we plan to report initial results from the phase 1 portion of the ongoing trial of zn-c3 at the aacr annual meeting in april 2021. in addition , we initiated a phase 1b clinical trial evaluating zn-c3 in combination with chemotherapy in patients with advanced ovarian cancer in the october 2020 and plan to initiate a phase 2 trial evaluating zn-c3 as monotherapy in patients with uterine serous carcinoma , or usc , in 2021. usc comprises 10 % , and has the highest mortality rate , of all endometrial cancers , with approximately 6,000 new cases and 4,500 deaths in the united states per year . we continue to actively evaluate other potential combinations for the future clinical development of zn-c3 , and intend to initiate two ( 2 ) additional phase 1 clinical trials evaluating zn-c3 in combination with chemotherapy and parp inhibitor in ovarian cancer and other targeted indications in 2021. zn-d5 —our other product candidate zn-d5 is a selective inhibitor of b-cell lymphoma 2 , or bcl-2 , initially in development for the treatment of hematological malignancies . we initiated a phase 1 clinical trial of zn-d5 in patients with acute myeloid leukemia , or aml , or b-cell lymphoma in october 2021. in addition , we intend to initiate a phase 1b clinical trial evaluating zn-d5 in combination with zn-c5 , our oral serd product candidate in patients with er+/her2- breast cancer in 2021. zn-e4 — zn-e4 is an irreversible inhibitor of epidermal growth factor receptor , or egfr , currently in a phase 1/2 clinical trial for the treatment of advanced non-small cell lung cancer , or nsclc . we expect to report initial results from the phase 1 portion of the ongoing trial of zn-e4 in 2021 we currently own worldwide development and commercialization rights to each of our product candidates , other than in select asian countries ( including china ) for each of zn-c5 , zn-c3 and zn-d5 , for which we have out-licensed these rights to 100 our majority-owned joint venture , zentera therapeutics ( cayman ) , ltd. , or zentera , and for zn-e4 for which we have out-licensed these rights to sciclone pharmaceuticals international ( cayman ) development ltd. zentera submitted an investigational new drug application , or ind , in china for zn-c5 in december 2020 , for zn-c3 in february 2021 and intends to submit for zn-d5 in 2021. other preclinical programs —we are also currently advancing multiple small molecule programs in preclinical development for other cancer indications , including select solid tumors and hematological malignancies . we are now in lead optimization for our fifth product candidate and plan to submit an ind to the fda in 2021. since our inception , our operations have been limited to organizing and staffing our company , business planning , raising capital , establishing our intellectual property portfolio and performing research and development of our product pipeline . we do not have any products approved for commercial sale and have not generated any revenues from product sales . in april 2020 , we completed our ipo and issued and sold approximately 10.6 million shares of our common stock at a public offering price of $ 18.00 per share , including approximately 1.4 million shares in connection with the full exercise of the underwriters ' option to purchase additional shares , resulting in net proceeds of approximately $ 172.4 million , after deducting underwriting discounts and commissions and offering expenses . in august 2020 , we completed a follow-on offering of our common stock and issued and sold approximately 4.7 million shares of our common stock at a public offering price of $ 35.00 per share , including approximately 0.6 million shares in connection with the full exercise of the underwriters ' option to purchase additional shares , resulting in net proceeds of approximately $ 155.2 million , after deducting underwriting discounts and commissions and offering expenses . we had cash , cash equivalents and marketable securities of $ 338.5 million as of december 31 , 2020. we believe that our existing cash , cash equivalents and marketable securities as of december 31 , 2020 will enable us to fund our operating expenses and capital expenditure requirements into 2023. we have based these estimates on assumptions that may prove to be imprecise , and we could utilize our available capital resources sooner than we expect . since inception , we have incurred significant operating losses . our net losses were $ 118.5 million and $ 46.4 million for the years ended december 31 , 2020 and 2019 , respectively . we had an accumulated deficit of $ 200.8 million as of december 31 , 2020. we expect to continue to incur significant expenses and operating losses for the foreseeable future . we will not generate revenue from product sales unless and until we successfully complete clinical development and obtain regulatory approval for our product candidates . in addition , if we obtain regulatory approval for any of our product candidates , we expect to incur significant expenses related to developing our commercialization capabilities to support product sales , marketing and distribution activities , either alone or in collaboration with others . furthermore , we expect to incur additional costs associated with operating as a public company , including significant legal , accounting , investor relations and other expenses that we did not incur as a private company . as a result , we will need to raise substantial additional capital to support our continuing operations and pursue our growth strategy . until such time as we can generate significant revenue from product sales , if ever , we plan to finance our operations through the sale of equity , debt financings or other capital sources , which may include collaborations with other companies or other strategic transactions . story_separator_special_tag these costs are included in unallocated research and development expenses in the table below . the following table summarizes our research and development expenses by product candidate or development program : 104 replace_table_token_10_th research and development activities are central to our business model . product candidates in later stages of clinical development generally have a higher development costs than those in earlier stages of clinical development , primarily due to the increased size and duration of later-stage clinical trials . we expect that our research and development expenses will continue to increase substantially for the foreseeable future and will comprise a larger percentage of our total expenses as we complete our ongoing clinical trials , initiate new clinical trials , continue to discover and develop additional product candidates and prepare regulatory filings for any product candidates that successfully complete clinical development . the successful development of our product candidates is highly uncertain . at this time , we can not determine with certainty the duration and costs of our existing and future clinical trials of our product candidates or any other product candidate we may develop or if , when , or to what extent we will generate revenue from the commercialization and sale of any product candidate for which we obtain marketing approval . we may never succeed in obtaining marketing approval for any product candidate . the duration , costs and timing of clinical trials and development of our product candidates and any other product candidate we may develop in the future will depend on a variety of factors , including : per patient trial costs ; the number of patients who enroll in each trial ; the number of trials required for approval ; the number of sites included in the trials ; the countries in which the trials are conducted ; the length of time required to enroll eligible patients ; the drop-out or discontinuation rates of patients ; any delays in clinical trials as a result of the covid-19 pandemic ; potential additional safety monitoring requested by regulatory agencies ; the duration of patient participation in the trials and follow-up ; the phase of development of the product candidate ; the efficacy and safety profile of the product candidate . uncertainties in clinical trial design and patient enrollment rates ; the actual probability of success for our product candidates , including the safety and efficacy , early clinical data , competition , manufacturing capability and commercial viability ; significant and changing government regulation and regulatory guidance ; the timing and receipt of any marketing approvals ; and the expense of filing , prosecuting , defending and enforcing any patent claims and other intellectual property rights . a change in the outcome of any of these variables with respect to the development of a product candidate could mean a significant change in the costs and timing associated with the development of that product candidate . for example , if the fda or another regulatory authority were to require us to conduct clinical trials beyond those that we anticipate will be required for the completion of clinical development of a product candidate , or if we experience significant delays in our clinical trials due to patient enrollment or other reasons , we would be required to expend significant additional financial resources and time on the completion of clinical development . general and administrative expenses general and administrative expenses consist primarily of salaries and other related costs , including stock-based compensation , for personnel in our executive , finance , business development and administrative functions . general and administrative expenses also include legal fees relating to intellectual property and corporate matters ; professional fees for 105 accounting , auditing , tax and consulting services ; insurance costs ; travel expenses ; and facility-related expenses , which include direct depreciation costs and allocated expenses for rent and maintenance of facilities and other operating costs . we expect that our general and administrative expenses will increase in the future as we increase our personnel headcount to support increased research and development activities relating to zn-c3 , zn-c5 , zn-d5 , zn-e4 , and any other product candidate we may develop . we also expect to incur increased expenses associated with being a public company , including costs of accounting , audit , legal , regulatory and tax-related services associated with maintaining compliance with nasdaq and sec requirements ; director and officer insurance costs ; and investor and public relations costs . interest income interest income consists of interest earned on cash and cash equivalents . we expect our interest income to increase due to the net proceeds from our ipo and august 2020 follow-on offering . income taxes since our inception , we and our corporate subsidiaries have generated cumulative federal , state and foreign net operating loss for which we have not recorded any net tax benefit due to uncertainty around utilizing these tax attributes within their respective carryforward periods . net loss attributable to noncontrolling interest since december 21 , 2017 , the date of our initial investment in kalyra pharmaceuticals , inc. , or kalyra , we have consolidated the financial results of our affiliate , kalyra . although we do not have a controlling interest in kalyra , we determined that kalyra was a variable interest entity , of which we were the primary beneficiary . for more information on the treatment of kalyra as a variable interest entity , please see note 3 to our audited consolidated financial statements included elsewhere in this annual report on form 10-k. results of operations comparison of years ended december 31 , 2020 and 2019 the following table summarizes our results of operations for the years ended december 31 , 2020 and 2019 , together with the changes in those items in dollars : replace_table_token_11_th revenue we did not generate any revenue for the years ended december 31 , 2020 and 2019 . 106 research and development expenses research

cash flows the following table summarizes our sources and uses of cash for the period presented : replace_table_token_12_th operating activities we have incurred losses since inception . net cash used in operating activities for the year ended december 31 , 2020 was $ 86.8 million , consisting primarily of our net loss of $ 118.5 million as we incurred expenses associated with research activities for our lead product candidates and incurred general and administrative expenses , and partially offset by changes in operating assets and liabilities of $ 7.8 million and non-cash adjustments of $ 23.9 million . net cash used in operating activities for the year ended december 31 , 2019 was $ 39.1 million , consisting primarily of our net loss of $ 46.4 million as we incurred expenses associated with research activities for our lead product candidates and incurred general and administrative expenses , and partially offset by changes in operating assets and liabilities of $ 6.5 million and non-cash adjustments of $ 0.7 million . investing activities net cash used in investing activities for the year ended december 31 , 2020 was $ 284.8 million was attributable to the net investment of excess cash of $ 284.1 million and the purchases of property and equipment of $ 0.8 million . net cash used in investing activities for the year ended december 31 , 2019 was $ 0.4 million consisting of purchases of property and equipment . financing activities 108 net cash provided by financing activities in the year ended december 31 , 2020 of $ 360.4 million relates to net proceeds from the completion of our initial public offering of $ 172.5 million , net proceeds from our follow-on offering of $ 155.9 million , net proceeds from the issuance of our series c convertible preferred units of $ 14.2 million , and contributions from noncontrolling interest owners of $ 18.4 million . net cash provided by financing activities in the year ended december 31 , 2019 of $ 81.8 million primarily relates to net proceeds from the issuance of our series c convertible preferred units .


 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.
     ```cash flows the following table summarizes our sources and uses of cash for the period presented : replace_table_token_12_th operating activities we have incurred losses since inception . net cash used in operating activities for the year ended december 31 , 2020 was $ 86.8 million , consisting primarily of our net loss of $ 118.5 million as we incurred expenses associated with research activities for our lead product candidates and incurred general and administrative expenses , and partially offset by changes in operating assets and liabilities of $ 7.8 million and non-cash adjustments of $ 23.9 million . net cash used in operating activities for the year ended december 31 , 2019 was $ 39.1 million , consisting primarily of our net loss of $ 46.4 million as we incurred expenses associated with research activities for our lead product candidates and incurred general and administrative expenses , and partially offset by changes in operating assets and liabilities of $ 6.5 million and non-cash adjustments of $ 0.7 million . investing activities net cash used in investing activities for the year ended december 31 , 2020 was $ 284.8 million was attributable to the net investment of excess cash of $ 284.1 million and the purchases of property and equipment of $ 0.8 million . net cash used in investing activities for the year ended december 31 , 2019 was $ 0.4 million consisting of purchases of property and equipment . financing activities 108 net cash provided by financing activities in the year ended december 31 , 2020 of $ 360.4 million relates to net proceeds from the completion of our initial public offering of $ 172.5 million , net proceeds from our follow-on offering of $ 155.9 million , net proceeds from the issuance of our series c convertible preferred units of $ 14.2 million , and contributions from noncontrolling interest owners of $ 18.4 million . net cash provided by financing activities in the year ended december 31 , 2019 of $ 81.8 million primarily relates to net proceeds from the issuance of our series c convertible preferred units .
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 Suspicious Activity Report : we plan to report initial results from the phase 1 portion of the ongoing trial of zn-c3 at the aacr annual meeting in april 2021. in addition , we initiated a phase 1b clinical trial evaluating zn-c3 in combination with chemotherapy in patients with advanced ovarian cancer in the october 2020 and plan to initiate a phase 2 trial evaluating zn-c3 as monotherapy in patients with uterine serous carcinoma , or usc , in 2021. usc comprises 10 % , and has the highest mortality rate , of all endometrial cancers , with approximately 6,000 new cases and 4,500 deaths in the united states per year . we continue to actively evaluate other potential combinations for the future clinical development of zn-c3 , and intend to initiate two ( 2 ) additional phase 1 clinical trials evaluating zn-c3 in combination with chemotherapy and parp inhibitor in ovarian cancer and other targeted indications in 2021. zn-d5 —our other product candidate zn-d5 is a selective inhibitor of b-cell lymphoma 2 , or bcl-2 , initially in development for the treatment of hematological malignancies . we initiated a phase 1 clinical trial of zn-d5 in patients with acute myeloid leukemia , or aml , or b-cell lymphoma in october 2021. in addition , we intend to initiate a phase 1b clinical trial evaluating zn-d5 in combination with zn-c5 , our oral serd product candidate in patients with er+/her2- breast cancer in 2021. zn-e4 — zn-e4 is an irreversible inhibitor of epidermal growth factor receptor , or egfr , currently in a phase 1/2 clinical trial for the treatment of advanced non-small cell lung cancer , or nsclc . we expect to report initial results from the phase 1 portion of the ongoing trial of zn-e4 in 2021 we currently own worldwide development and commercialization rights to each of our product candidates , other than in select asian countries ( including china ) for each of zn-c5 , zn-c3 and zn-d5 , for which we have out-licensed these rights to 100 our majority-owned joint venture , zentera therapeutics ( cayman ) , ltd. , or zentera , and for zn-e4 for which we have out-licensed these rights to sciclone pharmaceuticals international ( cayman ) development ltd. zentera submitted an investigational new drug application , or ind , in china for zn-c5 in december 2020 , for zn-c3 in february 2021 and intends to submit for zn-d5 in 2021. other preclinical programs —we are also currently advancing multiple small molecule programs in preclinical development for other cancer indications , including select solid tumors and hematological malignancies . we are now in lead optimization for our fifth product candidate and plan to submit an ind to the fda in 2021. since our inception , our operations have been limited to organizing and staffing our company , business planning , raising capital , establishing our intellectual property portfolio and performing research and development of our product pipeline . we do not have any products approved for commercial sale and have not generated any revenues from product sales . in april 2020 , we completed our ipo and issued and sold approximately 10.6 million shares of our common stock at a public offering price of $ 18.00 per share , including approximately 1.4 million shares in connection with the full exercise of the underwriters ' option to purchase additional shares , resulting in net proceeds of approximately $ 172.4 million , after deducting underwriting discounts and commissions and offering expenses . in august 2020 , we completed a follow-on offering of our common stock and issued and sold approximately 4.7 million shares of our common stock at a public offering price of $ 35.00 per share , including approximately 0.6 million shares in connection with the full exercise of the underwriters ' option to purchase additional shares , resulting in net proceeds of approximately $ 155.2 million , after deducting underwriting discounts and commissions and offering expenses . we had cash , cash equivalents and marketable securities of $ 338.5 million as of december 31 , 2020. we believe that our existing cash , cash equivalents and marketable securities as of december 31 , 2020 will enable us to fund our operating expenses and capital expenditure requirements into 2023. we have based these estimates on assumptions that may prove to be imprecise , and we could utilize our available capital resources sooner than we expect . since inception , we have incurred significant operating losses . our net losses were $ 118.5 million and $ 46.4 million for the years ended december 31 , 2020 and 2019 , respectively . we had an accumulated deficit of $ 200.8 million as of december 31 , 2020. we expect to continue to incur significant expenses and operating losses for the foreseeable future . we will not generate revenue from product sales unless and until we successfully complete clinical development and obtain regulatory approval for our product candidates . in addition , if we obtain regulatory approval for any of our product candidates , we expect to incur significant expenses related to developing our commercialization capabilities to support product sales , marketing and distribution activities , either alone or in collaboration with others . furthermore , we expect to incur additional costs associated with operating as a public company , including significant legal , accounting , investor relations and other expenses that we did not incur as a private company . as a result , we will need to raise substantial additional capital to support our continuing operations and pursue our growth strategy . until such time as we can generate significant revenue from product sales , if ever , we plan to finance our operations through the sale of equity , debt financings or other capital sources , which may include collaborations with other companies or other strategic transactions . story_separator_special_tag these costs are included in unallocated research and development expenses in the table below . the following table summarizes our research and development expenses by product candidate or development program : 104 replace_table_token_10_th research and development activities are central to our business model . product candidates in later stages of clinical development generally have a higher development costs than those in earlier stages of clinical development , primarily due to the increased size and duration of later-stage clinical trials . we expect that our research and development expenses will continue to increase substantially for the foreseeable future and will comprise a larger percentage of our total expenses as we complete our ongoing clinical trials , initiate new clinical trials , continue to discover and develop additional product candidates and prepare regulatory filings for any product candidates that successfully complete clinical development . the successful development of our product candidates is highly uncertain . at this time , we can not determine with certainty the duration and costs of our existing and future clinical trials of our product candidates or any other product candidate we may develop or if , when , or to what extent we will generate revenue from the commercialization and sale of any product candidate for which we obtain marketing approval . we may never succeed in obtaining marketing approval for any product candidate . the duration , costs and timing of clinical trials and development of our product candidates and any other product candidate we may develop in the future will depend on a variety of factors , including : per patient trial costs ; the number of patients who enroll in each trial ; the number of trials required for approval ; the number of sites included in the trials ; the countries in which the trials are conducted ; the length of time required to enroll eligible patients ; the drop-out or discontinuation rates of patients ; any delays in clinical trials as a result of the covid-19 pandemic ; potential additional safety monitoring requested by regulatory agencies ; the duration of patient participation in the trials and follow-up ; the phase of development of the product candidate ; the efficacy and safety profile of the product candidate . uncertainties in clinical trial design and patient enrollment rates ; the actual probability of success for our product candidates , including the safety and efficacy , early clinical data , competition , manufacturing capability and commercial viability ; significant and changing government regulation and regulatory guidance ; the timing and receipt of any marketing approvals ; and the expense of filing , prosecuting , defending and enforcing any patent claims and other intellectual property rights . a change in the outcome of any of these variables with respect to the development of a product candidate could mean a significant change in the costs and timing associated with the development of that product candidate . for example , if the fda or another regulatory authority were to require us to conduct clinical trials beyond those that we anticipate will be required for the completion of clinical development of a product candidate , or if we experience significant delays in our clinical trials due to patient enrollment or other reasons , we would be required to expend significant additional financial resources and time on the completion of clinical development . general and administrative expenses general and administrative expenses consist primarily of salaries and other related costs , including stock-based compensation , for personnel in our executive , finance , business development and administrative functions . general and administrative expenses also include legal fees relating to intellectual property and corporate matters ; professional fees for 105 accounting , auditing , tax and consulting services ; insurance costs ; travel expenses ; and facility-related expenses , which include direct depreciation costs and allocated expenses for rent and maintenance of facilities and other operating costs . we expect that our general and administrative expenses will increase in the future as we increase our personnel headcount to support increased research and development activities relating to zn-c3 , zn-c5 , zn-d5 , zn-e4 , and any other product candidate we may develop . we also expect to incur increased expenses associated with being a public company , including costs of accounting , audit , legal , regulatory and tax-related services associated with maintaining compliance with nasdaq and sec requirements ; director and officer insurance costs ; and investor and public relations costs . interest income interest income consists of interest earned on cash and cash equivalents . we expect our interest income to increase due to the net proceeds from our ipo and august 2020 follow-on offering . income taxes since our inception , we and our corporate subsidiaries have generated cumulative federal , state and foreign net operating loss for which we have not recorded any net tax benefit due to uncertainty around utilizing these tax attributes within their respective carryforward periods . net loss attributable to noncontrolling interest since december 21 , 2017 , the date of our initial investment in kalyra pharmaceuticals , inc. , or kalyra , we have consolidated the financial results of our affiliate , kalyra . although we do not have a controlling interest in kalyra , we determined that kalyra was a variable interest entity , of which we were the primary beneficiary . for more information on the treatment of kalyra as a variable interest entity , please see note 3 to our audited consolidated financial statements included elsewhere in this annual report on form 10-k. results of operations comparison of years ended december 31 , 2020 and 2019 the following table summarizes our results of operations for the years ended december 31 , 2020 and 2019 , together with the changes in those items in dollars : replace_table_token_11_th revenue we did not generate any revenue for the years ended december 31 , 2020 and 2019 . 106 research and development expenses research

