we expect to continue to incur significant expenses and increasing operating losses for at least the next several years . we expect our expenses to increase substantially in connection with our ongoing activities , particularly as we continue the development of and potentially seek marketing approval for lefamulin and , possibly , other product candidates and continue our research activities . our expenses will increase if we suffer any delays in our phase 3 clinical program for lefamulin for cabp , including delays in enrollment of patients . if we obtain marketing approval for lefamulin or any other product candidate that we develop , we expect to incur significant commercialization expenses related to product sales , marketing , distribution and manufacturing . furthermore , we expect to incur additional costs associated with operating as a public company . based on our current plans , we do not expect to generate significant revenue unless and until we obtain marketing approval for , and commercialize , lefamulin . we do not expect to obtain marketing approval before 2019 , if at all . accordingly , we will need to obtain substantial additional funding in connection with our continuing operations . adequate additional financing may not be available to us on acceptable terms , or at all . if we are unable to raise capital when needed or on attractive terms , we could be forced to delay , reduce or eliminate our research and development programs or any future commercialization effort . 94 december 2016 financing on december 19 , 2016 , we completed a rights offering and a related underwritten offering for the sale of an aggregate of 588,127 common shares resulting in aggregate gross proceeds of approximately $ 24.8 million and net proceeds to us of approximately $ 20.6 million , after deducting underwriting fees and offering expenses . in the rights offering , holders of american depositary shares , or adss , received 0.276 ads rights for each ads owned of record on november 29 , 2016. one ads right entitled an ads holder to subscribe for and purchase one new ads at the subscription price of $ 4.32 per ads , the u.s. dollar equivalent of 4.014 per ads . an aggregate of 1,592,750 adss , representing 159,275 common shares , were subscribed for by holders of adss . each ads represents one tenth of a common share . in the rights offering , holders of common shares received the common share right to subscribe for and purchase 0.276 new common shares , at a subscription price of 40.14 per new common share for each common share owned of record on november 29 , 2016. an aggregate of 102,077 new common shares were subscribed for by holders of common shares . pursuant to an underwriting agreement that we entered into with cantor fitzgerald & co. , dated december 14 , 2016 , cantor fitzgerald & co. agreed to purchase 326,775 common shares , representing all of the unsubscribed common shares in the rights offering , at a purchase price of 40.14 per common share for purposes of resale of adss representing such unsubscribed common shares . 2015 initial public offering on september 23 , 2015 we completed our initial public offering on the nasdaq global market issuing 9,000,000 adss at a price to the public of $ 10.25 per ads , representing 900,000 of our common shares . on september 30 , 2015 the underwriters of our initial public offering exercised in full their over-allotment option to purchase an additional 1,350,000 adss , representing 135,000 common shares , at the initial public offering price of $ 10.25 per ads , less underwriting discounts . including the over-allotment adss we sold an aggregate of 10,350,000 adss representing 1,035,000 common shares , in our initial public offering , which resulted in gross proceeds of approximately $ 106.1 million and net proceeds to us of approximately $ 92.4 million , after deducting underwriting discounts and offering expenses . april 2015 financing in march 2015 , we entered into an agreement with certain existing and new investors to issue and sell common shares with contractual preference rights under a shareholders agreement . we refer to this transaction as our april 2015 financing . in connection with our april 2015 financing , we agreed to sell common shares with contractual preference rights under the shareholders agreement in two tranches . in april 2015 , we closed the sale of the first tranche of 730,162 common shares , including the sale of 511,188 common shares at a price per share of 82.35 ( $ 87.71 ) for 42.1 million ( $ 44.8 million ) in cash consideration and the sale of 218,974 common shares in exchange for certain contributions in kind consisting of the conversion of outstanding convertible loans and silent partnership interests . we also agreed to sell a second tranche of common shares with contractual preference rights under the shareholders agreement to these investors at their option for an aggregate purchase price of $ 70.0 million if we did not complete a public offering in the united states within specified parameters or by a specified date . upon the closing of our initial public offering and issuance of the shares for nominal value in satisfaction of preferred dividends , all contractual preference rights under the shareholders agreement terminated . critical accounting policies our management 's discussion and analysis of our financial condition and results of operations is based on our financial statements , which we have prepared in accordance with generally accepted accounting principles in the united states , or u.s. gaap . the preparation of our financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the end of the reporting period , as well as the reported revenues and expenses during the reporting periods . story_separator_special_tag if a beneficiary is terminated due to a good leaver event ( within the meaning of the stock option plan 2015 ) , on or prior to the first anniversary of the date of the liquidity event , the beneficiary 's options will be immediately exercisable in full as of the date of such termination . if the acquiring or succeeding corporation ( or an affiliate of the acquiring or succeeding corporation ) refuses to assume the options outstanding under the stock option plan 2015 or to substitute substantially equivalent options therefore , all then-unvested options under the stock option plan 2015 will automatically vest in full upon the liquidity event . for purposes of the stock option plan 2015 , a liquidity event generally refers to an exclusive license of or the sale , lease or other disposal of all or substantially all of our assets , a sale or other disposal ( but not a pledge ) of 50 % or more of our shares , a merger or consolidation of us with or into any third party , or our liquidation , winding up or other form of dissolution of us . unless otherwise specifically permitted in an option agreement or resolved upon by the management board with the approval of the supervisory board , the exercise of vested options is permitted under the stock option plan 2015 only during specified periods and on specified terms in the case of a liquidity event or following an initial public offering occurring during the term of the option . a beneficiary is entitled to exercise vested options at any time during the remaining term of the option while the beneficiary is providing services to us , and within the three-month period following a termination of the beneficiary 's services due to a good leaver event . options granted under the stock option plan 2015 will have a term of no more than ten years from the beneficiary 's date of participation . beneficiaries of options granted under the stock option plan 2015 are not entitled to transfer vested options , except to individuals by way of inheritance or bequest . options do not entitle beneficiaries to exercise any shareholder rights . beneficiaries may exercise shareholder rights only with respect to any shares they hold . we measure the options under our equity incentive plans at fair value at their grant date in accordance with asc 718 , compensation  stock compensation ,  using the black-scholes model . all options under the stock option plan 2007 have an exercise price of 6.72 ( $ 7.32 ) per share and a maturity of september 27 , 2017. the fair value of such share-based compensation is recognized as an expense over the respective vesting period . share-based compensation expense under the stock option plan 2007 was $ 96,000 , $ 78,000 and $ 95,000 for the years ended december 31 , 2014 , 2015 and 2016 , respectively . no options were granted under the stock option plan 2007 during 2015 or 2016. the weighted average fair value of the 1,088 options granted in 2014 was $ 209.11 per share . options granted during the year ended december 31 , 2016 under the stock option plan 2015 have a weighted-average exercise price of 71.64 ( $ 80.24 ) and a weighted average fair value of 27.31 ( $ 30.58 ) . we recognized stock-based compensation expense of approximately $ 2.5 million during the year ending december 31 , 2016 related to the options granted under the stock option plan 2015. we account for related social security contributions as liabilities which are recognized on the date of the event triggering the measurement and payment of the tax to the taxing authority ; or the date the options are exercised . we expect to grant additional stock options that will result in additional share-based compensation expense . following the consummation of our initial public offering , we determined stock option values based on the market price of our common shares . fair value estimation we use valuation techniques that include inputs that are not based on observable market data to estimate 99 the fair value of certain types of financial instruments , including stock options under our equity incentive plans . valuation of total equity and certain financial instruments prior to our initial public offering prior to our initial public offering , the fair value of the total equity was determined by management and took into account the most recently available valuation of the company and the assessment of additional objective and subjective factors we believed were relevant . we considered numerous objective and subjective factors to determine the best estimate of the fair value of the equity and certain financial instruments that represented potential interests in the equity , including the following : · the progress of the research and development programs ; · achievement of enterprise milestones , including the entering into collaboration and licensing agreements ; · contemporaneous third-party valuations of the common shares ; · the forecasted performance and operating results ; · the estimated costs of capital to fund operations ; · the rights and preferences of the financial instruments , e.g . liquidation preference of common shares with contractual preference rights relative to other common shares , conversion rights of the convertible loan agreements , etc . ; · the likelihood of achieving a discrete liquidity event , such as a sale of the company or an initial public offering given prevailing market conditions ; and · external market and economic conditions impacting the industry sector . in determining the fair values of the equity , we considered three generally accepted approaches : the income approach , market approach and cost approach . based on the stage of development and information available , we determined that the income approach was the most appropriate method . discounted cash flow , or dcf , a form of the income

cash flows comparison of years ended december 31 , 2015 and 2016 the following table summarizes our cash flows for the years ended december 31 , 2015 and 2016 : replace_table_token_18_th operating activities cash flow utilized by operating activities increased by $ 27.4 million from $ 21.9 million for the year ended december 31 , 2015 to $ 49.3 million for the year ended december 31 , 2016 primarily due to a $ 28.4 million increase in net loss , after adjustments for non-cash amounts included in net income partially offset by improved working capital of $ 1.0 million primarily from higher trade payables and other liabilities . investing activities cash flow from investing activities changed by $ 100.1 million from $ 76.7 million cash outflow in the year ended december 31 , 2015 to $ 23.4 million cash inflow in the year ended december 31 , 2016 primarily due to the redemption of 107 term deposits . other investing activities were relatively insignificant in both periods and related primarily to the acquisition of equipment in support of our research and development activities . financing activities cash flow generated from financing activities decreased by $ 110.7 million from $ 133.0 million for the year ended december 31 , 2015 to $ 22.3 million for the year ended december 31 , 2016 primarily due to proceeds of $ 44.8 million from our april 2015 financing and proceeds


 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 comparison of years ended december 31 , 2015 and 2016 the following table summarizes our cash flows for the years ended december 31 , 2015 and 2016 : replace_table_token_18_th operating activities cash flow utilized by operating activities increased by $ 27.4 million from $ 21.9 million for the year ended december 31 , 2015 to $ 49.3 million for the year ended december 31 , 2016 primarily due to a $ 28.4 million increase in net loss , after adjustments for non-cash amounts included in net income partially offset by improved working capital of $ 1.0 million primarily from higher trade payables and other liabilities . investing activities cash flow from investing activities changed by $ 100.1 million from $ 76.7 million cash outflow in the year ended december 31 , 2015 to $ 23.4 million cash inflow in the year ended december 31 , 2016 primarily due to the redemption of 107 term deposits . other investing activities were relatively insignificant in both periods and related primarily to the acquisition of equipment in support of our research and development activities . financing activities cash flow generated from financing activities decreased by $ 110.7 million from $ 133.0 million for the year ended december 31 , 2015 to $ 22.3 million for the year ended december 31 , 2016 primarily due to proceeds of $ 44.8 million from our april 2015 financing and proceeds
```    
 Suspicious Activity Report : we expect to continue to incur significant expenses and increasing operating losses for at least the next several years . we expect our expenses to increase substantially in connection with our ongoing activities , particularly as we continue the development of and potentially seek marketing approval for lefamulin and , possibly , other product candidates and continue our research activities . our expenses will increase if we suffer any delays in our phase 3 clinical program for lefamulin for cabp , including delays in enrollment of patients . if we obtain marketing approval for lefamulin or any other product candidate that we develop , we expect to incur significant commercialization expenses related to product sales , marketing , distribution and manufacturing . furthermore , we expect to incur additional costs associated with operating as a public company . based on our current plans , we do not expect to generate significant revenue unless and until we obtain marketing approval for , and commercialize , lefamulin . we do not expect to obtain marketing approval before 2019 , if at all . accordingly , we will need to obtain substantial additional funding in connection with our continuing operations . adequate additional financing may not be available to us on acceptable terms , or at all . if we are unable to raise capital when needed or on attractive terms , we could be forced to delay , reduce or eliminate our research and development programs or any future commercialization effort . 94 december 2016 financing on december 19 , 2016 , we completed a rights offering and a related underwritten offering for the sale of an aggregate of 588,127 common shares resulting in aggregate gross proceeds of approximately $ 24.8 million and net proceeds to us of approximately $ 20.6 million , after deducting underwriting fees and offering expenses . in the rights offering , holders of american depositary shares , or adss , received 0.276 ads rights for each ads owned of record on november 29 , 2016. one ads right entitled an ads holder to subscribe for and purchase one new ads at the subscription price of $ 4.32 per ads , the u.s. dollar equivalent of 4.014 per ads . an aggregate of 1,592,750 adss , representing 159,275 common shares , were subscribed for by holders of adss . each ads represents one tenth of a common share . in the rights offering , holders of common shares received the common share right to subscribe for and purchase 0.276 new common shares , at a subscription price of 40.14 per new common share for each common share owned of record on november 29 , 2016. an aggregate of 102,077 new common shares were subscribed for by holders of common shares . pursuant to an underwriting agreement that we entered into with cantor fitzgerald & co. , dated december 14 , 2016 , cantor fitzgerald & co. agreed to purchase 326,775 common shares , representing all of the unsubscribed common shares in the rights offering , at a purchase price of 40.14 per common share for purposes of resale of adss representing such unsubscribed common shares . 2015 initial public offering on september 23 , 2015 we completed our initial public offering on the nasdaq global market issuing 9,000,000 adss at a price to the public of $ 10.25 per ads , representing 900,000 of our common shares . on september 30 , 2015 the underwriters of our initial public offering exercised in full their over-allotment option to purchase an additional 1,350,000 adss , representing 135,000 common shares , at the initial public offering price of $ 10.25 per ads , less underwriting discounts . including the over-allotment adss we sold an aggregate of 10,350,000 adss representing 1,035,000 common shares , in our initial public offering , which resulted in gross proceeds of approximately $ 106.1 million and net proceeds to us of approximately $ 92.4 million , after deducting underwriting discounts and offering expenses . april 2015 financing in march 2015 , we entered into an agreement with certain existing and new investors to issue and sell common shares with contractual preference rights under a shareholders agreement . we refer to this transaction as our april 2015 financing . in connection with our april 2015 financing , we agreed to sell common shares with contractual preference rights under the shareholders agreement in two tranches . in april 2015 , we closed the sale of the first tranche of 730,162 common shares , including the sale of 511,188 common shares at a price per share of 82.35 ( $ 87.71 ) for 42.1 million ( $ 44.8 million ) in cash consideration and the sale of 218,974 common shares in exchange for certain contributions in kind consisting of the conversion of outstanding convertible loans and silent partnership interests . we also agreed to sell a second tranche of common shares with contractual preference rights under the shareholders agreement to these investors at their option for an aggregate purchase price of $ 70.0 million if we did not complete a public offering in the united states within specified parameters or by a specified date . upon the closing of our initial public offering and issuance of the shares for nominal value in satisfaction of preferred dividends , all contractual preference rights under the shareholders agreement terminated . critical accounting policies our management 's discussion and analysis of our financial condition and results of operations is based on our financial statements , which we have prepared in accordance with generally accepted accounting principles in the united states , or u.s. gaap . the preparation of our financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the end of the reporting period , as well as the reported revenues and expenses during the reporting periods . story_separator_special_tag if a beneficiary is terminated due to a good leaver event ( within the meaning of the stock option plan 2015 ) , on or prior to the first anniversary of the date of the liquidity event , the beneficiary 's options will be immediately exercisable in full as of the date of such termination . if the acquiring or succeeding corporation ( or an affiliate of the acquiring or succeeding corporation ) refuses to assume the options outstanding under the stock option plan 2015 or to substitute substantially equivalent options therefore , all then-unvested options under the stock option plan 2015 will automatically vest in full upon the liquidity event . for purposes of the stock option plan 2015 , a liquidity event generally refers to an exclusive license of or the sale , lease or other disposal of all or substantially all of our assets , a sale or other disposal ( but not a pledge ) of 50 % or more of our shares , a merger or consolidation of us with or into any third party , or our liquidation , winding up or other form of dissolution of us . unless otherwise specifically permitted in an option agreement or resolved upon by the management board with the approval of the supervisory board , the exercise of vested options is permitted under the stock option plan 2015 only during specified periods and on specified terms in the case of a liquidity event or following an initial public offering occurring during the term of the option . a beneficiary is entitled to exercise vested options at any time during the remaining term of the option while the beneficiary is providing services to us , and within the three-month period following a termination of the beneficiary 's services due to a good leaver event . options granted under the stock option plan 2015 will have a term of no more than ten years from the beneficiary 's date of participation . beneficiaries of options granted under the stock option plan 2015 are not entitled to transfer vested options , except to individuals by way of inheritance or bequest . options do not entitle beneficiaries to exercise any shareholder rights . beneficiaries may exercise shareholder rights only with respect to any shares they hold . we measure the options under our equity incentive plans at fair value at their grant date in accordance with asc 718 , compensation  stock compensation ,  using the black-scholes model . all options under the stock option plan 2007 have an exercise price of 6.72 ( $ 7.32 ) per share and a maturity of september 27 , 2017. the fair value of such share-based compensation is recognized as an expense over the respective vesting period . share-based compensation expense under the stock option plan 2007 was $ 96,000 , $ 78,000 and $ 95,000 for the years ended december 31 , 2014 , 2015 and 2016 , respectively . no options were granted under the stock option plan 2007 during 2015 or 2016. the weighted average fair value of the 1,088 options granted in 2014 was $ 209.11 per share . options granted during the year ended december 31 , 2016 under the stock option plan 2015 have a weighted-average exercise price of 71.64 ( $ 80.24 ) and a weighted average fair value of 27.31 ( $ 30.58 ) . we recognized stock-based compensation expense of approximately $ 2.5 million during the year ending december 31 , 2016 related to the options granted under the stock option plan 2015. we account for related social security contributions as liabilities which are recognized on the date of the event triggering the measurement and payment of the tax to the taxing authority ; or the date the options are exercised . we expect to grant additional stock options that will result in additional share-based compensation expense . following the consummation of our initial public offering , we determined stock option values based on the market price of our common shares . fair value estimation we use valuation techniques that include inputs that are not based on observable market data to estimate 99 the fair value of certain types of financial instruments , including stock options under our equity incentive plans . valuation of total equity and certain financial instruments prior to our initial public offering prior to our initial public offering , the fair value of the total equity was determined by management and took into account the most recently available valuation of the company and the assessment of additional objective and subjective factors we believed were relevant . we considered numerous objective and subjective factors to determine the best estimate of the fair value of the equity and certain financial instruments that represented potential interests in the equity , including the following : · the progress of the research and development programs ; · achievement of enterprise milestones , including the entering into collaboration and licensing agreements ; · contemporaneous third-party valuations of the common shares ; · the forecasted performance and operating results ; · the estimated costs of capital to fund operations ; · the rights and preferences of the financial instruments , e.g . liquidation preference of common shares with contractual preference rights relative to other common shares , conversion rights of the convertible loan agreements , etc . ; · the likelihood of achieving a discrete liquidity event , such as a sale of the company or an initial public offering given prevailing market conditions ; and · external market and economic conditions impacting the industry sector . in determining the fair values of the equity , we considered three generally accepted approaches : the income approach , market approach and cost approach . based on the stage of development and information available , we determined that the income approach was the most appropriate method . discounted cash flow , or dcf , a form of the income

