trial opened to accrual in february 2019 . · pancreatic cancer . data indicates that fibroblast activation protein positive , or fap contribute to checkpoint inhibitor resistance , and immunosuppression more generally in pancreatic cancer . we believe provides a strong rationale for combining bxcl701 with a checkpoint inhibitor avelumab ( bavencio ) or nivolumab ( opdivo ) . furthermore we have shown strong synergy between bxcl 701 checkpoint inhibition and nktr 214 , a cd122 based agonist of il2 , in a pancreatic preclinical model . bxcl701 has been granted orphan drug designation by the fda for the treatment of pancreatic cancer . we believe the existing clinical and preclinical data for bxcl701 in pancreatic cancer may reduce our development time for this compound . · potential for accelerated clinical and regulatory approval . given that both indications represent high unmet medical needs with few treatment options , we intend to pursue breakthrough therapy designation and accelerated approval pathways for both indications . · additional indications . we believe bxcl701 is active at multiple stages of the cancer immunity cycle . as such , we believe bxcl701 offers a “ pipeline in a product ” platform given its potential application across other solid tumor types . we believe existing preclinical and clinical evidence support the combination of bxcl701 with checkpoint inhibitors , agents that stimulate of “ co-stimulate ” immune effoctor calles . moreover , agents that stimulate antibody‑dependent cell‑mediated cytotoxicity , ( adcc ) or cell-based therapies such as chimeric antigen receptor t‑cell ( car‑t ) therapy , oncolytic viruses or therapeutic vaccines all represent potential combinations with synergistic benefit . · identify biomarkers to select patients who have the highest likelihood to respond to our product candidates . predicting optimal drug responses in patients requires the identification and validation of predictive biomarkers . we believe that our ability to identify patient subsets most likely to respond to our product candidates will increase the clinical benefit to patients and improve the probability of success of our clinical trials . the indications for our lead product candidate bxcl701 were chosen in part because they are known to overexpress dpp 8/9 and fap . our planned poc clinical trial of bxcl701 will examine biomarkers retrospectively related to its molecular and cellular targets to identify those that may correlate with clinical efficacy and increase our likelihood of success . · enhance our r & d pipeline by leveraging our therapeutic area expertise with evolverai to identify , develop and commercialize new product candidates in neuroscience and immuno‑oncology . in addition to our leading clinical programs and our emerging and future pipeline , we intend to select our next clinical program during 2019. we have established translational and development expertise , which we believe will help us advance the present and future product candidates in these fields . we may also opportunistically in‑license additional product candidates identified through our ai platform approach within our core areas of expertise . · maximize the commercial potential of our product candidates . we have worldwide development and commercialization rights to our bxcl501 , bxcl701 , bxcl502 and bxcl702 product candidates . story_separator_special_tag stock-based compensation expense from awards granted under the bioxcel plan is allocated to bti over the required service period over which those stock option awards vest and is based upon the percentage of time the award recipient spent working on our activities compared to bioxcel activities , which is the same basis used for allocation of salary costs . the bioxcel stock option awards are valued at fair value on the date of grant and that fair value is recognized over the requisite service period . the estimated fair value of these bioxcel stock option awards was determined using the black scholes option pricing model on the date of grant . stock based awards to non-employees are remeasured at fair value each financial reporting date until vesting is complete . significant judgment and estimates were used to estimate the fair value of these awards , as they are not publicly traded . our estimation of fair value of the awards considered recent transactions entered into by bioxcel , relevant industry and comparable public company data . since bioxcel is a non-public entity , the majority of the inputs used to estimate the fair value of the common stock option awards are considered level 3 due to their unobservable nature . each option award is subject to specified vesting schedules and requirements ( a mix of time-based , and corporate event-based , including financing events ) . compensation expense is charged to us by bioxcel over the required service period to earn the award which is expected to be up to four years , subject to the achievement of time and event-based vesting requirements . bioxcel therapeutics , inc. 2017 equity incentive plan our board of directors adopted the 2017 equity incentive plan , or the plan , on august 22 , 2017. the plan will expire on august 22 , 2027. the purpose of the plan is to attract and retain key personnel and to provide a means for directors , officers , managers , employees , consultants and advisors to acquire and maintain an interest in our company , which interest may be measured by reference to the value of its common stock . the company accounts for stock-based compensation in accordance with asc 718 , “ compensation—stock compensation , ” which requires the measurement and recognition of compensation expense based on estimated fair market values for all share-based awards made to employees and directors , including stock options . the company 's stock-based compensation plan was adopted and became effective in august 2017. prior to the company adopting its stock-based compensation plan the parent granted stock options to its employees . as a result , related stock-based compensation expense has been allocated to the company over the required service period over which these bioxcel stock option awards vest in the same manner salary costs of employees have been allocated to the bti business in the carve-out process . both bioxcel and the company 's stock option awards are valued at fair value on the date of grant and that fair value is recognized over the requisite service period . the estimated fair value of stock option awards was determined using the black-scholes option pricing model on the date of grant . significant judgment and estimates were used to estimate the fair value of these awards , as they were not publicly traded . stock awards granted by the company subsequent to the ipo are valued using market prices at the date of grant . stock-based awards to non-employees are re-measured at fair value each financial reporting date until performance is complete . the company adopted fasb asu 2016‑09 as of january 1 , 2018 and has elected to account for forfeitures as they occur , by reversing compensation cost when the award is forfeited . 85 the assumptions underlying these valuations represent management 's best estimates , which involve inherent uncertainties and the application of management judgment . as a result , if factors or expected outcomes change and we use significantly different assumptions or estimates , our stock-based compensation expense could be materially different . expenses accrued under contractual arrangements with third parties ; accrued clinical expenses as part of the process of preparing our financial statements , we are required to estimate our accrued expenses . this process involves reviewing open contracts and purchase orders , communicating with our applicable personnel to identify services that have been performed on our behalf and estimating the level of service performed and the associated cost incurred for the service when we have not yet been invoiced or otherwise notified of actual cost . the majority of our service providers invoice us monthly in arrears for services performed . we make estimates of our accrued expenses as of each balance sheet date in our financial statements based on facts and circumstances known to us at that time . we periodically confirm the accuracy of our estimates with the service providers and make adjustments if necessary . we base our expenses related to clinical trials on our estimates of the services received and efforts expended pursuant to contracts with multiple research institutions and contract research organizations that conduct and manage clinical trials on our behalf . the financial terms of these agreements are subject to negotiation , vary from contract to contract and may result in uneven payment flows . payments under some of these contracts depend on factors such as the successful enrollment of patients and the completion of clinical trial milestones . in accruing expenses , we estimate the time period over which services will be performed and the level of effort to be expended in each period , which is based on an established protocol specific to each clinical trial . if the actual timing of the performance of services or the level of effort varies from our estimate , we adjust the accrual accordingly . although we do not expect our estimates to be materially different from

