furthermore , revenues related to our collaborative development activities are dependent upon the progress toward and the achievement of developmental milestones by us or our collaborative partners . 41 our operating expenses are also difficult to predict and depend on several factors . research and development expenses , drug manufacturing , and clinical research activities , depend on the ongoing requirements of our development programs , availability of capital and direction from regulatory agencies , which are difficult to predict . management may be able to control the timing and level of research and development and general and administrative expenses , but many of these expenditures will occur irrespective of our actions due to contractually committed activities and or payments . as a result of these factors , we believe that period to period comparisons are not necessarily meaningful and you should not rely on them as an indication of future performance . due to all of the foregoing factors , it is possible that our operating results will be below the expectations of market analysts and investors . in such event , the prevailing market price of our common stock could be materially adversely affected . overview we are a biotechnology company that designs , optimizes and develops novel drugs that block key enzymes involved in the pathogenesis of diseases . we focus on therapeutic areas with unmet medical needs that are of interest to us and aligned with our capabilities and expertise . our areas of interest and related development of drug candidates are determined by the scientific discoveries and the potential advantages that our experienced drug discovery group identifies , as well as by the associated potential commercial opportunity of those discoveries . we integrate the disciplines of biology , crystallography , medicinal chemistry and computer modeling to discover and develop small molecule pharmaceuticals through the process known as structure-guided drug design . our strategy is to create a sustainable portfolio of commercial products and drug candidates whereby we out-license rights to drug candidates in geographies or therapeutic areas where we do not intend to and or do not have the ability commercialize them . critical accounting policies and estimates the accompanying discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements and the related disclosures , which have been prepared in accordance with generally accepted accounting principles in the united states . the preparation of these consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets , liabilities , revenues , expenses and related disclosure of contingent assets and liabilities . we evaluate our estimates , judgments and the policies underlying these estimates on a periodic basis , as situations change and regularly discuss financial events , policies , and issues with members of our audit committee and our independent registered public accounting firm . we routinely evaluate our estimates and policies regarding revenue recognition , administration , inventory and manufacturing , taxes , stock-based compensation , research and development , consulting and other expenses and any associated liabilities . recent corporate highlights peramivir on february 24 , 2011 , barda/hhs awarded us a $ 55.0 million contract modification intended to fund completion of the phase 3 development of i.v . peramivir for the treatment of patients hospitalized with influenza . this contract modification brings the total award from barda/hhs to $ 234.8 million and extends the contract term by 24 months through december 31 , 2013. the contract , as it currently stands , provides for funding through completion of phase 3 and to support the filing of an nda to seek regulatory approval for i.v . peramivir in the u.s. through december 31 , 2011 , approximately $ 174.7 million has been recognized as revenue under this contract . this contract modification supports implementation of our proposed changes to our 301 clinical trial . significant changes to the 301 clinical trial are as follows : ( 1 ) modifying the primary efficacy analysis population of the study to focus on a subset of approximately 160 patients not treated with neuraminidase inhibitors as soc , in order to provide the greatest opportunity to demonstrate a statistically significant peramivir treatment effect ; 42 ( 2 ) increasing the total study target enrollment to approximately 600 subjects from the prior target of 445 subjects ; and ( 3 ) adding more clinical site locations in geographical regions where neuraminidase inhibitors are not widely used , including sites in india and possibly china . these changes are expected to increase the amount of time required to complete enrollment in this ongoing study . the actual time to reach completion of enrollment will depend on the prevalence and severity of influenza , as well as the ability of the more than 265 investigator sites to successfully enroll patients . in addition , we have agreed with the fda and barda/hhs to conduct a planned interim analysis in our 301 clinical trial , which includes a futility assessment . this analysis is scheduled to be conducted at the earlier of the conclusion of the 2012 southern hemisphere flu season or reaching 70 % of the current enrollment goal of 160 patients for the primary efficacy analysis population . if the interim analysis shows an efficacy trend in favor of peramivir , it is expected the clinical trial would continue toward either the current enrollment target or a higher target , depending on the trend . if , however , the new enrollment target to reach statistical significance is predicted to exceed 320 patients , we would expect to terminate the clinical trial and evaluate the data in hand . story_separator_special_tag our current and planned clinical trials plus the related development , manufacturing , regulatory approval process requirements and additional personnel resources and testing required for the continuing development of our drug candidates will consume significant capital resources and will increase our expenses . our expenses , revenues and burn rate could vary significantly depending on many factors , including our ability to raise additional capital , the development progress of our collaborative agreements for our drug candidates , the amount and timing of funding we receive from barda/hhs for peramivir , the amount of funding or assistance , if any , we receive from other governmental agencies or other new partnerships with third parties for the development of our drug candidates , the progress and results of our current and proposed clinical trials for our most advanced drug candidates , the progress made in the manufacturing of our lead drug candidates and the progression of our other programs . with the funds available at december 31 , 2011 and future amounts that are expected to be received from barda/hhs , and our other financing sources , we believe these resources will be sufficient to fund our operations through 2012. however , this is a forward-looking statement , and there may be changes that would consume available resources significantly before such time . our long-term capital requirements and the adequacy of our available funds will depend upon many factors , including :  our ability to perform under the contract with barda/hhs and receive reimbursement ;  the progress and magnitude of our research , drug discovery and development programs ;  changes in existing collaborative relationships or government contracts ;  our ability to establish additional collaborative relationships with academic institutions , biotechnology or pharmaceutical companies and governmental agencies or other third parties ;  the extent to which our partners , including governmental agencies will share in the costs associated with the development of our programs or run the development programs themselves ;  our ability to negotiate favorable development and marketing strategic alliances for certain drug candidates ; or a decision to build or expand internal development and commercial capabilities ;  successful commercialization of marketed products by either us or a partner ;  the scope and results of preclinical studies and clinical trials to identify and evaluate drug candidates ;  our ability to engage sites and enroll subjects in our clinical trials ;  the scope of manufacturing of our drug candidates to support our preclinical research and clinical trials ;  increases in personnel and related costs to support the development of our drug candidates ;  the scope of manufacturing of our drug substance and drug products required for future nda filings ;  competitive and technological advances ;  the time and costs involved in obtaining regulatory approvals ; and  the costs involved in all aspects of intellectual property strategy and protection including the costs involved in preparing , filing , prosecuting , maintaining , defending and enforcing patent claims . we expect that we will be required to raise additional capital to complete the development and commercialization of our current drug candidates and we may seek to raise capital at any time we deem market conditions to be favorable . additional funding , whether through additional sales of equity or debt securities or collaborative or other arrangements with corporate partners or from other sources , including governmental 48 agencies in general and from the barda/hhs contract specifically , may not be available when needed or on terms acceptable to us . the issuance of preferred or common stock or convertible securities , with terms and prices significantly more favorable than those of the currently outstanding common stock , could have the effect of diluting or adversely affecting the holdings or rights of our existing stockholders . in addition , collaborative arrangements may require us to transfer certain material rights to such corporate partners . insufficient funds may require us to delay , scale-back or eliminate certain of our research and development programs . our future working capital requirements , including the need for additional working capital , will be largely determined by the advancement of our portfolio of drug candidates as well as rate of reimbursement by barda/hhs of our peramivir expenses . more specifically , our working capital requirements will be dependent on the number , magnitude , scope and timing of our development programs ; regulatory approval of our drug candidates ; obtaining and funding from collaborative partners ; the cost , timing and outcome of regulatory reviews , regulatory investigations , and changes in regulatory requirements ; the costs of obtaining patent protection for our drug candidates ; the timing and terms of business development activities ; the rate of technological advances relevant to our operations ; the efficiency of manufacturing processes developed on our behalf by third parties ; and the level of required administrative support for our daily operations . financial outlook for 2012 based upon planned strategic and development operations , we expect net operating cash usage to be in the range of $ 32 to $ 38 million , and expect our total operating expenses to be in the range of $ 57 to $ 69 million . our operating cash forecast excludes any potential cash inflows from out-licensing or other sources . our ability to remain within our operating expense and operating cash target ranges are subject to multiple factors , including unanticipated or additional general development and administrative costs and other factors described under the risk factors located elsewhere in this report . furthermore , these ranges are highly dependent on peramivir-related operating expenses , which are reimbursed by barda/hhs . our peramivir expenses are hard to predict and are largely a function of the rate of enrollment in the our ongoing 301 phase 3 clinical trial , which in turn is dependent on the prevalence and severity of influenza in

liquidity and capital resources cash expenditures have exceeded revenues since our inception and we expect our 2012 operating expense to exceed our 2012 revenue . our operations have principally been funded through public offerings and private placements of equity securities ; cash from collaborative and other research and development agreements , including government contracts ; and to a lesser extent , the pharma notes financing . on february 24 , 2011 , we announced that barda/hhs had awarded us a $ 55.0 million contract modification intended to fund completion of the phase 3 development of i.v . peramivir , bringing the total award from barda/hhs to $ 234.8 million and extending the contract term by 24 months through december 2013. on march 9 , 2011 , we completed a $ 30.0 million pharma notes financing transaction designed to monetize certain future royalty and milestone payments under our license agreement with shionogi . we received net proceeds from this transaction of approximately $ 22.7 million . other sources of funding have included the following :  other collaborative and other research and development agreements ;  government grants ;  equipment lease financing ;  facility leases ;  research grants ; and  interest income .


 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 cash expenditures have exceeded revenues since our inception and we expect our 2012 operating expense to exceed our 2012 revenue . our operations have principally been funded through public offerings and private placements of equity securities ; cash from collaborative and other research and development agreements , including government contracts ; and to a lesser extent , the pharma notes financing . on february 24 , 2011 , we announced that barda/hhs had awarded us a $ 55.0 million contract modification intended to fund completion of the phase 3 development of i.v . peramivir , bringing the total award from barda/hhs to $ 234.8 million and extending the contract term by 24 months through december 2013. on march 9 , 2011 , we completed a $ 30.0 million pharma notes financing transaction designed to monetize certain future royalty and milestone payments under our license agreement with shionogi . we received net proceeds from this transaction of approximately $ 22.7 million . other sources of funding have included the following :  other collaborative and other research and development agreements ;  government grants ;  equipment lease financing ;  facility leases ;  research grants ; and  interest income .
```    
 Suspicious Activity Report : furthermore , revenues related to our collaborative development activities are dependent upon the progress toward and the achievement of developmental milestones by us or our collaborative partners . 41 our operating expenses are also difficult to predict and depend on several factors . research and development expenses , drug manufacturing , and clinical research activities , depend on the ongoing requirements of our development programs , availability of capital and direction from regulatory agencies , which are difficult to predict . management may be able to control the timing and level of research and development and general and administrative expenses , but many of these expenditures will occur irrespective of our actions due to contractually committed activities and or payments . as a result of these factors , we believe that period to period comparisons are not necessarily meaningful and you should not rely on them as an indication of future performance . due to all of the foregoing factors , it is possible that our operating results will be below the expectations of market analysts and investors . in such event , the prevailing market price of our common stock could be materially adversely affected . overview we are a biotechnology company that designs , optimizes and develops novel drugs that block key enzymes involved in the pathogenesis of diseases . we focus on therapeutic areas with unmet medical needs that are of interest to us and aligned with our capabilities and expertise . our areas of interest and related development of drug candidates are determined by the scientific discoveries and the potential advantages that our experienced drug discovery group identifies , as well as by the associated potential commercial opportunity of those discoveries . we integrate the disciplines of biology , crystallography , medicinal chemistry and computer modeling to discover and develop small molecule pharmaceuticals through the process known as structure-guided drug design . our strategy is to create a sustainable portfolio of commercial products and drug candidates whereby we out-license rights to drug candidates in geographies or therapeutic areas where we do not intend to and or do not have the ability commercialize them . critical accounting policies and estimates the accompanying discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements and the related disclosures , which have been prepared in accordance with generally accepted accounting principles in the united states . the preparation of these consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets , liabilities , revenues , expenses and related disclosure of contingent assets and liabilities . we evaluate our estimates , judgments and the policies underlying these estimates on a periodic basis , as situations change and regularly discuss financial events , policies , and issues with members of our audit committee and our independent registered public accounting firm . we routinely evaluate our estimates and policies regarding revenue recognition , administration , inventory and manufacturing , taxes , stock-based compensation , research and development , consulting and other expenses and any associated liabilities . recent corporate highlights peramivir on february 24 , 2011 , barda/hhs awarded us a $ 55.0 million contract modification intended to fund completion of the phase 3 development of i.v . peramivir for the treatment of patients hospitalized with influenza . this contract modification brings the total award from barda/hhs to $ 234.8 million and extends the contract term by 24 months through december 31 , 2013. the contract , as it currently stands , provides for funding through completion of phase 3 and to support the filing of an nda to seek regulatory approval for i.v . peramivir in the u.s. through december 31 , 2011 , approximately $ 174.7 million has been recognized as revenue under this contract . this contract modification supports implementation of our proposed changes to our 301 clinical trial . significant changes to the 301 clinical trial are as follows : ( 1 ) modifying the primary efficacy analysis population of the study to focus on a subset of approximately 160 patients not treated with neuraminidase inhibitors as soc , in order to provide the greatest opportunity to demonstrate a statistically significant peramivir treatment effect ; 42 ( 2 ) increasing the total study target enrollment to approximately 600 subjects from the prior target of 445 subjects ; and ( 3 ) adding more clinical site locations in geographical regions where neuraminidase inhibitors are not widely used , including sites in india and possibly china . these changes are expected to increase the amount of time required to complete enrollment in this ongoing study . the actual time to reach completion of enrollment will depend on the prevalence and severity of influenza , as well as the ability of the more than 265 investigator sites to successfully enroll patients . in addition , we have agreed with the fda and barda/hhs to conduct a planned interim analysis in our 301 clinical trial , which includes a futility assessment . this analysis is scheduled to be conducted at the earlier of the conclusion of the 2012 southern hemisphere flu season or reaching 70 % of the current enrollment goal of 160 patients for the primary efficacy analysis population . if the interim analysis shows an efficacy trend in favor of peramivir , it is expected the clinical trial would continue toward either the current enrollment target or a higher target , depending on the trend . if , however , the new enrollment target to reach statistical significance is predicted to exceed 320 patients , we would expect to terminate the clinical trial and evaluate the data in hand . story_separator_special_tag our current and planned clinical trials plus the related development , manufacturing , regulatory approval process requirements and additional personnel resources and testing required for the continuing development of our drug candidates will consume significant capital resources and will increase our expenses . our expenses , revenues and burn rate could vary significantly depending on many factors , including our ability to raise additional capital , the development progress of our collaborative agreements for our drug candidates , the amount and timing of funding we receive from barda/hhs for peramivir , the amount of funding or assistance , if any , we receive from other governmental agencies or other new partnerships with third parties for the development of our drug candidates , the progress and results of our current and proposed clinical trials for our most advanced drug candidates , the progress made in the manufacturing of our lead drug candidates and the progression of our other programs . with the funds available at december 31 , 2011 and future amounts that are expected to be received from barda/hhs , and our other financing sources , we believe these resources will be sufficient to fund our operations through 2012. however , this is a forward-looking statement , and there may be changes that would consume available resources significantly before such time . our long-term capital requirements and the adequacy of our available funds will depend upon many factors , including :  our ability to perform under the contract with barda/hhs and receive reimbursement ;  the progress and magnitude of our research , drug discovery and development programs ;  changes in existing collaborative relationships or government contracts ;  our ability to establish additional collaborative relationships with academic institutions , biotechnology or pharmaceutical companies and governmental agencies or other third parties ;  the extent to which our partners , including governmental agencies will share in the costs associated with the development of our programs or run the development programs themselves ;  our ability to negotiate favorable development and marketing strategic alliances for certain drug candidates ; or a decision to build or expand internal development and commercial capabilities ;  successful commercialization of marketed products by either us or a partner ;  the scope and results of preclinical studies and clinical trials to identify and evaluate drug candidates ;  our ability to engage sites and enroll subjects in our clinical trials ;  the scope of manufacturing of our drug candidates to support our preclinical research and clinical trials ;  increases in personnel and related costs to support the development of our drug candidates ;  the scope of manufacturing of our drug substance and drug products required for future nda filings ;  competitive and technological advances ;  the time and costs involved in obtaining regulatory approvals ; and  the costs involved in all aspects of intellectual property strategy and protection including the costs involved in preparing , filing , prosecuting , maintaining , defending and enforcing patent claims . we expect that we will be required to raise additional capital to complete the development and commercialization of our current drug candidates and we may seek to raise capital at any time we deem market conditions to be favorable . additional funding , whether through additional sales of equity or debt securities or collaborative or other arrangements with corporate partners or from other sources , including governmental 48 agencies in general and from the barda/hhs contract specifically , may not be available when needed or on terms acceptable to us . the issuance of preferred or common stock or convertible securities , with terms and prices significantly more favorable than those of the currently outstanding common stock , could have the effect of diluting or adversely affecting the holdings or rights of our existing stockholders . in addition , collaborative arrangements may require us to transfer certain material rights to such corporate partners . insufficient funds may require us to delay , scale-back or eliminate certain of our research and development programs . our future working capital requirements , including the need for additional working capital , will be largely determined by the advancement of our portfolio of drug candidates as well as rate of reimbursement by barda/hhs of our peramivir expenses . more specifically , our working capital requirements will be dependent on the number , magnitude , scope and timing of our development programs ; regulatory approval of our drug candidates ; obtaining and funding from collaborative partners ; the cost , timing and outcome of regulatory reviews , regulatory investigations , and changes in regulatory requirements ; the costs of obtaining patent protection for our drug candidates ; the timing and terms of business development activities ; the rate of technological advances relevant to our operations ; the efficiency of manufacturing processes developed on our behalf by third parties ; and the level of required administrative support for our daily operations . financial outlook for 2012 based upon planned strategic and development operations , we expect net operating cash usage to be in the range of $ 32 to $ 38 million , and expect our total operating expenses to be in the range of $ 57 to $ 69 million . our operating cash forecast excludes any potential cash inflows from out-licensing or other sources . our ability to remain within our operating expense and operating cash target ranges are subject to multiple factors , including unanticipated or additional general development and administrative costs and other factors described under the risk factors located elsewhere in this report . furthermore , these ranges are highly dependent on peramivir-related operating expenses , which are reimbursed by barda/hhs . our peramivir expenses are hard to predict and are largely a function of the rate of enrollment in the our ongoing 301 phase 3 clinical trial , which in turn is dependent on the prevalence and severity of influenza in

