our net losses were $ 28.0 million , $ 8.8 million and $ 4.1 million for the years ended december 31 , 2014 and 2013 and the period from august 22 , 2012 ( inception ) to december 31 , 2012. as of december 31 , 2014 , we had an accumulated deficit of $ 40.9 million . substantially all of our net losses have resulted from costs incurred in connection with our research and development programs and from general and administrative expenses associated with our operations . our cash and cash equivalents and short-term investment balances at december 31 , 2014 totaled $ 104.1 million , which we intend to use to fund our operations . 73 financial overview basis of presentation and recapitalization atara , nina , pinta and santa maria were incorporated in august 2012. atara was formed as a management company with the sole purpose of providing management , financial and administrative services for nina , pinta and santa maria . since inception , atara , nina , pinta and santa maria have been under common management and common ownership for all periods and as of all dates prior to our recapitalization on march 31 , 2014 , we have presented the results of operations and financial condition of the four companies on a combined basis . the combined financial statements include the accounts of the four individual companies since inception , with intercompany transactions eliminated . on march 31 , 2014 , we implemented a recapitalization in which ( a ) all the outstanding shares of common stock of atara were cancelled and forfeited by existing stockholders and ( b ) the stockholders of nina , pinta and santa maria exchanged their existing common and convertible preferred stock for newly-issued shares of atara , in the same proportions and with the same rights and privileges as the outstanding capital stock of nina , pinta and santa maria , on a collective nine-for-one basis . atara assumed the separate equity incentive plans sponsored by nina , pinta and santa maria and all outstanding rsus and restricted stock awards granted under such plans . at the time of rsu settlement , each employee or consultant will receive one share of common stock of atara for three rsus in each of nina , pinta , and santa maria ( collectively , a nine-for-one exchange ) . we refer to this transaction as our recapitalization . as a result of the recapitalization , nina , pinta and santa maria became wholly owned subsidiaries of atara effective march 31 , 2014. the recapitalization was accounted for as a combination of businesses under common control and the assets and liabilities of nina , pinta and santa maria were recorded by atara at their historical carrying amounts on march 31 , 2014. beginning march 31 , 2014 , our financial statements are presented on a consolidated basis , with all intercompany transactions eliminated . except as otherwise noted , all share and per share amounts presented in this “ management 's discussion and analysis of financial condition and results of operations ” give effect to the recapitalization . revenues to date , we have not generated any revenues . we do not expect to receive any revenues from any product candidates that we develop until we obtain regulatory approval and commercialize our products or enter into collaborative agreements with third parties . research and development expenses the largest component of our total operating expenses since inception has been our investment in research and development activities , including the preclinical and clinical development of our product candidates . research and development expenses consist of costs incurred in performing research and development activities , including compensation and benefits for research and development employees , including stock-based compensation , an allocation of facility and overhead expenses , expenses incurred under agreements with contract research organizations and investigative sites that conduct clinical trials and preclinical studies , the costs of acquiring and manufacturing clinical trial materials and other supplies and costs associated with product development efforts , preclinical activities and regulatory operations . research and development costs are expensed as incurred . we plan to increase our research and development expenses for the foreseeable future as we continue the development of our product candidates . our current planned research and development activities include the following : · increase enrollment and completion of our phase 2 clinical trial of pinta 745 ; · increase enrollment and completion of our phase 1 clinical study of stm 434 ; · process development and manufacturing of drug supply for ata 842 to support ind-enabling studies ; and · evaluate our exclusive option to license certain t-cell programs from msk . in addition to our product candidates that are in clinical development , we believe it is important to continue our substantial investment in a diverse pipeline of new product candidates to continue to build the value of our product candidate pipeline and our business . we plan to continue to advance our most promising early product candidates into preclinical development with the objective to advance these early-stage programs to human clinical studies over the next several years . 74 our expenditures on current and future preclinical and clinical development programs are subject to numerous uncertainties in timing and cost to completion . the duration , costs , and timing of clinical trials and development of our product candidates will depend on a variety of factors , including : · the scope , rate of progress , and expenses of our ongoing as well as any additional clinical trials and other research and development activities ; · future clinical trial results ; · uncertainties in clinical trial enrollment rates or drop-out or discontinuation rates of patients ; · potential additional safety monitoring or other studies requested by regulatory agencies ; · significant and changing government regulation ; and · the timing and receipt of any regulatory approvals . story_separator_special_tag in exchange for the exclusive option , we paid $ 1.25 million in cash and issued 59,761 shares of our common stock to msk . the estimated fair value of the common stock issued to msk was $ 750,000. employee and overhead costs increased by $ 4.9 million in 2014 as compared to 2013 and by $ 1.1 million in 2013 as compared to 2012. the increasing trend over the three years is primarily a result of increased compensation-related costs resulting from increased headcount and recruiting expenses . in particular , wages and employee stock-based compensation increased by $ 1.5 million and $ 2.7 million , respectively , in 2014 as compared to 2013 and by $ 0.7 million and $ 0.3 million respectively in 2013 as compared to 2012. the employee stock-based compensation increase was due to an overall increase in the awards granted under our employee incentive plan , as well as the vesting of certain awards upon the closing of our initial public offering in october 2014. general and administrative expenses replace_table_token_6_th general and administrative expenses increased by $ 9.0 million in 2014 as compared to 2013 due to a $ 6.1 million increase in stock-based compensation costs and other payroll related expenses , $ 0.9 million in third party consulting fees and $ 0.8 million of increased accounting fees associated with the audit of our financial statements and costs to prepare for our initial public offering . general and administrative expenses increased by $ 2.9 million in 2013 as compared to 2012 primarily due to a $ 1.2 million increase in stock-based compensation costs , $ 0.8 million of legal fees associated with patent filings and maintenance and $ 0.5 million of additional personnel costs . personnel costs and stock-based compensation costs were higher in 2013 due to increased headcount and a full year of expenses in 2013 , compared to only four months in 2012 . 79 quarterly results of operations data ( unaudited ) the following table sets forth our unaudited consolidated and combined statement of operations data for each of the eight quarters in the period ended december 31 , 2014. the unaudited quarterly statement of operations data set forth below have been prepared on a basis consistent with our audited annual consolidated and combined financial statements in this annual report on form 10-k and include , in our opinion , all normal recurring adjustments necessary for a fair statement of the financial information contained in those statements . our historical results are not necessarily indicative of the results that may be expected in the future . the following quarterly financial data should be read in conjunction with our audited consolidated financial statements and the related notes included elsewhere in this annual report on form 10-k . replace_table_token_7_th story_separator_special_tag style= `` margin-bottom:0pt ; margin-top:18pt ; text-indent:0 % ; font-weight : bold ; font-size:10pt ; font-family : times new roman ; font-style : normal ; text-transform : none ; font-variant : normal ; `` > operating capital requirements to date , we have not generated any revenue from product sales . we do not know when , or if , we will generate any revenue from product sales . we do not expect to generate significant revenue from product sales unless and until we obtain regulatory approval of and commercialize one of our current or future product candidates . we anticipate that we will continue to generate losses for the foreseeable future , and we expect the losses to increase as we continue the development of and seek regulatory approvals for our product candidates , and begin to commercialize any approved products . we are subject to all of the risks inherent in the development of new products , and we may encounter unforeseen expenses , difficulties , complications , delays and other unknown factors that may adversely affect our business . we have incurred and expect to continue to incur additional costs associated with operating as a public company and we anticipate that we will need substantial additional funding in connection with our continuing operations . we expect that our existing cash and cash equivalents , including the proceeds from our february 2015 follow-on public offering , will be sufficient to enable us to complete planned preclinical and clinical trials for our lead product candidates into the second half of 2017. in order to complete the process of obtaining regulatory approval for our lead product candidates and to build the sales , marketing and distribution infrastructure that we believe will be necessary to commercialize our lead product candidates , if approved , we will require substantial additional funding . we have based our projections of operating capital requirements on assumptions that may prove to be incorrect and we may use all of our available capital resources sooner than we expect . because of the numerous risks and uncertainties associated with research , development and commercialization of pharmaceutical products , we are unable to estimate the exact amount of our operating capital requirements . our future funding requirements will depend on many factors , including , but not limited to : · the timing and costs of our planned clinical trials for our product candidates ; · the timing and costs of our planned preclinical studies of our product candidates ; · our success in establishing and scaling commercial manufacturing capabilities ; · the number and characteristics of product candidates that we pursue ; · the outcome , timing and costs of seeking regulatory approvals ; · subject to receipt of regulatory approval , revenues received from commercial sales of our product candidates ; · the terms and timing of any future collaborations , licensing , consulting or other arrangements that we may establish ; · the amount and timing of any payments we may be required to make in connection with the licensing , filing , prosecution , maintenance , defense and enforcement of any patents or patent applications or other intellectual property

liquidity and capital resources we have incurred cumulative losses and negative cash flows from operations since our inception in 2012 , and we had an accumulated deficit of $ 40.9 million as of december 31 , 2014. it will be several years , if ever , before we have a product candidate ready for commercialization , and we anticipate that we will continue to incur losses for at least the next several years . 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 , other third-party funding , marketing and distribution arrangements and other collaborations , strategic alliances and licensing arrangements . in october 2014 , we completed our initial public offering and received net proceeds of approximately $ 56.5 million , after deducting underwriting discounts and commissions and offering expenses . in february 2015 , we completed a follow-on offering of 4,147,358 shares of common stock at a public offering price of $ 18.00 per share . we received net proceeds of approximately $ 69.4 million , after deducting underwriting discounts and commissions and offering expenses . 80 cash in excess of immediate requirements is invested in accordance with our investment policy , primarily with a view to liquidity and capital preservation .


 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 we have incurred cumulative losses and negative cash flows from operations since our inception in 2012 , and we had an accumulated deficit of $ 40.9 million as of december 31 , 2014. it will be several years , if ever , before we have a product candidate ready for commercialization , and we anticipate that we will continue to incur losses for at least the next several years . 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 , other third-party funding , marketing and distribution arrangements and other collaborations , strategic alliances and licensing arrangements . in october 2014 , we completed our initial public offering and received net proceeds of approximately $ 56.5 million , after deducting underwriting discounts and commissions and offering expenses . in february 2015 , we completed a follow-on offering of 4,147,358 shares of common stock at a public offering price of $ 18.00 per share . we received net proceeds of approximately $ 69.4 million , after deducting underwriting discounts and commissions and offering expenses . 80 cash in excess of immediate requirements is invested in accordance with our investment policy , primarily with a view to liquidity and capital preservation .
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 Suspicious Activity Report : our net losses were $ 28.0 million , $ 8.8 million and $ 4.1 million for the years ended december 31 , 2014 and 2013 and the period from august 22 , 2012 ( inception ) to december 31 , 2012. as of december 31 , 2014 , we had an accumulated deficit of $ 40.9 million . substantially all of our net losses have resulted from costs incurred in connection with our research and development programs and from general and administrative expenses associated with our operations . our cash and cash equivalents and short-term investment balances at december 31 , 2014 totaled $ 104.1 million , which we intend to use to fund our operations . 73 financial overview basis of presentation and recapitalization atara , nina , pinta and santa maria were incorporated in august 2012. atara was formed as a management company with the sole purpose of providing management , financial and administrative services for nina , pinta and santa maria . since inception , atara , nina , pinta and santa maria have been under common management and common ownership for all periods and as of all dates prior to our recapitalization on march 31 , 2014 , we have presented the results of operations and financial condition of the four companies on a combined basis . the combined financial statements include the accounts of the four individual companies since inception , with intercompany transactions eliminated . on march 31 , 2014 , we implemented a recapitalization in which ( a ) all the outstanding shares of common stock of atara were cancelled and forfeited by existing stockholders and ( b ) the stockholders of nina , pinta and santa maria exchanged their existing common and convertible preferred stock for newly-issued shares of atara , in the same proportions and with the same rights and privileges as the outstanding capital stock of nina , pinta and santa maria , on a collective nine-for-one basis . atara assumed the separate equity incentive plans sponsored by nina , pinta and santa maria and all outstanding rsus and restricted stock awards granted under such plans . at the time of rsu settlement , each employee or consultant will receive one share of common stock of atara for three rsus in each of nina , pinta , and santa maria ( collectively , a nine-for-one exchange ) . we refer to this transaction as our recapitalization . as a result of the recapitalization , nina , pinta and santa maria became wholly owned subsidiaries of atara effective march 31 , 2014. the recapitalization was accounted for as a combination of businesses under common control and the assets and liabilities of nina , pinta and santa maria were recorded by atara at their historical carrying amounts on march 31 , 2014. beginning march 31 , 2014 , our financial statements are presented on a consolidated basis , with all intercompany transactions eliminated . except as otherwise noted , all share and per share amounts presented in this “ management 's discussion and analysis of financial condition and results of operations ” give effect to the recapitalization . revenues to date , we have not generated any revenues . we do not expect to receive any revenues from any product candidates that we develop until we obtain regulatory approval and commercialize our products or enter into collaborative agreements with third parties . research and development expenses the largest component of our total operating expenses since inception has been our investment in research and development activities , including the preclinical and clinical development of our product candidates . research and development expenses consist of costs incurred in performing research and development activities , including compensation and benefits for research and development employees , including stock-based compensation , an allocation of facility and overhead expenses , expenses incurred under agreements with contract research organizations and investigative sites that conduct clinical trials and preclinical studies , the costs of acquiring and manufacturing clinical trial materials and other supplies and costs associated with product development efforts , preclinical activities and regulatory operations . research and development costs are expensed as incurred . we plan to increase our research and development expenses for the foreseeable future as we continue the development of our product candidates . our current planned research and development activities include the following : · increase enrollment and completion of our phase 2 clinical trial of pinta 745 ; · increase enrollment and completion of our phase 1 clinical study of stm 434 ; · process development and manufacturing of drug supply for ata 842 to support ind-enabling studies ; and · evaluate our exclusive option to license certain t-cell programs from msk . in addition to our product candidates that are in clinical development , we believe it is important to continue our substantial investment in a diverse pipeline of new product candidates to continue to build the value of our product candidate pipeline and our business . we plan to continue to advance our most promising early product candidates into preclinical development with the objective to advance these early-stage programs to human clinical studies over the next several years . 74 our expenditures on current and future preclinical and clinical development programs are subject to numerous uncertainties in timing and cost to completion . the duration , costs , and timing of clinical trials and development of our product candidates will depend on a variety of factors , including : · the scope , rate of progress , and expenses of our ongoing as well as any additional clinical trials and other research and development activities ; · future clinical trial results ; · uncertainties in clinical trial enrollment rates or drop-out or discontinuation rates of patients ; · potential additional safety monitoring or other studies requested by regulatory agencies ; · significant and changing government regulation ; and · the timing and receipt of any regulatory approvals . story_separator_special_tag in exchange for the exclusive option , we paid $ 1.25 million in cash and issued 59,761 shares of our common stock to msk . the estimated fair value of the common stock issued to msk was $ 750,000. employee and overhead costs increased by $ 4.9 million in 2014 as compared to 2013 and by $ 1.1 million in 2013 as compared to 2012. the increasing trend over the three years is primarily a result of increased compensation-related costs resulting from increased headcount and recruiting expenses . in particular , wages and employee stock-based compensation increased by $ 1.5 million and $ 2.7 million , respectively , in 2014 as compared to 2013 and by $ 0.7 million and $ 0.3 million respectively in 2013 as compared to 2012. the employee stock-based compensation increase was due to an overall increase in the awards granted under our employee incentive plan , as well as the vesting of certain awards upon the closing of our initial public offering in october 2014. general and administrative expenses replace_table_token_6_th general and administrative expenses increased by $ 9.0 million in 2014 as compared to 2013 due to a $ 6.1 million increase in stock-based compensation costs and other payroll related expenses , $ 0.9 million in third party consulting fees and $ 0.8 million of increased accounting fees associated with the audit of our financial statements and costs to prepare for our initial public offering . general and administrative expenses increased by $ 2.9 million in 2013 as compared to 2012 primarily due to a $ 1.2 million increase in stock-based compensation costs , $ 0.8 million of legal fees associated with patent filings and maintenance and $ 0.5 million of additional personnel costs . personnel costs and stock-based compensation costs were higher in 2013 due to increased headcount and a full year of expenses in 2013 , compared to only four months in 2012 . 79 quarterly results of operations data ( unaudited ) the following table sets forth our unaudited consolidated and combined statement of operations data for each of the eight quarters in the period ended december 31 , 2014. the unaudited quarterly statement of operations data set forth below have been prepared on a basis consistent with our audited annual consolidated and combined financial statements in this annual report on form 10-k and include , in our opinion , all normal recurring adjustments necessary for a fair statement of the financial information contained in those statements . our historical results are not necessarily indicative of the results that may be expected in the future . the following quarterly financial data should be read in conjunction with our audited consolidated financial statements and the related notes included elsewhere in this annual report on form 10-k . replace_table_token_7_th story_separator_special_tag style= `` margin-bottom:0pt ; margin-top:18pt ; text-indent:0 % ; font-weight : bold ; font-size:10pt ; font-family : times new roman ; font-style : normal ; text-transform : none ; font-variant : normal ; `` > operating capital requirements to date , we have not generated any revenue from product sales . we do not know when , or if , we will generate any revenue from product sales . we do not expect to generate significant revenue from product sales unless and until we obtain regulatory approval of and commercialize one of our current or future product candidates . we anticipate that we will continue to generate losses for the foreseeable future , and we expect the losses to increase as we continue the development of and seek regulatory approvals for our product candidates , and begin to commercialize any approved products . we are subject to all of the risks inherent in the development of new products , and we may encounter unforeseen expenses , difficulties , complications , delays and other unknown factors that may adversely affect our business . we have incurred and expect to continue to incur additional costs associated with operating as a public company and we anticipate that we will need substantial additional funding in connection with our continuing operations . we expect that our existing cash and cash equivalents , including the proceeds from our february 2015 follow-on public offering , will be sufficient to enable us to complete planned preclinical and clinical trials for our lead product candidates into the second half of 2017. in order to complete the process of obtaining regulatory approval for our lead product candidates and to build the sales , marketing and distribution infrastructure that we believe will be necessary to commercialize our lead product candidates , if approved , we will require substantial additional funding . we have based our projections of operating capital requirements on assumptions that may prove to be incorrect and we may use all of our available capital resources sooner than we expect . because of the numerous risks and uncertainties associated with research , development and commercialization of pharmaceutical products , we are unable to estimate the exact amount of our operating capital requirements . our future funding requirements will depend on many factors , including , but not limited to : · the timing and costs of our planned clinical trials for our product candidates ; · the timing and costs of our planned preclinical studies of our product candidates ; · our success in establishing and scaling commercial manufacturing capabilities ; · the number and characteristics of product candidates that we pursue ; · the outcome , timing and costs of seeking regulatory approvals ; · subject to receipt of regulatory approval , revenues received from commercial sales of our product candidates ; · the terms and timing of any future collaborations , licensing , consulting or other arrangements that we may establish ; · the amount and timing of any payments we may be required to make in connection with the licensing , filing , prosecution , maintenance , defense and enforcement of any patents or patent applications or other intellectual property

