any impact of covid-19 on our business , revenues , results of operations and financial condition will largely depend on future developments , which are highly uncertain and can not be predicted with confidence , such as the ultimate geographic spread of the disease , the duration of the pandemic , travel restrictions and social distancing in the united states and other countries , business closures or business disruptions , the ultimate impact on financial markets and the global economy , and the effectiveness of actions taken in the united states and other countries to contain and treat the disease . see “ risk factors⸻the outbreak of covid-19 may continue to adversely impact our business , including our preclinical studies and clinical trials . ” in part i , item 1a of this annual report on form 10-k. financial operations to date , we have financed our operations primarily through public offerings and private placements of our securities , funding received from research grants and collaboration arrangements and our credit facility . we do not have any products approved for sale and have not generated any product sales . all of our revenue to date has been collaboration and grant revenue . since inception , we have incurred significant operating losses . we incurred net losses of $ 68.9 million and $ 55.4 million for the years ended december 31 , 2020 and 2019 , respectively . as of december 31 , 2020 , we had an accumulated deficit of $ 404.6 million . we expect to continue to incur significant expenses and operating losses for at least the next several years as we : continue the research and development of our other product candidates as well as product candidates that we may be developing jointly with collaboration partners ; seek to enhance our immtor platform and discover and develop additional product candidates ; seek to enter into collaboration , licensing and other agreements , including , but not limited to research and development , and or commercialization agreements ; seek regulatory approvals for any product candidates that successfully complete clinical trials ; potentially establish a sales , marketing and distribution infrastructure and scales-up external manufacturing capabilities to commercialize any products for which we may obtain regulatory approval ; maintain , expand and protect our intellectual property portfolio , including through licensing arrangements ; and add clinical , scientific , operational , financial and management information systems and personnel , including personnel to support our product development and potential future commercialization efforts and to support our operations as a public company . until such time , if ever , as we can generate substantial product revenues , we expect to finance our cash needs through a combination of equity offerings , debt financings , license and collaboration agreements , and research grants . we may be unable to raise capital when needed or on reasonable terms , if at all , which would force us to delay , limit , reduce or terminate our product development or future commercialization efforts . we will need to generate significant revenues to achieve profitability , and we may never do so . we believe that our existing cash , cash equivalents , short term investments , and restricted cash as of december 31 , 2020 will enable us to fund our operating expenses and capital expenditure requirements into the second quarter of 2023. we have based this estimate on assumptions that may prove to be wrong , and we could use our capital resources sooner than we currently expect . the consolidated financial information presented below includes the accounts of selecta biosciences , inc. and our wholly owned subsidiaries , selecta ( rus ) llc , a russian limited liability company , or selecta ( rus ) , and selecta biosciences security corporation , a massachusetts securities corporation . all intercompany accounts and transactions have been eliminated . 58 collaboration and grant revenue to date , we have not generated any product sales . our revenue consists of collaboration and grant revenue , which includes amounts recognized related to upfront and milestone payments for research and development funding under collaboration and license agreements . in addition , we earn revenue under the terms of government contracts or grants , which require the performance of certain research and development activities . we expect that any revenue we generate will fluctuate from quarter to quarter because of the timing and amount of fees , research and development reimbursements and other payments from collaborators . we do not expect to generate revenue from product sales for at least the next several years . if we or our collaborators fail to complete the development of our product candidates in a timely manner or fail to obtain regulatory approval as needed , our ability to generate future revenue will be harmed , and will affect the results of our operations and financial position . for a further description of the agreements underlying our collaboration and grant-based revenue , see notes 2 and 12 to our consolidated financial statements included elsewhere in this annual report on form 10-k. research and development our research and development expenses consist of external research and development costs , which we track on a program-by-program basis and primarily include cmo-related costs , fees paid to cros and internal research and development costs , which are primarily compensation expenses for our research and development employees , lab supplies , analytical testing , allocated overhead costs and other related expenses . our internal research and development costs are often devoted to expanding our programs and are not necessarily allocable to a specific target . story_separator_special_tag the net cash provided by investing activities in 2019 was the result of purchases of short-term investments of $ 18.2 million , offset by $ 16.4 million of maturities and $ 2.0 million of sales of short term investments . financing activities net cash provided by financing activities for the year ended december 31 , 2020 was $ 14.4 million compared to net cash provided by financing activities of $ 105.0 million in the same period in 2019. the net cash provided by financing activities in 2020 was the result of $ 10.3 million from the sobi private placement , $ 24.7 million from the term a loan , $ 2.1 million net proceeds from “ at-the-market ” offerings , and $ 1.0 million proceeds from warrant exercises , offset by $ 4.4 million of issuance costs paid for december 2019 financing and $ 19.3 million principal payment on outstanding debt . the net cash provided by financing activities in 2019 was the result of $ 30.9 million net proceeds from an underwritten follow-on offering of our common stock in january , $ 75.7 million net proceeds from private placement offerings in august and december and $ 1.0 million net proceeds from “ at-the-market ” offerings , offset by $ 2.8 million principal payment on outstanding debt . 64 research and development contract obligations under our license agreement with mit , milestone payments are due upon the occurrence of certain events and royalty payments commence upon our commercialization of a product . as of december 31 , 2020 , contractual obligations were $ 0.4 million . we have assumed license payments are fully offset by royalty payments in 2028. recent accounting pronouncements for a discussion of recently adopted or issued accounting pronouncements please see note 2 to our consolidated financial statements included elsewhere in this annual report on form 10-k. critical accounting policies and use of estimates our management 's discussion and analysis of financial condition and results of operations is based on our consolidated financial statements , which have been prepared in accordance with accounting principles generally accepted in the united states , or gaap . the preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities in our consolidated financial statements , as well as the reported revenues and expenses during the reporting periods . these items are monitored and analyzed by us for changes in facts and circumstances , and material changes in these estimates could occur in the future . we base our estimates on historical experience , known trends and events , and on various other factors that we believe are reasonable under the circumstances , the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources . changes in estimates are reflected in reported results for the period in which they become known . actual results may differ materially from these estimates under different assumptions or conditions . clinical trial costs clinical trial expenses are a significant component of research and development expenses , and we outsource a significant portion of these costs to third parties . third party clinical trial expenses include patient costs , clinical research organization costs and costs for data management . the accrual for site and patient costs includes inputs such as estimates of patient enrollment , patient cycles incurred , clinical site activations , and other pass-through costs . payments for these activities are based on the terms of the individual arrangements , which may differ from the pattern of costs incurred , and are reflected on the consolidated balance sheets as a prepaid asset or accrued clinical trial cost . these third party agreements are generally cancellable , and related costs are recorded as research and development expenses as incurred . non-refundable advance clinical payments for goods or services that will be used or rendered for future research and development activities are recorded as a prepaid asset and recognized as expense as the related goods are delivered or the related services are performed . we also record accruals for estimated ongoing clinical research and development costs . when evaluating the adequacy of the accrued liabilities , we analyze progress of the studies , including the phase or completion of events , invoices received and contracted costs . significant judgments and estimates may be made in determining the accrued balances at the end of any reporting period . actual results could differ from the estimates made by us . the historical clinical accrual estimates made by us have not been materially different from the actual costs . revenue recognition revenue is recognized when a customer obtains control of promised goods or services , in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services . pursuant to asc 606 , revenue from contracts with customers ( asc 606 ) , a customer is a party that has contracted with an entity to obtain goods or services that are an output of the entity 's ordinary activities in exchange for consideration . to determine revenue recognition for arrangements that an entity determines are within the scope of asc 606 , we perform the following five steps : ( i ) identify the contract ( s ) with a customer ; ( ii ) identify the performance obligations in the contract , including whether they are distinct in the context of the contract ; ( iii ) determine the transaction price , including the constraint on variable consideration ; ( iv ) allocate the transaction price to the performance obligations in the contract ; and ( v ) recognize revenue when ( or as ) we satisfy each performance obligation . we only apply the five-step model to contracts when it is probable that the entity will

liquidity and capital resources since our inception , we have incurred recurring net losses . we expect that we will continue to incur losses and that such losses will increase for the foreseeable future . we expect that our research and development and general and administrative expenses will continue to increase and , as a result , we will need additional capital to fund our operations , which we may raise through a combination of equity offerings , debt financings , third-party funding and other collaborations and strategic alliances . from our inception through december 31 , 2020 , we have raised an aggregate of $ 549.1 million to fund our operations , which includes $ 118.5 million from the sale of preferred stock , $ 11.1 million in government grant funding , $ 36.7 million from borrowings under our credit facility , $ 165.9 million from our collaborations and license agreements , $ 64.5 million in combined net proceeds from our initial public offering , $ 149.3 million in combined net proceeds from private placements and follow-on offerings of our common stock , and $ 3.1 million in aggregate net proceeds from “ at-the-market ” offerings of our common stock . 61 collaborations on october 8 , 2020 , we entered into the igan agreement , and paid igan a $ 0.5 million one-time up-front payment . on june 13 , 2020 , we entered into the sarepta agreement . we received a $ 2.0 million upfront payment . on june 11 , 2020 , we entered into the sobi license . sobi paid us a one-time , up-front payment of $ 75 million , and upon the closing of the sobi private placement , we received an additional $ 25 million from sobi in consideration for sobi 's purchase of our common stock at $ 4.6156 per share . we are eligible to receive $ 630 million in milestone payments upon the achievement of various development and regulatory milestones and sales thresholds for annual net sales of sel-212 , and tiered royalty payments ranging from the low double digits on the lowest sales tier to the high teens on the highest sales tier .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources since our inception , we have incurred recurring net losses . we expect that we will continue to incur losses and that such losses will increase for the foreseeable future . we expect that our research and development and general and administrative expenses will continue to increase and , as a result , we will need additional capital to fund our operations , which we may raise through a combination of equity offerings , debt financings , third-party funding and other collaborations and strategic alliances . from our inception through december 31 , 2020 , we have raised an aggregate of $ 549.1 million to fund our operations , which includes $ 118.5 million from the sale of preferred stock , $ 11.1 million in government grant funding , $ 36.7 million from borrowings under our credit facility , $ 165.9 million from our collaborations and license agreements , $ 64.5 million in combined net proceeds from our initial public offering , $ 149.3 million in combined net proceeds from private placements and follow-on offerings of our common stock , and $ 3.1 million in aggregate net proceeds from “ at-the-market ” offerings of our common stock . 61 collaborations on october 8 , 2020 , we entered into the igan agreement , and paid igan a $ 0.5 million one-time up-front payment . on june 13 , 2020 , we entered into the sarepta agreement . we received a $ 2.0 million upfront payment . on june 11 , 2020 , we entered into the sobi license . sobi paid us a one-time , up-front payment of $ 75 million , and upon the closing of the sobi private placement , we received an additional $ 25 million from sobi in consideration for sobi 's purchase of our common stock at $ 4.6156 per share . we are eligible to receive $ 630 million in milestone payments upon the achievement of various development and regulatory milestones and sales thresholds for annual net sales of sel-212 , and tiered royalty payments ranging from the low double digits on the lowest sales tier to the high teens on the highest sales tier .
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 Suspicious Activity Report : any impact of covid-19 on our business , revenues , results of operations and financial condition will largely depend on future developments , which are highly uncertain and can not be predicted with confidence , such as the ultimate geographic spread of the disease , the duration of the pandemic , travel restrictions and social distancing in the united states and other countries , business closures or business disruptions , the ultimate impact on financial markets and the global economy , and the effectiveness of actions taken in the united states and other countries to contain and treat the disease . see “ risk factors⸻the outbreak of covid-19 may continue to adversely impact our business , including our preclinical studies and clinical trials . ” in part i , item 1a of this annual report on form 10-k. financial operations to date , we have financed our operations primarily through public offerings and private placements of our securities , funding received from research grants and collaboration arrangements and our credit facility . we do not have any products approved for sale and have not generated any product sales . all of our revenue to date has been collaboration and grant revenue . since inception , we have incurred significant operating losses . we incurred net losses of $ 68.9 million and $ 55.4 million for the years ended december 31 , 2020 and 2019 , respectively . as of december 31 , 2020 , we had an accumulated deficit of $ 404.6 million . we expect to continue to incur significant expenses and operating losses for at least the next several years as we : continue the research and development of our other product candidates as well as product candidates that we may be developing jointly with collaboration partners ; seek to enhance our immtor platform and discover and develop additional product candidates ; seek to enter into collaboration , licensing and other agreements , including , but not limited to research and development , and or commercialization agreements ; seek regulatory approvals for any product candidates that successfully complete clinical trials ; potentially establish a sales , marketing and distribution infrastructure and scales-up external manufacturing capabilities to commercialize any products for which we may obtain regulatory approval ; maintain , expand and protect our intellectual property portfolio , including through licensing arrangements ; and add clinical , scientific , operational , financial and management information systems and personnel , including personnel to support our product development and potential future commercialization efforts and to support our operations as a public company . until such time , if ever , as we can generate substantial product revenues , we expect to finance our cash needs through a combination of equity offerings , debt financings , license and collaboration agreements , and research grants . we may be unable to raise capital when needed or on reasonable terms , if at all , which would force us to delay , limit , reduce or terminate our product development or future commercialization efforts . we will need to generate significant revenues to achieve profitability , and we may never do so . we believe that our existing cash , cash equivalents , short term investments , and restricted cash as of december 31 , 2020 will enable us to fund our operating expenses and capital expenditure requirements into the second quarter of 2023. we have based this estimate on assumptions that may prove to be wrong , and we could use our capital resources sooner than we currently expect . the consolidated financial information presented below includes the accounts of selecta biosciences , inc. and our wholly owned subsidiaries , selecta ( rus ) llc , a russian limited liability company , or selecta ( rus ) , and selecta biosciences security corporation , a massachusetts securities corporation . all intercompany accounts and transactions have been eliminated . 58 collaboration and grant revenue to date , we have not generated any product sales . our revenue consists of collaboration and grant revenue , which includes amounts recognized related to upfront and milestone payments for research and development funding under collaboration and license agreements . in addition , we earn revenue under the terms of government contracts or grants , which require the performance of certain research and development activities . we expect that any revenue we generate will fluctuate from quarter to quarter because of the timing and amount of fees , research and development reimbursements and other payments from collaborators . we do not expect to generate revenue from product sales for at least the next several years . if we or our collaborators fail to complete the development of our product candidates in a timely manner or fail to obtain regulatory approval as needed , our ability to generate future revenue will be harmed , and will affect the results of our operations and financial position . for a further description of the agreements underlying our collaboration and grant-based revenue , see notes 2 and 12 to our consolidated financial statements included elsewhere in this annual report on form 10-k. research and development our research and development expenses consist of external research and development costs , which we track on a program-by-program basis and primarily include cmo-related costs , fees paid to cros and internal research and development costs , which are primarily compensation expenses for our research and development employees , lab supplies , analytical testing , allocated overhead costs and other related expenses . our internal research and development costs are often devoted to expanding our programs and are not necessarily allocable to a specific target . story_separator_special_tag the net cash provided by investing activities in 2019 was the result of purchases of short-term investments of $ 18.2 million , offset by $ 16.4 million of maturities and $ 2.0 million of sales of short term investments . financing activities net cash provided by financing activities for the year ended december 31 , 2020 was $ 14.4 million compared to net cash provided by financing activities of $ 105.0 million in the same period in 2019. the net cash provided by financing activities in 2020 was the result of $ 10.3 million from the sobi private placement , $ 24.7 million from the term a loan , $ 2.1 million net proceeds from “ at-the-market ” offerings , and $ 1.0 million proceeds from warrant exercises , offset by $ 4.4 million of issuance costs paid for december 2019 financing and $ 19.3 million principal payment on outstanding debt . the net cash provided by financing activities in 2019 was the result of $ 30.9 million net proceeds from an underwritten follow-on offering of our common stock in january , $ 75.7 million net proceeds from private placement offerings in august and december and $ 1.0 million net proceeds from “ at-the-market ” offerings , offset by $ 2.8 million principal payment on outstanding debt . 64 research and development contract obligations under our license agreement with mit , milestone payments are due upon the occurrence of certain events and royalty payments commence upon our commercialization of a product . as of december 31 , 2020 , contractual obligations were $ 0.4 million . we have assumed license payments are fully offset by royalty payments in 2028. recent accounting pronouncements for a discussion of recently adopted or issued accounting pronouncements please see note 2 to our consolidated financial statements included elsewhere in this annual report on form 10-k. critical accounting policies and use of estimates our management 's discussion and analysis of financial condition and results of operations is based on our consolidated financial statements , which have been prepared in accordance with accounting principles generally accepted in the united states , or gaap . the preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities in our consolidated financial statements , as well as the reported revenues and expenses during the reporting periods . these items are monitored and analyzed by us for changes in facts and circumstances , and material changes in these estimates could occur in the future . we base our estimates on historical experience , known trends and events , and on various other factors that we believe are reasonable under the circumstances , the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources . changes in estimates are reflected in reported results for the period in which they become known . actual results may differ materially from these estimates under different assumptions or conditions . clinical trial costs clinical trial expenses are a significant component of research and development expenses , and we outsource a significant portion of these costs to third parties . third party clinical trial expenses include patient costs , clinical research organization costs and costs for data management . the accrual for site and patient costs includes inputs such as estimates of patient enrollment , patient cycles incurred , clinical site activations , and other pass-through costs . payments for these activities are based on the terms of the individual arrangements , which may differ from the pattern of costs incurred , and are reflected on the consolidated balance sheets as a prepaid asset or accrued clinical trial cost . these third party agreements are generally cancellable , and related costs are recorded as research and development expenses as incurred . non-refundable advance clinical payments for goods or services that will be used or rendered for future research and development activities are recorded as a prepaid asset and recognized as expense as the related goods are delivered or the related services are performed . we also record accruals for estimated ongoing clinical research and development costs . when evaluating the adequacy of the accrued liabilities , we analyze progress of the studies , including the phase or completion of events , invoices received and contracted costs . significant judgments and estimates may be made in determining the accrued balances at the end of any reporting period . actual results could differ from the estimates made by us . the historical clinical accrual estimates made by us have not been materially different from the actual costs . revenue recognition revenue is recognized when a customer obtains control of promised goods or services , in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services . pursuant to asc 606 , revenue from contracts with customers ( asc 606 ) , a customer is a party that has contracted with an entity to obtain goods or services that are an output of the entity 's ordinary activities in exchange for consideration . to determine revenue recognition for arrangements that an entity determines are within the scope of asc 606 , we perform the following five steps : ( i ) identify the contract ( s ) with a customer ; ( ii ) identify the performance obligations in the contract , including whether they are distinct in the context of the contract ; ( iii ) determine the transaction price , including the constraint on variable consideration ; ( iv ) allocate the transaction price to the performance obligations in the contract ; and ( v ) recognize revenue when ( or as ) we satisfy each performance obligation . we only apply the five-step model to contracts when it is probable that the entity will

