66 based on our clinical development plans for our pipeline , in the near term we intend to predominantly focus our available resources on the continued development of cudc-907 , as well as ca-170 , ca-4948 and ca-327 in collaboration with aurigene . recent developments on march 6 , 2017 , we and curis royalty entered into a new credit agreement with healthcare royalty for the purpose of refinancing the current loan with biopharma-ii . on the effective date of the credit agreement , which is expected to occur on or before march 22 , 2017 , subject to certain conditions precedent specified in the credit agreement , the current loan with biopharma-ii would terminate in its entirety . pursuant to the credit agreement , healthcare royalty would make a $ 45.0 million loan at an interest rate of 9.95 % to curis royalty , which would be used to pay off the approximately $ 18.4 million in remaining loan obligations to biopharma-ii under the prior loan . the residual proceeds of the loan would be distributed to curis as sole equity member of curis royalty . the loan from healthcare royalty would be substantially similar to the loan with biopharma-ii , including that it would be repaid from certain royalty and royalty-related payments owed by genentech under the genentech collaboration agreement . in connection with the loan , curis royalty will grant a first priority lien and security interest ( excluding certain payments allocable to academic institutions ) in all of its assets and all real , intangible and personal property , including all of its right , title and interest in and to the erivedge royalty payments . the loan constitutes an obligation of curis royalty , and is intended to be non-recourse to curis , except that ( i ) curis has agreed , as a post-closing matter , to use reasonable best efforts to obtain genentech 's consent to a pledge of curis ' equity interest in curis royalty and ( ii ) under certain circumstances arising from the breach of certain covenants and representations , healthcare royalty may proceed directly against curis . the closing of the new loan with healthcare royalty is subject to certain conditions precedent specified in the credit agreement , including the parties having received payoff and termination documentation from biopharma-ii . for a further discussion of the loan with healthcare royalty , please refer to “ part ii , item 9b . other information - royalty financing transaction . ” our collaborations and license agreements our current collaborations and license agreements are summarized as follows : aurigene collaboration agreement collaboration overview . on january 18 , 2015 , we entered into an exclusive collaboration agreement with aurigene for the discovery , development and commercialization of small molecule compounds in the areas of immuno-oncology and selected precision oncology targets . under the collaboration agreement , aurigene granted us an option to obtain exclusive , royalty-bearing licenses to relevant aurigene technology to develop , manufacture and commercialize products containing certain of such compounds . for each program , aurigene has granted us an exclusive option , exercisable within 90 days after aurigene delivers the relevant data regarding a development candidate , to obtain an exclusive , royalty-bearing license to develop , manufacture and commercialize compounds from such program , including the development candidate and products containing such compounds , anywhere in the world with the exception of india and russia . upon our exercise of the option for a particular program , aurigene will grant us the royalty-bearing license described above for each licensed program , and we will grant aurigene an exclusive , royalty-free , fully paid license under our relevant technology to develop , manufacture and commercialize compounds from such program and products containing such compounds in india and russia . there are currently multiple licensed programs under this collaboration , including two programs targeting immune checkpoint regulators and one program targeting the irak4 kinase . in october 2015 , we exercised options to license the first two programs under this collaboration . the first licensed program is focused on the development of orally-available small molecule antagonists of the pd1 and vista pathway in the immuno-oncology field , including development candidate designated ca-170 , which is a pdl2/vista antagonist . the second licensed program is focused on orally-available small molecule inhibitors of irak4 in the precision oncology field , with the lead development candidate designated ca-4948 . in addition , in october 2015 , we selected a third program for further development under the collaboration , the second preclinical program within the immuno-oncology field , which is focused on evaluating small molecule antagonists with pd1 and tim3 immune checkpoint pathways , including compounds that target pdl1 and tim3 . in october 2016 , we exercised our option to license this third program and designated ca-327 as the development candidate . for each program we license , we are obligated to use commercially reasonable efforts to develop , obtain regulatory approval for , and commercialize at least one product in each of the u.s. , specified countries in the european union , and japan , and aurigene is obligated to use commercially reasonable efforts to perform its obligations under the development plan for such licensed program in an expeditious manner . subject to specified exceptions , we and aurigene have agreed to collaborate exclusively with each other on the discovery , research , development and commercialization of programs and compounds within immuno-oncology for an initial period of 67 approximately two years from the effective date of the collaboration agreement . at our option , and subject to specified conditions , we may extend such exclusivity for up to three additional one-year periods by paying to aurigene exclusivity option fees on an annual basis . story_separator_special_tag the termination of the august 2009 agreement was effective as of february 2015. we have re-designated the molecule cudc-305 . under the terms of the transition agreement , the licenses and all other rights related to cudc-305 have been terminated and reverted to us effective as of the termination date . debiopharm ceased enrollment in all clinical trials as of the termination date . in addition , we exercised our right , pursuant to the license agreement , to obtain a non-exclusive , worldwide , royalty-bearing license , with the right to sublicense , under other intellectual property rights of debiopharm to develop , make , have made , use , sell , offer for sale , have sold and import cudc-305 , and debiopharm will transfer to us the ind application related to cudc-305 . debiopharm also assigned to us its sole patent application related to cudc-305 . further under the terms of the transition agreement , debiopharm will transition ongoing cudc-305 development and manufacturing activities to us and will make available all necessary information generated by or on behalf of debiopharm for us to pursue the manufacturing of cudc-305 . during the year ended december 31 , 2015 , we paid $ 0.8 million to debiopharm , primarily in consideration for debiopharm providing drug product . we have agreed to pay to debiopharm royalties at a rate of 3 % of net sales by us ( excluding sales by our third party sublicensees ) of products containing cudc-305 , and the following percentages of amounts that we receive from third party sublicensees : ( i ) 10 % of any royalties that we receive from third party sublicensees based on such sublicensees ' net sales of products containing cudc-305 ; and ( ii ) 20 % of any non-royalty sublicense payments that we receive from third party sublicensees , provided that the maximum aggregate amount payable by us to debiopharm with respect to non-royalty sublicense payments is $ 30.0 million . liquidity since our inception , we have funded our operations primarily through private and public placement of our equity securities , license fees , contingent cash payments , research and development funding from our corporate collaborators , debt financings and the monetization of certain royalty rights . we have never been profitable on an annual basis , and have an accumulated deficit of $ 898.9 million as of december 31 , 2016 . we will need to generate significant revenues to achieve profitability , and do not expect to achieve profitability in the foreseeable future , if at all . we anticipate that our existing cash , cash equivalents and investments at december 31 , 2016 should enable us to maintain our planned operations into the second half of 2017. in order to ensure adequate cash resources for 12 months from the date of filing this annual report on form 10-k , we intend to ( i ) close on our committed debt refinancing with healthcare royalty and ( ii ) reduce or delay spending on our research and development programs and operating expenses to the extent we are unable to raise additional financing through our current $ 30 million at-the-market sale facility with cowen and company or other potential financing . however , additional funding may not be available to us on acceptable terms , if at all . if we are not successful in obtaining additional financing as planned , we will be required to reduce or delay spending on our research and development programs and operating expenses in the near term , which could adversely affect our financial condition , our ability to pursue our business strategies , our prospects and the value of our common stock . for a further discussion of our liquidity and funding requirements , see “ liquidity and capital resources - funding requirements . ” key drivers we believe that near-term key drivers to our success will include : our ability to successfully plan , finance and complete current and planned clinical trials for our lead proprietary drug candidate , cudc-907 , as well as for such clinical trials to generate favorable data ; our ability to successfully advance ca-170 , and for us to finance and complete the current and planned clinical trials of this drug candidate ; 71 our and aurigene 's ability to complete preclinical development and ind-enabling studies for ca-4948 and ca-327 , and for us to then finance and complete planned phase 1 clinical trials for each of these development candidates ; aurigene 's ability to advance additional preclinical immuno-oncology , and precision oncology drug candidates , and our ability to license these programs from aurigene and further progress them clinically ; genentech and roche 's ability to successfully commercialize erivedge in advanced bcc in the united states and in other global territories ; and genentech and roche 's initiation and completion of additional clinical studies of erivedge , including in diseases other than bcc , such as ipf or mf . in the longer term , a key driver to our success will be our ability , and the ability of any current or future collaborator or licensee , to successfully develop and commercialize additional drug candidates . financial operations overview general . our future operating results will largely depend on the progress of drug candidates currently in our research and development pipeline . the results of our operations will vary significantly from year to year and quarter to quarter and depend on , among other factors , the cost and outcome of any preclinical development or clinical trials then being conducted . for a discussion of our liquidity and funding requirements , see “ - liquidity and capital resources - funding requirements . ” debt . in december 2012 , our wholly-owned subsidiary , curis royalty , entered into a $ 30 million debt transaction with biopharma-ii , at an annual interest rate of 12.25 % collateralized with certain future erivedge royalty

net cash used in operating activities of $ 35.8 million during the year ended december 31 , 2016 was primarily the result of our net loss for the period of $ 60.4 million , offset by non-cash charges consisting of the stock issuance to aurigene as partial consideration for the collaboration agreement with aurigene , stock-based compensation , non-cash interest expense and depreciation totaling $ 22.7 million . accounts payable and accrued liabilities increased $ 2.3 million , accounts receivable increased $ 0.4 million related to an increase in fourth quarter erivedge royalties and prepaid assets increased $ 0.1 million . net cash used in operating activities of $ 29.9 million during the year ended december 31 , 2015 was primarily the result of our net loss for the period of $ 59.0 million , offset by non-cash charges consisting of the stock issuance to aurigene as partial consideration for the collaboration agreement with aurigene , stock-based compensation , changes in the fair value of our warrant liability , non-cash interest expense and depreciation totaling $ 28.2 million . accounts payable and accrued liabilities increased $ 1.8 million , which includes the accrual of $ 1.0 million in supplemental research and development funding under our aurigene collaboration and an increase in clinical accruals related to our ongoing trials .


 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 operating activities of $ 35.8 million during the year ended december 31 , 2016 was primarily the result of our net loss for the period of $ 60.4 million , offset by non-cash charges consisting of the stock issuance to aurigene as partial consideration for the collaboration agreement with aurigene , stock-based compensation , non-cash interest expense and depreciation totaling $ 22.7 million . accounts payable and accrued liabilities increased $ 2.3 million , accounts receivable increased $ 0.4 million related to an increase in fourth quarter erivedge royalties and prepaid assets increased $ 0.1 million . net cash used in operating activities of $ 29.9 million during the year ended december 31 , 2015 was primarily the result of our net loss for the period of $ 59.0 million , offset by non-cash charges consisting of the stock issuance to aurigene as partial consideration for the collaboration agreement with aurigene , stock-based compensation , changes in the fair value of our warrant liability , non-cash interest expense and depreciation totaling $ 28.2 million . accounts payable and accrued liabilities increased $ 1.8 million , which includes the accrual of $ 1.0 million in supplemental research and development funding under our aurigene collaboration and an increase in clinical accruals related to our ongoing trials .
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 Suspicious Activity Report : 66 based on our clinical development plans for our pipeline , in the near term we intend to predominantly focus our available resources on the continued development of cudc-907 , as well as ca-170 , ca-4948 and ca-327 in collaboration with aurigene . recent developments on march 6 , 2017 , we and curis royalty entered into a new credit agreement with healthcare royalty for the purpose of refinancing the current loan with biopharma-ii . on the effective date of the credit agreement , which is expected to occur on or before march 22 , 2017 , subject to certain conditions precedent specified in the credit agreement , the current loan with biopharma-ii would terminate in its entirety . pursuant to the credit agreement , healthcare royalty would make a $ 45.0 million loan at an interest rate of 9.95 % to curis royalty , which would be used to pay off the approximately $ 18.4 million in remaining loan obligations to biopharma-ii under the prior loan . the residual proceeds of the loan would be distributed to curis as sole equity member of curis royalty . the loan from healthcare royalty would be substantially similar to the loan with biopharma-ii , including that it would be repaid from certain royalty and royalty-related payments owed by genentech under the genentech collaboration agreement . in connection with the loan , curis royalty will grant a first priority lien and security interest ( excluding certain payments allocable to academic institutions ) in all of its assets and all real , intangible and personal property , including all of its right , title and interest in and to the erivedge royalty payments . the loan constitutes an obligation of curis royalty , and is intended to be non-recourse to curis , except that ( i ) curis has agreed , as a post-closing matter , to use reasonable best efforts to obtain genentech 's consent to a pledge of curis ' equity interest in curis royalty and ( ii ) under certain circumstances arising from the breach of certain covenants and representations , healthcare royalty may proceed directly against curis . the closing of the new loan with healthcare royalty is subject to certain conditions precedent specified in the credit agreement , including the parties having received payoff and termination documentation from biopharma-ii . for a further discussion of the loan with healthcare royalty , please refer to “ part ii , item 9b . other information - royalty financing transaction . ” our collaborations and license agreements our current collaborations and license agreements are summarized as follows : aurigene collaboration agreement collaboration overview . on january 18 , 2015 , we entered into an exclusive collaboration agreement with aurigene for the discovery , development and commercialization of small molecule compounds in the areas of immuno-oncology and selected precision oncology targets . under the collaboration agreement , aurigene granted us an option to obtain exclusive , royalty-bearing licenses to relevant aurigene technology to develop , manufacture and commercialize products containing certain of such compounds . for each program , aurigene has granted us an exclusive option , exercisable within 90 days after aurigene delivers the relevant data regarding a development candidate , to obtain an exclusive , royalty-bearing license to develop , manufacture and commercialize compounds from such program , including the development candidate and products containing such compounds , anywhere in the world with the exception of india and russia . upon our exercise of the option for a particular program , aurigene will grant us the royalty-bearing license described above for each licensed program , and we will grant aurigene an exclusive , royalty-free , fully paid license under our relevant technology to develop , manufacture and commercialize compounds from such program and products containing such compounds in india and russia . there are currently multiple licensed programs under this collaboration , including two programs targeting immune checkpoint regulators and one program targeting the irak4 kinase . in october 2015 , we exercised options to license the first two programs under this collaboration . the first licensed program is focused on the development of orally-available small molecule antagonists of the pd1 and vista pathway in the immuno-oncology field , including development candidate designated ca-170 , which is a pdl2/vista antagonist . the second licensed program is focused on orally-available small molecule inhibitors of irak4 in the precision oncology field , with the lead development candidate designated ca-4948 . in addition , in october 2015 , we selected a third program for further development under the collaboration , the second preclinical program within the immuno-oncology field , which is focused on evaluating small molecule antagonists with pd1 and tim3 immune checkpoint pathways , including compounds that target pdl1 and tim3 . in october 2016 , we exercised our option to license this third program and designated ca-327 as the development candidate . for each program we license , we are obligated to use commercially reasonable efforts to develop , obtain regulatory approval for , and commercialize at least one product in each of the u.s. , specified countries in the european union , and japan , and aurigene is obligated to use commercially reasonable efforts to perform its obligations under the development plan for such licensed program in an expeditious manner . subject to specified exceptions , we and aurigene have agreed to collaborate exclusively with each other on the discovery , research , development and commercialization of programs and compounds within immuno-oncology for an initial period of 67 approximately two years from the effective date of the collaboration agreement . at our option , and subject to specified conditions , we may extend such exclusivity for up to three additional one-year periods by paying to aurigene exclusivity option fees on an annual basis . story_separator_special_tag the termination of the august 2009 agreement was effective as of february 2015. we have re-designated the molecule cudc-305 . under the terms of the transition agreement , the licenses and all other rights related to cudc-305 have been terminated and reverted to us effective as of the termination date . debiopharm ceased enrollment in all clinical trials as of the termination date . in addition , we exercised our right , pursuant to the license agreement , to obtain a non-exclusive , worldwide , royalty-bearing license , with the right to sublicense , under other intellectual property rights of debiopharm to develop , make , have made , use , sell , offer for sale , have sold and import cudc-305 , and debiopharm will transfer to us the ind application related to cudc-305 . debiopharm also assigned to us its sole patent application related to cudc-305 . further under the terms of the transition agreement , debiopharm will transition ongoing cudc-305 development and manufacturing activities to us and will make available all necessary information generated by or on behalf of debiopharm for us to pursue the manufacturing of cudc-305 . during the year ended december 31 , 2015 , we paid $ 0.8 million to debiopharm , primarily in consideration for debiopharm providing drug product . we have agreed to pay to debiopharm royalties at a rate of 3 % of net sales by us ( excluding sales by our third party sublicensees ) of products containing cudc-305 , and the following percentages of amounts that we receive from third party sublicensees : ( i ) 10 % of any royalties that we receive from third party sublicensees based on such sublicensees ' net sales of products containing cudc-305 ; and ( ii ) 20 % of any non-royalty sublicense payments that we receive from third party sublicensees , provided that the maximum aggregate amount payable by us to debiopharm with respect to non-royalty sublicense payments is $ 30.0 million . liquidity since our inception , we have funded our operations primarily through private and public placement of our equity securities , license fees , contingent cash payments , research and development funding from our corporate collaborators , debt financings and the monetization of certain royalty rights . we have never been profitable on an annual basis , and have an accumulated deficit of $ 898.9 million as of december 31 , 2016 . we will need to generate significant revenues to achieve profitability , and do not expect to achieve profitability in the foreseeable future , if at all . we anticipate that our existing cash , cash equivalents and investments at december 31 , 2016 should enable us to maintain our planned operations into the second half of 2017. in order to ensure adequate cash resources for 12 months from the date of filing this annual report on form 10-k , we intend to ( i ) close on our committed debt refinancing with healthcare royalty and ( ii ) reduce or delay spending on our research and development programs and operating expenses to the extent we are unable to raise additional financing through our current $ 30 million at-the-market sale facility with cowen and company or other potential financing . however , additional funding may not be available to us on acceptable terms , if at all . if we are not successful in obtaining additional financing as planned , we will be required to reduce or delay spending on our research and development programs and operating expenses in the near term , which could adversely affect our financial condition , our ability to pursue our business strategies , our prospects and the value of our common stock . for a further discussion of our liquidity and funding requirements , see “ liquidity and capital resources - funding requirements . ” key drivers we believe that near-term key drivers to our success will include : our ability to successfully plan , finance and complete current and planned clinical trials for our lead proprietary drug candidate , cudc-907 , as well as for such clinical trials to generate favorable data ; our ability to successfully advance ca-170 , and for us to finance and complete the current and planned clinical trials of this drug candidate ; 71 our and aurigene 's ability to complete preclinical development and ind-enabling studies for ca-4948 and ca-327 , and for us to then finance and complete planned phase 1 clinical trials for each of these development candidates ; aurigene 's ability to advance additional preclinical immuno-oncology , and precision oncology drug candidates , and our ability to license these programs from aurigene and further progress them clinically ; genentech and roche 's ability to successfully commercialize erivedge in advanced bcc in the united states and in other global territories ; and genentech and roche 's initiation and completion of additional clinical studies of erivedge , including in diseases other than bcc , such as ipf or mf . in the longer term , a key driver to our success will be our ability , and the ability of any current or future collaborator or licensee , to successfully develop and commercialize additional drug candidates . financial operations overview general . our future operating results will largely depend on the progress of drug candidates currently in our research and development pipeline . the results of our operations will vary significantly from year to year and quarter to quarter and depend on , among other factors , the cost and outcome of any preclinical development or clinical trials then being conducted . for a discussion of our liquidity and funding requirements , see “ - liquidity and capital resources - funding requirements . ” debt . in december 2012 , our wholly-owned subsidiary , curis royalty , entered into a $ 30 million debt transaction with biopharma-ii , at an annual interest rate of 12.25 % collateralized with certain future erivedge royalty

