scd is marked by red blood cell , or rbc , destruction and occluded blood flow and hypoxia , leading to anemia , stroke , multi-organ failure , severe pain crises , and shortened patient life span . voxelotor inhibits abnormal hemoglobin polymerization , the underlying mechanism that causes sickling of rbcs . in our clinical trials to date of voxelotor in scd patients , we observed reduced markers of red blood cell destruction , improvements in anemia , improvements in markers of tissue oxygenation , and reduced numbers of sickled rbcs . we own or jointly own and have exclusively licensed rights to our product candidates in the united states , europe and other major markets . we are the sole owner of issued u.s. patents covering voxelotor , including its composition of matter , methods of use , and a polymorph of voxelotor . these issued patents covering voxelotor will expire between 2032 and 2035 , absent any applicable patent term extensions . we own or co-own additional pending patent applications in the united states and multiple foreign countries relating to our lead product candidate voxelotor . 73 beyond evaluation voxelotor in scd , we are also engaged in other research and development activities , all of which are currently in the pre-clinical phase . in addition , we regularly evaluate opportunities to in-license , acquire or invest in new business , technology or assets or engage in related discussions with other business entities . since our inception in 2011 , we have devoted substantially all of our resources to identifying and developing our product candidates , including conducting clinical trials and nonclinical studies and providing general and administrative support for these operations . prior to our initial public offering , or ipo , we had funded our operations primarily from the issuance and sale of redeemable convertible preferred stock . in august 2015 , we completed our ipo pursuant to which we issued 6,900,000 shares of our common stock at a price of $ 20.00 per share , resulting in proceeds of approximately $ 126.2 million , net of underwriting discounts and commissions , and offering expenses . in july 2016 , we completed a follow-on offering pursuant to which we issued an aggregate of 6,667,228 shares of our common stock at a price of $ 18.75 per share , including 6,400,000 shares sold at the initial closing in june 2016 and 267,228 shares sold pursuant to the exercise of the underwriters ' over-allotment option to purchase additional shares in july 2016 , resulting in proceeds of approximately $ 117.0 million , net of underwriting discounts and commissions , and offering expenses . in february 2017 , we completed a follow-on offering pursuant to which we issued an aggregate of 5,867,347 shares of our common stock at a price of $ 24.50 per share , resulting in proceeds of approximately $ 135.6 million from the offering , net of underwriting discounts and commissions , and offering expenses . in january 2018 , we completed a follow-on offering pursuant to which we issued an aggregate of 3,026,315 shares of our common stock at a price of $ 38.00 per share , including 2,631,579 shares sold at the additional closing in december 2017 and 394,736 shares sold pursuant to the exercise of the underwriter 's over-allotment option in january 2018 , resulting in aggregate proceeds of approximately $ 110.9 million , net of underwriting discounts and commissions , and estimated offering expenses . we have never been profitable and have incurred net losses in each year since inception . our net losses were $ 117.0 million for the year ended december 31 , 2017 , $ 82.5 million for the year ended december 31 , 2016 and $ 46.4 million for the year ended december 31 , 2015. as of december 31 , 2017 , we had an accumulated deficit of $ 298.0 million . to date , we have not generated any revenue . we do not expect to receive any revenue from any product candidates that we develop until we obtain regulatory approval and commercialize our products or enter into collaborative agreements with third parties . substantially all of our net losses have resulted from costs incurred in connection with our research and development programs and from general and administrative costs associated with our operations . we had $ 198.3 million in cash and cash equivalents and $ 131.1 million in marketable securities as of december 31 , 2017. critical accounting polices and estimates our management 's discussion and analysis of our financial condition and results of operations is based on our consolidated financial statements , which have been prepared in accordance with united states generally accepted accounting principles , or u.s. gaap . the preparation of these consolidated 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 date of the consolidated financial statements , as well as the reported expenses incurred during the reporting periods . our estimates are based on our historical experience and on various other factors that we believe are reasonable under the circumstances , the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources . actual results may differ from these estimates under different assumptions or conditions . we believe that the accounting policies discussed below are critical to understanding our historical and future performance , as these policies relate to the more significant areas involving management 's judgments and estimates . 74 accrued research and development costs we record accrued expenses for estimated costs of our research and development activities conducted by third-party service providers , which include the conduct of nonclinical studies and clinical trials and contract manufacturing activities . story_separator_special_tag if we determine in the future that we will be able to realize all or a portion of our net operating loss carryforwards , an adjustment to our net operating loss carryforwards would increase net income in the period in which we make such a determination . liquidity and capital resources we are not profitable and have incurred losses and negative cash flows from operations each year since our inception . prior to our ipo , our operations were financed primarily by net proceeds from the sale and issuance of convertible preferred stock . in august 2015 , we completed our ipo pursuant to which we issued 6,900,000 shares of our common stock at a price to the public of $ 20.00 per share and received proceeds of $ 126.2 million , net of underwriting discounts and commissions and offering expenses . in july 2016 , we completed a follow-on offering pursuant to which we issued an aggregate of 6,667,228 shares of our common stock at a price of $ 18.75 per share , including 6,400,000 shares sold at the initial closing in june 2016 and 267,228 shares sold pursuant to the exercise of the underwriters ' over-allotment option to purchase additional shares in july 2016. we received aggregate proceeds of $ 117.0 million from the offering , net of underwriting discounts and commissions and offering expenses . in october 2016 , we filed our shelf registration statement on form s-3 for the potential offering , issuance and sale by us of up to a maximum aggregate offering price of $ 250 million of our common stock , preferred stock , debt securities , warrants , and or units . in february 2017 , we completed a follow-on offering under the shelf registration pursuant to which we issued an aggregate of 5,867,347 shares of our common stock at a price of $ 24.50 per share . we received aggregate proceeds of $ 135.6 million from the offering , net of underwriting discounts and commissions and offering expenses . after the completion of this follow-on offering in february 2017 , up to a maximum aggregate offering price of $ 106.2 million of our common stock , preferred stock , debt securities , warrants and or units remain available under our shelf registration statement on form s-3 . in august 2017 , we filed an additional shelf registration statement on form s-3asr , for the potential offering , issuance and sale by us of an indeterminate amount of common stock , preferred stock , debt securities , warrants , and or units . our shelf registration statement on form s-3asr also includes a prospectus covering up to an aggregate of $ 125.0 million in 79 shares of our common stock that we may issue and sell at market prices from time to time , through cowen and company , llc , or cowen , acting as our sales agent and or principal , pursuant to the sales agreement that we entered into with cowen in august 2017 for our at-the-market equity program . in december 2017 , we completed a follow-on offering under the shelf registration statement on form s-3asr pursuant to which we issued an aggregate of 2,631,579 shares of our common stock at a price of $ 38.00 per share . in addition , in january 2018 , we sold an additional 394,736 shares of our common stock directly to the underwriters when they exercised their over-allotment option at the price of $ 38.00 per share . we received aggregate proceeds of approximately $ 110.9 million from this follow-on offering , net of underwriting discounts and commissions , and estimated offering expenses . our primary use of cash is to fund operations , which consist primarily of research and development expenditures . cash used to fund operations is impacted by the timing of when we pay these expenses , as reflected in the change in our outstanding accounts payable and accrued expenses . we believe that our existing capital resources will be sufficient to fund our planned operations for at least the next twelve months . we have based this estimate on assumptions that may prove to be wrong , and we could utilize our available capital resources sooner than we currently expect . we will continue to require additional financing to advance voxelotor through any completion of clinical development , to develop other potential product candidates from our research programs and to fund operations for the foreseeable future . we will continue to seek funds through equity or debt financings , collaborative or other arrangements with corporate sources , or through other sources of financing . adequate additional funding may not be available to us on acceptable terms , or at all . our failure to raise capital as and when needed could have a negative impact on our financial condition and our ability to pursue our business strategies . our future funding requirements will depend on many factors , including : the time and cost necessary to complete our phase 3 hope study of voxelotor for the potential treatment of scd , as well as to complete our ongoing phase 2a clinical trial in adolescent and pediatric patients in this development program ; the time and cost necessary to conduct and complete any additional clinical studies required to pursue regulatory approvals for voxelotor for scd or any other indications , and the costs of post-marketing studies that could be required by regulatory authorities for any indications ; the progress , data and results of our phase 3 hope study , as well as other clinical trials of voxelotor for the potential treatment of scd and our potential future clinical trials ; the progress , timing , scope and costs of our nonclinical studies , our clinical trials and other related activities , including our ability to enroll subjects in a timely manner for our phase 3 hope study as well as our other multiple clinical trials of voxelotor

cash flows from operating activities net cash used in operating activities was $ 93.0 million for the year ended december 31 , 2017 , consisting of a net loss of $ 117.0 million , which was partially offset by non-cash charges of $ 13.7 million for stock-based compensation and $ 2.4 million for depreciation and amortization expense . the change in our net operating assets and liabilities was due primarily to an increase of $ 3.6 million of accrued compensation related to higher headcounts , an increase of $ 3.3 million of accrued liabilities along with an increase of $ 2.8 million of accounts payable related to an increase in our research and development activities and an increase in professional and consulting services due to the growth of our operations . net cash used in operating activities was $ 67.7 million for the year ended december 31 , 2016 , consisting of a net loss of $ 82.5 million , which was offset by non-cash charges for stock-based compensation of $ 9.2 million , and for depreciation and amortization expense of $ 1.2 million . the change in our net operating assets and liabilities was due primarily to increases in accrued expenses related to an increase in our research and development activities and an increase in professional and consulting services of $ 1.8 million due to the growth of our operations , in accounts payable as a result of timing of payments of $ 1.1 million , and in accrued compensation related to our headcount of $ 2.7 million . net cash used in operating activities was $ 30.9 million for the year ended december 31 , 2015 , consisting of a net loss of $ 46.4 million , which was offset by non-cash charges for the fair value of stock issued for the license agreement entered into with the regents of $ 4.5 million , for stock-based compensation of $ 3.2 million , and for depreciation and amortization expense of $ 0.9 million .


 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 from operating activities net cash used in operating activities was $ 93.0 million for the year ended december 31 , 2017 , consisting of a net loss of $ 117.0 million , which was partially offset by non-cash charges of $ 13.7 million for stock-based compensation and $ 2.4 million for depreciation and amortization expense . the change in our net operating assets and liabilities was due primarily to an increase of $ 3.6 million of accrued compensation related to higher headcounts , an increase of $ 3.3 million of accrued liabilities along with an increase of $ 2.8 million of accounts payable related to an increase in our research and development activities and an increase in professional and consulting services due to the growth of our operations . net cash used in operating activities was $ 67.7 million for the year ended december 31 , 2016 , consisting of a net loss of $ 82.5 million , which was offset by non-cash charges for stock-based compensation of $ 9.2 million , and for depreciation and amortization expense of $ 1.2 million . the change in our net operating assets and liabilities was due primarily to increases in accrued expenses related to an increase in our research and development activities and an increase in professional and consulting services of $ 1.8 million due to the growth of our operations , in accounts payable as a result of timing of payments of $ 1.1 million , and in accrued compensation related to our headcount of $ 2.7 million . net cash used in operating activities was $ 30.9 million for the year ended december 31 , 2015 , consisting of a net loss of $ 46.4 million , which was offset by non-cash charges for the fair value of stock issued for the license agreement entered into with the regents of $ 4.5 million , for stock-based compensation of $ 3.2 million , and for depreciation and amortization expense of $ 0.9 million .
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 Suspicious Activity Report : scd is marked by red blood cell , or rbc , destruction and occluded blood flow and hypoxia , leading to anemia , stroke , multi-organ failure , severe pain crises , and shortened patient life span . voxelotor inhibits abnormal hemoglobin polymerization , the underlying mechanism that causes sickling of rbcs . in our clinical trials to date of voxelotor in scd patients , we observed reduced markers of red blood cell destruction , improvements in anemia , improvements in markers of tissue oxygenation , and reduced numbers of sickled rbcs . we own or jointly own and have exclusively licensed rights to our product candidates in the united states , europe and other major markets . we are the sole owner of issued u.s. patents covering voxelotor , including its composition of matter , methods of use , and a polymorph of voxelotor . these issued patents covering voxelotor will expire between 2032 and 2035 , absent any applicable patent term extensions . we own or co-own additional pending patent applications in the united states and multiple foreign countries relating to our lead product candidate voxelotor . 73 beyond evaluation voxelotor in scd , we are also engaged in other research and development activities , all of which are currently in the pre-clinical phase . in addition , we regularly evaluate opportunities to in-license , acquire or invest in new business , technology or assets or engage in related discussions with other business entities . since our inception in 2011 , we have devoted substantially all of our resources to identifying and developing our product candidates , including conducting clinical trials and nonclinical studies and providing general and administrative support for these operations . prior to our initial public offering , or ipo , we had funded our operations primarily from the issuance and sale of redeemable convertible preferred stock . in august 2015 , we completed our ipo pursuant to which we issued 6,900,000 shares of our common stock at a price of $ 20.00 per share , resulting in proceeds of approximately $ 126.2 million , net of underwriting discounts and commissions , and offering expenses . in july 2016 , we completed a follow-on offering pursuant to which we issued an aggregate of 6,667,228 shares of our common stock at a price of $ 18.75 per share , including 6,400,000 shares sold at the initial closing in june 2016 and 267,228 shares sold pursuant to the exercise of the underwriters ' over-allotment option to purchase additional shares in july 2016 , resulting in proceeds of approximately $ 117.0 million , net of underwriting discounts and commissions , and offering expenses . in february 2017 , we completed a follow-on offering pursuant to which we issued an aggregate of 5,867,347 shares of our common stock at a price of $ 24.50 per share , resulting in proceeds of approximately $ 135.6 million from the offering , net of underwriting discounts and commissions , and offering expenses . in january 2018 , we completed a follow-on offering pursuant to which we issued an aggregate of 3,026,315 shares of our common stock at a price of $ 38.00 per share , including 2,631,579 shares sold at the additional closing in december 2017 and 394,736 shares sold pursuant to the exercise of the underwriter 's over-allotment option in january 2018 , resulting in aggregate proceeds of approximately $ 110.9 million , net of underwriting discounts and commissions , and estimated offering expenses . we have never been profitable and have incurred net losses in each year since inception . our net losses were $ 117.0 million for the year ended december 31 , 2017 , $ 82.5 million for the year ended december 31 , 2016 and $ 46.4 million for the year ended december 31 , 2015. as of december 31 , 2017 , we had an accumulated deficit of $ 298.0 million . to date , we have not generated any revenue . we do not expect to receive any revenue from any product candidates that we develop until we obtain regulatory approval and commercialize our products or enter into collaborative agreements with third parties . substantially all of our net losses have resulted from costs incurred in connection with our research and development programs and from general and administrative costs associated with our operations . we had $ 198.3 million in cash and cash equivalents and $ 131.1 million in marketable securities as of december 31 , 2017. critical accounting polices and estimates our management 's discussion and analysis of our financial condition and results of operations is based on our consolidated financial statements , which have been prepared in accordance with united states generally accepted accounting principles , or u.s. gaap . the preparation of these consolidated 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 date of the consolidated financial statements , as well as the reported expenses incurred during the reporting periods . our estimates are based on our historical experience and on various other factors that we believe are reasonable under the circumstances , the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources . actual results may differ from these estimates under different assumptions or conditions . we believe that the accounting policies discussed below are critical to understanding our historical and future performance , as these policies relate to the more significant areas involving management 's judgments and estimates . 74 accrued research and development costs we record accrued expenses for estimated costs of our research and development activities conducted by third-party service providers , which include the conduct of nonclinical studies and clinical trials and contract manufacturing activities . story_separator_special_tag if we determine in the future that we will be able to realize all or a portion of our net operating loss carryforwards , an adjustment to our net operating loss carryforwards would increase net income in the period in which we make such a determination . liquidity and capital resources we are not profitable and have incurred losses and negative cash flows from operations each year since our inception . prior to our ipo , our operations were financed primarily by net proceeds from the sale and issuance of convertible preferred stock . in august 2015 , we completed our ipo pursuant to which we issued 6,900,000 shares of our common stock at a price to the public of $ 20.00 per share and received proceeds of $ 126.2 million , net of underwriting discounts and commissions and offering expenses . in july 2016 , we completed a follow-on offering pursuant to which we issued an aggregate of 6,667,228 shares of our common stock at a price of $ 18.75 per share , including 6,400,000 shares sold at the initial closing in june 2016 and 267,228 shares sold pursuant to the exercise of the underwriters ' over-allotment option to purchase additional shares in july 2016. we received aggregate proceeds of $ 117.0 million from the offering , net of underwriting discounts and commissions and offering expenses . in october 2016 , we filed our shelf registration statement on form s-3 for the potential offering , issuance and sale by us of up to a maximum aggregate offering price of $ 250 million of our common stock , preferred stock , debt securities , warrants , and or units . in february 2017 , we completed a follow-on offering under the shelf registration pursuant to which we issued an aggregate of 5,867,347 shares of our common stock at a price of $ 24.50 per share . we received aggregate proceeds of $ 135.6 million from the offering , net of underwriting discounts and commissions and offering expenses . after the completion of this follow-on offering in february 2017 , up to a maximum aggregate offering price of $ 106.2 million of our common stock , preferred stock , debt securities , warrants and or units remain available under our shelf registration statement on form s-3 . in august 2017 , we filed an additional shelf registration statement on form s-3asr , for the potential offering , issuance and sale by us of an indeterminate amount of common stock , preferred stock , debt securities , warrants , and or units . our shelf registration statement on form s-3asr also includes a prospectus covering up to an aggregate of $ 125.0 million in 79 shares of our common stock that we may issue and sell at market prices from time to time , through cowen and company , llc , or cowen , acting as our sales agent and or principal , pursuant to the sales agreement that we entered into with cowen in august 2017 for our at-the-market equity program . in december 2017 , we completed a follow-on offering under the shelf registration statement on form s-3asr pursuant to which we issued an aggregate of 2,631,579 shares of our common stock at a price of $ 38.00 per share . in addition , in january 2018 , we sold an additional 394,736 shares of our common stock directly to the underwriters when they exercised their over-allotment option at the price of $ 38.00 per share . we received aggregate proceeds of approximately $ 110.9 million from this follow-on offering , net of underwriting discounts and commissions , and estimated offering expenses . our primary use of cash is to fund operations , which consist primarily of research and development expenditures . cash used to fund operations is impacted by the timing of when we pay these expenses , as reflected in the change in our outstanding accounts payable and accrued expenses . we believe that our existing capital resources will be sufficient to fund our planned operations for at least the next twelve months . we have based this estimate on assumptions that may prove to be wrong , and we could utilize our available capital resources sooner than we currently expect . we will continue to require additional financing to advance voxelotor through any completion of clinical development , to develop other potential product candidates from our research programs and to fund operations for the foreseeable future . we will continue to seek funds through equity or debt financings , collaborative or other arrangements with corporate sources , or through other sources of financing . adequate additional funding may not be available to us on acceptable terms , or at all . our failure to raise capital as and when needed could have a negative impact on our financial condition and our ability to pursue our business strategies . our future funding requirements will depend on many factors , including : the time and cost necessary to complete our phase 3 hope study of voxelotor for the potential treatment of scd , as well as to complete our ongoing phase 2a clinical trial in adolescent and pediatric patients in this development program ; the time and cost necessary to conduct and complete any additional clinical studies required to pursue regulatory approvals for voxelotor for scd or any other indications , and the costs of post-marketing studies that could be required by regulatory authorities for any indications ; the progress , data and results of our phase 3 hope study , as well as other clinical trials of voxelotor for the potential treatment of scd and our potential future clinical trials ; the progress , timing , scope and costs of our nonclinical studies , our clinical trials and other related activities , including our ability to enroll subjects in a timely manner for our phase 3 hope study as well as our other multiple clinical trials of voxelotor

