ibrexafungerp is a structurally distinct glucan synthase inhibitor that has been shown to be effective in vitro and in vivo against a broad range of human fungi pathogens such as candida and aspergillus species , including multidrug-resistant strains , as well as pneumocystis species . candida and aspergillus species are the fungi responsible for approximately 85 % of all invasive fungal infections in the united states ( u.s. ) and europe . to date , we have characterized the antifungal activity , pharmacokinetics , and safety profile of oral and iv formulations of ibrexafungerp in multiple studies . the u.s. food and drug administration ( fda ) has granted qualified infectious disease product ( qidp ) and fast track designations for the formulations of ibrexafungerp for the indications of vvc , ic ( including candidemia ) , and ia , and has granted orphan drug designations for the ic and ia indications . these designations may provide us with additional market exclusivity and expedited regulatory paths . we continue to accelerate and expand our clinical programs , leveraging the versatility of the ibrexafungerp platform , including the potential for oral ibrexafungerp to be a suitable treatment for indications with significant unmet medical needs and considerable commercial opportunity . recognizing that it belongs to a new class of antifungals , the world health organization 's international non-proprietary name group selected the name “ ibrexafungerp ” for scy-078 in july 2018 , and the united states adopted names council ( usan council ) adopted “ ibrexafungerp ” as a usan in february 2019. ibrexafungerp development update in october 2018 , we announced the successful completion of an end-of-phase 2 meeting with the fda for our lead product candidate , ibrexafungerp , for patients with vvc . the fda has agreed with our proposed overall design of the phase 3 registration program to support approval of oral ibrexafungerp for the treatment of vvc and prevention of recurrent vvc . this successful meeting follows our previously announced positive results from our phase 2b , dose-finding study ( dove study ) , in which the lowest ibrexafungerp dose regimen of 600mg for one day ( given as two doses of 300mg 12 hours apart ) exhibited high clinical cure and mycological eradication rates , sustained clinical benefit compared to fluconazole and a favorable tolerability profile . we have initiated the phase 3 vvc registration program in acute vvc and we have begun enrolling patients . we plan to initiate the phase 3 clinical trial in recurrent vvc in the first half of 2019. in january 2019 , a milestone payment became due to merck as a result of the initiation of the vanish phase 3 vvc program and was paid in march 2019. the phase 3 vvc registration program for the treatment of vvc and the prevention of recurrent vvc will comprise three global , multi-center , randomized , double-blind , placebo-controlled trials designed to demonstrate superiority of oral ibrexafungerp vs. placebo . pending successful completion of these trials , we anticipate submitting an initial new drug application ( nda ) for oral ibrexafungerp for the treatment of vvc in the second half of 2020 and a supplemental nda for the prevention of recurrent vvc in 2021. based on promising pre-clinical data with combination use of ibrexafungerp with standard-of-care ( soc ) vs. aspergillus spp . , we initiated a phase 2 study ( scynergia study ) of oral ibrexafungerp in combination with voriconazole in patients with ia . this initial study is a randomized , double-blind trial with the objective of assessing the safety and efficacy of oral ibrexafungerp in combination with a mold active azole therapy , the soc for this indication , compared to soc alone . we are currently enrolling patients in our furi study from 32 locations in the u.s. and europe . the furi study , a global , open-label study in which oral ibrexafungerp is being administered as a salvage treatment in patients with difficult-to- 37 treat mucocutaneous and invasive fungal infections that are refractory to or intolerant of currently available standards of care . in january 2019 , we announced the positive interim results of the first twenty patien ts of the furi study by the data review committee ( drc ) , an independent expert panel . oral ibrexafungerp showed clinical benefits in 17 out of 20 patients , with 11 patients achieving a complete or partial response and six patients a stable disease respon se . in october 2018 , we announced the dosing of the first patient with a candida auris infection , an emerging life-threatening and multidrug-resistant fungal pathogen , in our emergency protocol phase 3 open-label study evaluating oral ibrexafungerp in pat ients with candidiasis caused by c. auris ( cares study ) . we plan to continue to advance enrollment in the furi and cares studies , both in the u.s. and globally . corporate update on january 3 , 2019 , we received a cash receipt of $ 6.7 million for the sale of a portion of our net operating losses ( nols ) . this sale was structured through the new jersey technology business tax certificate transfer ( nol ) program . on march 7 , 2019 , we entered into a senior convertible note purchase agreement ( the note purchase agreement ) with puissance life science opportunities fund vi ( puissance ) . pursuant to the note purchase agreement , on march 7 , 2019 , we issued and sold to puissance $ 16 million aggregate principal amount of our 6.0 % convertible senior notes due 2025 ( the note ) and we used the cash proceeds to pay the remaining outstanding solar capital ltd. ( solar ) term loan in full . story_separator_special_tag when entering into any arrangement involving the sale or license of intellectual property rights and other services , we determine whether the arrangement is subject to accounting guidance in asc 606 , revenue from contracts with customers ( “ topic 606 ” ) , which became effective in the current period ( we have elected to use the modified retrospective approach for contracts that are not completed contracts and there was no cumulative adjustment recognized in the current period ) as well as asc 808 , collaborative arrangements ( `` topic 808 `` ) . if we determine that an arrangement includes goods or services that are central to our business operations for consideration , we will then identify the performance obligations in the contract using the unit-of-account guidance in topic 606. for a distinct unit-of-account that is within the scope of topic 606 , we apply all of the accounting requirements in topic 606 to that unit-of-account , including the recognition , measurement , presentation and disclosure requirements . for a distinct unit-of-account that is not within the scope of topic 606 , we will recognize and measure the distinct unit-of-account based on other authoritative asc topics or on a reasonable , rational , and consistently applied policy election . analyzing the arrangement to identify performance obligations requires the use of judgment . in arrangements that include the sale or license of intellectual property and other promised services , we first identify if the licenses are distinct from the other promises in the arrangement . if the license is not distinct , the license is combined with other services into a single performance obligation . factors that are considered in evaluating whether a license is distinct from other promised services include , for example , whether the counterparty can benefit from the license without the promised service on its own or with other readily available resources and whether the promised service is expected to significantly modify or customize the intellectual property . we classify non-refundable upfront payments , milestone payments and royalties received for the sale or license of intellectual property as revenues within its statements of operations because we view such activities as being central to our business operations . for the sale of intellectual property that is distinct , fixed consideration and variable consideration are included in the transaction price and recognized in revenue immediately to the extent that it is probable that there would not be a significant reversal of cumulative revenue in the future . for the license of intellectual property that is distinct , fixed and variable consideration ( to the extent there will not be a significant reversal in the future ) are also recognized immediately in income , except for consideration received in the form of royalty or sales-based milestones , which is recorded when the customer 's subsequent sales or usages occur . if the sale or license of intellectual property is not distinct , we defer and recognize revenue over the estimated period of our combined performance obligation . for contractual arrangements that meet the definition of a collaborative arrangement under topic 808 , consideration received for any units-of-account that are outside the scope of topic 606 are recognized in the statements of operations by considering ( i ) the nature of the arrangement , ( ii ) the nature of our business operations , and ( iii ) the contractual terms of the arrangement . research and development accruals we are required to estimate our expenses resulting from our obligations under contracts with cros , clinical site agreements , vendors , and consultants in connection with conducting ibrexafungerp clinical trials and preclinical studies and other development activities . the financial terms of these contracts are subject to negotiations which vary from contract to contract , and may result in payment flows that do not match the periods over which materials or services are provided to us under such contracts . our objective is to reflect the appropriate development and trial expenses in our financial statements by matching those expenses with the period in which the services and efforts are expended by our service providers . for clinical trials , we account for these expenses according to the progress of the trial as measured by actual hours expended by cro personnel , investigator performance or completion of specific tasks , patient progression , or timing of various aspects of the trial . for preclinical development services performed by outside service providers , we determine accrual estimates through financial models , taking into account development progress data received from outside service providers and discussions with our knowledgeable internal personnel and service provider personnel . during the course of a clinical trial or preclinical study or development project , we adjust our rate of trial or project expense recognition if actual results differ from our estimates . we make estimates of our accrued expenses as of each balance sheet date within our financial statements based on the facts and circumstances known to us at that time . our understanding of the status and timing of services performed 43 relative to the actual status and timing of services performed may vary and may result in our reporting changes in estimates in any particular period . we have not experienced any significant adjustments to our estimates to date . stock-based compensation we record the fair value of stock options issued as of the grant date as compensation expense . we recognize compensation expense over the requisite service period , which is equal to the vesting period . stock-based compensation expense has been reported in our statements of operations as follows ( dollars in thousands ) : replace_table_token_3_th on december 31 , 2018 , the aggregate intrinsic value of outstanding options to purchase shares of our common stock was zero , based upon the $ 0.4817 closing sales price per share of our common stock as reported on the nasdaq global market on that date

sources of liquidity as of december 31 , 2018 , we had cash and cash equivalents and short-term investments of approximately $ 44.2 million , compared to $ 43.9 million as of december 31 , 2017. the decrease in our cash and cash equivalents and short-term investments was primarily due to the continued development costs associated with our lead product candidate , ibrexafungerp , offset in large part by the funds raised in our march 2018 public offering of our common stock and warrants . we have incurred net losses since our inception , including the year ended december 31 , 2018. as of december 31 , 2018 , our accumulated deficit was $ 217.7 million . we anticipate that we will continue to incur losses for at least the next several years . we expect that our research and development expenses will continue to increase and we will continue to incur selling , general and administrative expenses to support our operations . as a result , we will need additional capital to fund our operations , which we may obtain through one or more of equity offerings , debt financings , or other non-dilutive third-party funding ( e.g. , grants , new jersey technology business tax certificate transfer ( nol ) program ) , strategic alliances and licensing or collaboration arrangements . we may offer shares of our common stock pursuant to our form s-3 shelf registration statement filed with the sec on august 31 , 2018 and declared effective on september 14 , 2018 , including the related at-market-facility entered into on august 31 , 2018 with cantor . for the year ended december 31 , 2018 , we received net proceeds of $ 1.4 million under our at-the-market facility . on march 7 , 2019 , we sold to puissance $ 16 million aggregate principal amount of our note .


 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.
     ```sources of liquidity as of december 31 , 2018 , we had cash and cash equivalents and short-term investments of approximately $ 44.2 million , compared to $ 43.9 million as of december 31 , 2017. the decrease in our cash and cash equivalents and short-term investments was primarily due to the continued development costs associated with our lead product candidate , ibrexafungerp , offset in large part by the funds raised in our march 2018 public offering of our common stock and warrants . we have incurred net losses since our inception , including the year ended december 31 , 2018. as of december 31 , 2018 , our accumulated deficit was $ 217.7 million . we anticipate that we will continue to incur losses for at least the next several years . we expect that our research and development expenses will continue to increase and we will continue to incur selling , general and administrative expenses to support our operations . as a result , we will need additional capital to fund our operations , which we may obtain through one or more of equity offerings , debt financings , or other non-dilutive third-party funding ( e.g. , grants , new jersey technology business tax certificate transfer ( nol ) program ) , strategic alliances and licensing or collaboration arrangements . we may offer shares of our common stock pursuant to our form s-3 shelf registration statement filed with the sec on august 31 , 2018 and declared effective on september 14 , 2018 , including the related at-market-facility entered into on august 31 , 2018 with cantor . for the year ended december 31 , 2018 , we received net proceeds of $ 1.4 million under our at-the-market facility . on march 7 , 2019 , we sold to puissance $ 16 million aggregate principal amount of our note .
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 Suspicious Activity Report : ibrexafungerp is a structurally distinct glucan synthase inhibitor that has been shown to be effective in vitro and in vivo against a broad range of human fungi pathogens such as candida and aspergillus species , including multidrug-resistant strains , as well as pneumocystis species . candida and aspergillus species are the fungi responsible for approximately 85 % of all invasive fungal infections in the united states ( u.s. ) and europe . to date , we have characterized the antifungal activity , pharmacokinetics , and safety profile of oral and iv formulations of ibrexafungerp in multiple studies . the u.s. food and drug administration ( fda ) has granted qualified infectious disease product ( qidp ) and fast track designations for the formulations of ibrexafungerp for the indications of vvc , ic ( including candidemia ) , and ia , and has granted orphan drug designations for the ic and ia indications . these designations may provide us with additional market exclusivity and expedited regulatory paths . we continue to accelerate and expand our clinical programs , leveraging the versatility of the ibrexafungerp platform , including the potential for oral ibrexafungerp to be a suitable treatment for indications with significant unmet medical needs and considerable commercial opportunity . recognizing that it belongs to a new class of antifungals , the world health organization 's international non-proprietary name group selected the name “ ibrexafungerp ” for scy-078 in july 2018 , and the united states adopted names council ( usan council ) adopted “ ibrexafungerp ” as a usan in february 2019. ibrexafungerp development update in october 2018 , we announced the successful completion of an end-of-phase 2 meeting with the fda for our lead product candidate , ibrexafungerp , for patients with vvc . the fda has agreed with our proposed overall design of the phase 3 registration program to support approval of oral ibrexafungerp for the treatment of vvc and prevention of recurrent vvc . this successful meeting follows our previously announced positive results from our phase 2b , dose-finding study ( dove study ) , in which the lowest ibrexafungerp dose regimen of 600mg for one day ( given as two doses of 300mg 12 hours apart ) exhibited high clinical cure and mycological eradication rates , sustained clinical benefit compared to fluconazole and a favorable tolerability profile . we have initiated the phase 3 vvc registration program in acute vvc and we have begun enrolling patients . we plan to initiate the phase 3 clinical trial in recurrent vvc in the first half of 2019. in january 2019 , a milestone payment became due to merck as a result of the initiation of the vanish phase 3 vvc program and was paid in march 2019. the phase 3 vvc registration program for the treatment of vvc and the prevention of recurrent vvc will comprise three global , multi-center , randomized , double-blind , placebo-controlled trials designed to demonstrate superiority of oral ibrexafungerp vs. placebo . pending successful completion of these trials , we anticipate submitting an initial new drug application ( nda ) for oral ibrexafungerp for the treatment of vvc in the second half of 2020 and a supplemental nda for the prevention of recurrent vvc in 2021. based on promising pre-clinical data with combination use of ibrexafungerp with standard-of-care ( soc ) vs. aspergillus spp . , we initiated a phase 2 study ( scynergia study ) of oral ibrexafungerp in combination with voriconazole in patients with ia . this initial study is a randomized , double-blind trial with the objective of assessing the safety and efficacy of oral ibrexafungerp in combination with a mold active azole therapy , the soc for this indication , compared to soc alone . we are currently enrolling patients in our furi study from 32 locations in the u.s. and europe . the furi study , a global , open-label study in which oral ibrexafungerp is being administered as a salvage treatment in patients with difficult-to- 37 treat mucocutaneous and invasive fungal infections that are refractory to or intolerant of currently available standards of care . in january 2019 , we announced the positive interim results of the first twenty patien ts of the furi study by the data review committee ( drc ) , an independent expert panel . oral ibrexafungerp showed clinical benefits in 17 out of 20 patients , with 11 patients achieving a complete or partial response and six patients a stable disease respon se . in october 2018 , we announced the dosing of the first patient with a candida auris infection , an emerging life-threatening and multidrug-resistant fungal pathogen , in our emergency protocol phase 3 open-label study evaluating oral ibrexafungerp in pat ients with candidiasis caused by c. auris ( cares study ) . we plan to continue to advance enrollment in the furi and cares studies , both in the u.s. and globally . corporate update on january 3 , 2019 , we received a cash receipt of $ 6.7 million for the sale of a portion of our net operating losses ( nols ) . this sale was structured through the new jersey technology business tax certificate transfer ( nol ) program . on march 7 , 2019 , we entered into a senior convertible note purchase agreement ( the note purchase agreement ) with puissance life science opportunities fund vi ( puissance ) . pursuant to the note purchase agreement , on march 7 , 2019 , we issued and sold to puissance $ 16 million aggregate principal amount of our 6.0 % convertible senior notes due 2025 ( the note ) and we used the cash proceeds to pay the remaining outstanding solar capital ltd. ( solar ) term loan in full . story_separator_special_tag when entering into any arrangement involving the sale or license of intellectual property rights and other services , we determine whether the arrangement is subject to accounting guidance in asc 606 , revenue from contracts with customers ( “ topic 606 ” ) , which became effective in the current period ( we have elected to use the modified retrospective approach for contracts that are not completed contracts and there was no cumulative adjustment recognized in the current period ) as well as asc 808 , collaborative arrangements ( `` topic 808 `` ) . if we determine that an arrangement includes goods or services that are central to our business operations for consideration , we will then identify the performance obligations in the contract using the unit-of-account guidance in topic 606. for a distinct unit-of-account that is within the scope of topic 606 , we apply all of the accounting requirements in topic 606 to that unit-of-account , including the recognition , measurement , presentation and disclosure requirements . for a distinct unit-of-account that is not within the scope of topic 606 , we will recognize and measure the distinct unit-of-account based on other authoritative asc topics or on a reasonable , rational , and consistently applied policy election . analyzing the arrangement to identify performance obligations requires the use of judgment . in arrangements that include the sale or license of intellectual property and other promised services , we first identify if the licenses are distinct from the other promises in the arrangement . if the license is not distinct , the license is combined with other services into a single performance obligation . factors that are considered in evaluating whether a license is distinct from other promised services include , for example , whether the counterparty can benefit from the license without the promised service on its own or with other readily available resources and whether the promised service is expected to significantly modify or customize the intellectual property . we classify non-refundable upfront payments , milestone payments and royalties received for the sale or license of intellectual property as revenues within its statements of operations because we view such activities as being central to our business operations . for the sale of intellectual property that is distinct , fixed consideration and variable consideration are included in the transaction price and recognized in revenue immediately to the extent that it is probable that there would not be a significant reversal of cumulative revenue in the future . for the license of intellectual property that is distinct , fixed and variable consideration ( to the extent there will not be a significant reversal in the future ) are also recognized immediately in income , except for consideration received in the form of royalty or sales-based milestones , which is recorded when the customer 's subsequent sales or usages occur . if the sale or license of intellectual property is not distinct , we defer and recognize revenue over the estimated period of our combined performance obligation . for contractual arrangements that meet the definition of a collaborative arrangement under topic 808 , consideration received for any units-of-account that are outside the scope of topic 606 are recognized in the statements of operations by considering ( i ) the nature of the arrangement , ( ii ) the nature of our business operations , and ( iii ) the contractual terms of the arrangement . research and development accruals we are required to estimate our expenses resulting from our obligations under contracts with cros , clinical site agreements , vendors , and consultants in connection with conducting ibrexafungerp clinical trials and preclinical studies and other development activities . the financial terms of these contracts are subject to negotiations which vary from contract to contract , and may result in payment flows that do not match the periods over which materials or services are provided to us under such contracts . our objective is to reflect the appropriate development and trial expenses in our financial statements by matching those expenses with the period in which the services and efforts are expended by our service providers . for clinical trials , we account for these expenses according to the progress of the trial as measured by actual hours expended by cro personnel , investigator performance or completion of specific tasks , patient progression , or timing of various aspects of the trial . for preclinical development services performed by outside service providers , we determine accrual estimates through financial models , taking into account development progress data received from outside service providers and discussions with our knowledgeable internal personnel and service provider personnel . during the course of a clinical trial or preclinical study or development project , we adjust our rate of trial or project expense recognition if actual results differ from our estimates . we make estimates of our accrued expenses as of each balance sheet date within our financial statements based on the facts and circumstances known to us at that time . our understanding of the status and timing of services performed 43 relative to the actual status and timing of services performed may vary and may result in our reporting changes in estimates in any particular period . we have not experienced any significant adjustments to our estimates to date . stock-based compensation we record the fair value of stock options issued as of the grant date as compensation expense . we recognize compensation expense over the requisite service period , which is equal to the vesting period . stock-based compensation expense has been reported in our statements of operations as follows ( dollars in thousands ) : replace_table_token_3_th on december 31 , 2018 , the aggregate intrinsic value of outstanding options to purchase shares of our common stock was zero , based upon the $ 0.4817 closing sales price per share of our common stock as reported on the nasdaq global market on that date

