the primary endpoint in the study is the percentage of patients in each arm that maintain sua control below 6.0 mg/dl , for at least 80 % of the time during months three and six . we plan to commence the phase 3 clinical program in sel-212 in the second half of 2020. we will require additional resources to complete the planned phase 3 clinical program for sel-212 . we expect our clinical and , if approved , marketing strategy for sel-212 to initially focus on the estimated 160,000 patients in the united states with chronic refractory gout , and to focus on those patients that are being treated by rheumatologists . gene therapy 76 in august 2019 , we entered into a feasibility study and license agreement with askbio , the askbio collaboration agreement , pursuant to which we and askbio will conduct proof of concept studies to potentially validate the use of our immtor platform in conjunction with an aav gene therapy to mitigate the formation of neutralizing anti-aav capsid antibodies , which currently precludes redosing . the initial product candidate being developed under this collaboration is gene therapy for mma which can cause severe developmental defects and premature death as a result of an accumulation of toxic metabolites . we previously conducted preclinical studies for this product candidate based on sel-302 and will leverage that previous work within the collaboration . if the proof of concept studies are successful , we will proceed with a collaboration to pursue the development and commercialization of aav gene therapy product candidates utilizing immtor for the treatment of certain agreed serious rare and orphan genetic diseases . we plan to enter the clinic under this collaboration in 2020. additionally , in december 2019 we entered into the askbio license agreement which provides askbio with exclusive worldwide rights to our immtor platform to research , develop and commercialize certain aav-gene therapy products targeting the gaa gene , or derivatives thereof , to treat pompe disease . in september 2018 , we announced a collaboration with the european consortium , curecn , for an immtor+aav gene therapy combination product candidate in crigler-najjar syndrome , a rare genetic disorder characterized by an inability to properly convert and clear bilirubin from the body . we expect the curecn consortium to obtain scientific advice from the german drug regulatory authority in 2020. in december 2016 , we entered into the spark license agreement which provides spark with exclusive worldwide rights to our immtor platform to research , develop and commercialize gene therapies for factor viii , an essential blood clotting protein relevant to the treatment of hemophilia a. our proprietary gene therapy product candidate , sel-313 , is being developed to treat otc deficiency and is currently in preclinical development . financial operations overview financial operations to date , we have financed our operations primarily through the public offering 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 $ 55.4 million and $ 65.3 million for the years ended december 31 , 2019 and 2018 , respectively . as of december 31 , 2019 , we had an accumulated deficit of $ 335.8 million . we expect to continue to incur significant expenses and operating losses for at least the next several years as we : - conduct additional clinical trials for sel‑212 ; - 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 . 77 we will require additional external sources of capital to complete the planned phase 3 clinical program for sel-212 . under the terms of our exclusive patent license agreement with the massachusetts institute of technology , or the mit license , mit may terminate the mit license if we fail to meet a diligence obligation , including the initiation of a phase 3 clinical trial by a specified date in the fourth quarter of 2019. on december 13 , 2019 , we entered into the fourth amendment , which we refer to as the mit amendment , to the exclusive patent license agreement by and between us and the massachusetts institute of technology , or the mit agreement . story_separator_special_tag if the achievement of a milestone is considered a direct result of our efforts to satisfy a performance obligation or transfer a distinct good or service and the receipt of the payment is based upon the achievement of the milestone , the associated milestone value is allocated to that distinct good or service . if the milestone payment is not specifically related to our effort to satisfy a performance obligation or transfer a distinct good or service , the amount is allocated to all performance obligations using the relative standalone selling price method . we also evaluate the milestones to determine whether they are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method . if it is probable that a significant revenue reversal would not occur , the associated milestone value is included in the transaction price to be allocated , otherwise , such amounts are constrained and excluded from the transaction price . at the end of each subsequent reporting period , we re-evaluate the probability of achievement of such development milestones and any related constraint , and if necessary , adjusts our estimate of the transaction price . any such adjustments to the transaction price are allocated to the performance obligations on the same basis as at contract inception . amounts allocated to a satisfied performance obligation shall be recognized as revenue , or as a reduction of revenue , in the period in which the transaction price changes . manufacturing supply services : arrangements that include a promise for future supply of drug substance or drug product for either clinical development or commercial supply at the customer 's discretion are evaluated to determine if they are distinct and optional . for optional services that are distinct , we assess if they are priced at a discount , and therefore , provide a material right to the licensee to be accounted for as separate performance obligations . royalties : for arrangements that include sales-based royalties , including milestone payments based on the level of sales , and the license is deemed to be the predominant item to which the royalties relate , we will recognize revenue at the later of ( i ) when the related sales occur , or ( ii ) when the performance obligation to which some or all of the royalty has been allocated has been satisfied ( or partially satisfied ) in accordance with the royalty recognition constraint . warrant liabilities in december 2019 , we issued common warrants in connection with the 2019 purchase agreement . pursuant to the terms of these common warrants , we could be required to settle the common warrants in cash in the event of certain acquisitions of the company and , as a result , the common warrants are required to be measured at fair value and reported as a liability on the balance sheet . we recorded the fair value of the common warrants of $ 40.7 million upon issuance using the black-scholes valuation model , and are required to revalue the common warrants at each reporting date with any changes in fair value recorded on our statement of operations . inputs used to determine estimated fair value of the common warrant liabilities include the estimated fair value of the underlying stock at the valuation date , the estimated term of the warrants , risk-free interest rates , expected dividends and the expected volatility of the underlying stock . as of december 31 , 2019 , the fair value of the common warrants of $ 41.5 million was recorded as a long-term liability on our balance sheet , which resulted in a change in fair value of $ 0.9 million for the year ended december 31 , 2019 . additionally , we allocated $ 1.2 million of the transaction costs associated with the 2019 purchase agreement to financing expense on our statement of operations . the remaining $ 3.2 million of transaction costs were offset against the proceeds allocated to our common stock and pre-funded warrants . stock‑based compensation we account for all stock‑based compensation granted to employees and non‑employees using a fair value method . stock‑based compensation is measured at the grant date fair value using the black‑scholes option pricing model and is recognized over the requisite service period of the awards , usually the vesting period , on a straight‑line basis , net of estimated forfeitures . we 81 reduce recorded stock‑based compensation for estimated forfeitures . to the extent that actual forfeitures differ from management 's estimates , the differences are recorded as a cumulative adjustment in the period the estimates were adjusted . stock‑based compensation expense recognized in the consolidated financial statements is based on awards that are ultimately expected to vest . emerging growth company status the jumpstart our business startups act of 2012 , or the jobs act , permits an ‘ ‘ emerging growth company `` such as us to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public companies until those standards would otherwise apply to private companies . we have irrevocably elected not to avail ourselves of this exemption and , therefore , we will be subject to the same new or revised accounting standards as other public companies that are not emerging growth companies . smaller reporting company we qualify as a “ smaller reporting company ” under the rules of the securities act and the exchange act . as a result , in addition to the exemptions available to us as an “ emerging growth company , ” we may choose to take advantage of certain scaled disclosure requirements available specifically to smaller reporting companies . additionally , even if we cease to be an emerging growth company as noted above , as long as we continue to be a smaller reporting company , we may continue to rely on the reduced

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 , 2019 , we have raised an aggregate of $ 416.0 million to fund our operations , which includes $ 118.5 million from the sale of preferred stock , $ 11.1 million in government grant funding , $ 25.3 million from borrowings under our credit facility , $ 46.3 million from our collaborations and license agreements , $ 64.5 million in combined net proceeds from our initial public offering $ 118.4 million in combined net proceeds from private placements of our common stock in june 2017 and august and december 2019 , $ 30.9 million from an underwritten follow-on offering of our common stock in january 2019 , and $ 1.0 million in aggregate net proceeds from `` at-the-market '' offerings of our common stock in 2019. collaborations on december 17 , 2019 , we entered into the askbio license agreement .


 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 , 2019 , we have raised an aggregate of $ 416.0 million to fund our operations , which includes $ 118.5 million from the sale of preferred stock , $ 11.1 million in government grant funding , $ 25.3 million from borrowings under our credit facility , $ 46.3 million from our collaborations and license agreements , $ 64.5 million in combined net proceeds from our initial public offering $ 118.4 million in combined net proceeds from private placements of our common stock in june 2017 and august and december 2019 , $ 30.9 million from an underwritten follow-on offering of our common stock in january 2019 , and $ 1.0 million in aggregate net proceeds from `` at-the-market '' offerings of our common stock in 2019. collaborations on december 17 , 2019 , we entered into the askbio license agreement .
```    
 Suspicious Activity Report : the primary endpoint in the study is the percentage of patients in each arm that maintain sua control below 6.0 mg/dl , for at least 80 % of the time during months three and six . we plan to commence the phase 3 clinical program in sel-212 in the second half of 2020. we will require additional resources to complete the planned phase 3 clinical program for sel-212 . we expect our clinical and , if approved , marketing strategy for sel-212 to initially focus on the estimated 160,000 patients in the united states with chronic refractory gout , and to focus on those patients that are being treated by rheumatologists . gene therapy 76 in august 2019 , we entered into a feasibility study and license agreement with askbio , the askbio collaboration agreement , pursuant to which we and askbio will conduct proof of concept studies to potentially validate the use of our immtor platform in conjunction with an aav gene therapy to mitigate the formation of neutralizing anti-aav capsid antibodies , which currently precludes redosing . the initial product candidate being developed under this collaboration is gene therapy for mma which can cause severe developmental defects and premature death as a result of an accumulation of toxic metabolites . we previously conducted preclinical studies for this product candidate based on sel-302 and will leverage that previous work within the collaboration . if the proof of concept studies are successful , we will proceed with a collaboration to pursue the development and commercialization of aav gene therapy product candidates utilizing immtor for the treatment of certain agreed serious rare and orphan genetic diseases . we plan to enter the clinic under this collaboration in 2020. additionally , in december 2019 we entered into the askbio license agreement which provides askbio with exclusive worldwide rights to our immtor platform to research , develop and commercialize certain aav-gene therapy products targeting the gaa gene , or derivatives thereof , to treat pompe disease . in september 2018 , we announced a collaboration with the european consortium , curecn , for an immtor+aav gene therapy combination product candidate in crigler-najjar syndrome , a rare genetic disorder characterized by an inability to properly convert and clear bilirubin from the body . we expect the curecn consortium to obtain scientific advice from the german drug regulatory authority in 2020. in december 2016 , we entered into the spark license agreement which provides spark with exclusive worldwide rights to our immtor platform to research , develop and commercialize gene therapies for factor viii , an essential blood clotting protein relevant to the treatment of hemophilia a. our proprietary gene therapy product candidate , sel-313 , is being developed to treat otc deficiency and is currently in preclinical development . financial operations overview financial operations to date , we have financed our operations primarily through the public offering 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 $ 55.4 million and $ 65.3 million for the years ended december 31 , 2019 and 2018 , respectively . as of december 31 , 2019 , we had an accumulated deficit of $ 335.8 million . we expect to continue to incur significant expenses and operating losses for at least the next several years as we : - conduct additional clinical trials for sel‑212 ; - 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 . 77 we will require additional external sources of capital to complete the planned phase 3 clinical program for sel-212 . under the terms of our exclusive patent license agreement with the massachusetts institute of technology , or the mit license , mit may terminate the mit license if we fail to meet a diligence obligation , including the initiation of a phase 3 clinical trial by a specified date in the fourth quarter of 2019. on december 13 , 2019 , we entered into the fourth amendment , which we refer to as the mit amendment , to the exclusive patent license agreement by and between us and the massachusetts institute of technology , or the mit agreement . story_separator_special_tag if the achievement of a milestone is considered a direct result of our efforts to satisfy a performance obligation or transfer a distinct good or service and the receipt of the payment is based upon the achievement of the milestone , the associated milestone value is allocated to that distinct good or service . if the milestone payment is not specifically related to our effort to satisfy a performance obligation or transfer a distinct good or service , the amount is allocated to all performance obligations using the relative standalone selling price method . we also evaluate the milestones to determine whether they are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method . if it is probable that a significant revenue reversal would not occur , the associated milestone value is included in the transaction price to be allocated , otherwise , such amounts are constrained and excluded from the transaction price . at the end of each subsequent reporting period , we re-evaluate the probability of achievement of such development milestones and any related constraint , and if necessary , adjusts our estimate of the transaction price . any such adjustments to the transaction price are allocated to the performance obligations on the same basis as at contract inception . amounts allocated to a satisfied performance obligation shall be recognized as revenue , or as a reduction of revenue , in the period in which the transaction price changes . manufacturing supply services : arrangements that include a promise for future supply of drug substance or drug product for either clinical development or commercial supply at the customer 's discretion are evaluated to determine if they are distinct and optional . for optional services that are distinct , we assess if they are priced at a discount , and therefore , provide a material right to the licensee to be accounted for as separate performance obligations . royalties : for arrangements that include sales-based royalties , including milestone payments based on the level of sales , and the license is deemed to be the predominant item to which the royalties relate , we will recognize revenue at the later of ( i ) when the related sales occur , or ( ii ) when the performance obligation to which some or all of the royalty has been allocated has been satisfied ( or partially satisfied ) in accordance with the royalty recognition constraint . warrant liabilities in december 2019 , we issued common warrants in connection with the 2019 purchase agreement . pursuant to the terms of these common warrants , we could be required to settle the common warrants in cash in the event of certain acquisitions of the company and , as a result , the common warrants are required to be measured at fair value and reported as a liability on the balance sheet . we recorded the fair value of the common warrants of $ 40.7 million upon issuance using the black-scholes valuation model , and are required to revalue the common warrants at each reporting date with any changes in fair value recorded on our statement of operations . inputs used to determine estimated fair value of the common warrant liabilities include the estimated fair value of the underlying stock at the valuation date , the estimated term of the warrants , risk-free interest rates , expected dividends and the expected volatility of the underlying stock . as of december 31 , 2019 , the fair value of the common warrants of $ 41.5 million was recorded as a long-term liability on our balance sheet , which resulted in a change in fair value of $ 0.9 million for the year ended december 31 , 2019 . additionally , we allocated $ 1.2 million of the transaction costs associated with the 2019 purchase agreement to financing expense on our statement of operations . the remaining $ 3.2 million of transaction costs were offset against the proceeds allocated to our common stock and pre-funded warrants . stock‑based compensation we account for all stock‑based compensation granted to employees and non‑employees using a fair value method . stock‑based compensation is measured at the grant date fair value using the black‑scholes option pricing model and is recognized over the requisite service period of the awards , usually the vesting period , on a straight‑line basis , net of estimated forfeitures . we 81 reduce recorded stock‑based compensation for estimated forfeitures . to the extent that actual forfeitures differ from management 's estimates , the differences are recorded as a cumulative adjustment in the period the estimates were adjusted . stock‑based compensation expense recognized in the consolidated financial statements is based on awards that are ultimately expected to vest . emerging growth company status the jumpstart our business startups act of 2012 , or the jobs act , permits an ‘ ‘ emerging growth company `` such as us to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public companies until those standards would otherwise apply to private companies . we have irrevocably elected not to avail ourselves of this exemption and , therefore , we will be subject to the same new or revised accounting standards as other public companies that are not emerging growth companies . smaller reporting company we qualify as a “ smaller reporting company ” under the rules of the securities act and the exchange act . as a result , in addition to the exemptions available to us as an “ emerging growth company , ” we may choose to take advantage of certain scaled disclosure requirements available specifically to smaller reporting companies . additionally , even if we cease to be an emerging growth company as noted above , as long as we continue to be a smaller reporting company , we may continue to rely on the reduced

