initial public offering on november 16 , 2011 , we completed our initial public offering , or ipo , of common stock pursuant to a registration statement on form s-1that was declared effective on november 10 , 2011. we sold 6,200,000 shares of our common stock , at a price of $ 7.00 per share . as a result of the ipo , we raised a total of $ 37.6 million in net proceeds after deducting underwriting discounts and commissions of $ 3.0 million and offering expenses of $ 2.9 million . costs directly associated with our ipo were capitalized and recorded as deferred ipo costs prior to the closing of the ipo . these costs have been recorded as a reduction of the proceeds received in arriving at the amount to be recorded in additional paid-in capital . upon the closing of the ipo , 14,270,113 63 shares of our convertible preferred stock automatically converted into 10,719,353 shares of our common stock , which also reflected conversion price adjustments to our preferred stock . financial overview revenues from our inception through december 31 , 2011 , we have not generated any revenue from product sales . we have generated $ 5.7 million in grant revenue from our inception through december 31 , 2011 , which is primarily attributable to research and development being performed by our subsidiary , bioprotection systems corporation , or bps , under contracts and grants with the department of defense , or dod , and the national institutes of health , or nih . in the future , we may generate revenue from a variety of sources , including product sales if we develop products which are approved for sale , license fees , and milestone , research and development and royalty payments in connection with strategic collaborations or licenses of our intellectual property . we expect that any revenue we generate will fluctuate from quarter to quarter as a result of the timing and amount of license fees , research and development reimbursements , milestone and other payments we may receive under potential strategic collaborations , and the amount and timing of payments we may receive upon the sale of any products , if approved , to the extent any are successfully commercialized . we do not expect to generate revenue from product sales for several years , if ever . if we fail to complete the development of our product candidates in a timely manner or to obtain regulatory approval for them , our ability to generate future revenue , and our results of operations and financial position , would be materially adversely affected . research and development expenses research and development expenses consist of expenses incurred in connection with the discovery and development of our product candidates . these expenses consist primarily of : employee‑related expenses , which include salaries , bonuses , benefits and share‑based compensation ; the cost of acquiring and manufacturing clinical trial materials ; expenses incurred under agreements with contract research organizations , investigative sites and consultants that conduct our clinical trials and a substantial portion of our preclinical studies ; facilities , depreciation of fixed assets and other allocated expenses , which include direct and allocated expenses for rent and maintenance of research facilities and equipment ; license fees for and milestone payments related to in-licensed products and technology ; and costs associated with non-clinical activities and regulatory approvals . we expense research and development expenses as incurred . product candidates in late stages of clinical development generally have higher development costs than those in earlier stages of clinical development , primarily due to the increased size , duration and complexity of later stage clinical trials . we plan to increase our research and development expenses for the foreseeable future as we seek to complete development of our most advanced product candidates , and to further advance our earlier‑stage research and development projects . from our inception through december 31 , 2011 , 2010 and 2009 , we have incurred $ 60.3 , $ 46.1 and $ 33.4 million , respectively , in research and development expenses . the following tables summarize our research and development expenses for the periods indicated : replace_table_token_9_th 64 replace_table_token_10_th at this time , we can not accurately estimate or know the nature , specific timing or costs necessary to complete clinical development activities for our product candidates . we are subject to the numerous risks and uncertainties associated with developing biopharmaceutical products including the uncertain cost and outcome of ongoing and planned clinical trials , the possibility that the fda or another regulatory authority may require us to conduct clinical or non-clinical testing in addition to trials that we have planned , rapid and significant technological changes , frequent new product and service introductions and enhancements , evolving industry standards in the life sciences industry and our future need for additional capital . in addition , we currently have limited clinical data concerning the safety and efficacy of our product candidates . a change in the outcome of any of these variables with respect to the development of any of our product candidates could result in a significant change in the costs and timing of our research and development expenses . general and administrative expenses general and administrative expenses consist principally of salaries and related costs for personnel in executive , finance , business development , information technology , legal and human resources functions . other general and administrative expenses include facility costs not otherwise associated with research and development expenses , intellectual property prosecution and defense costs and professional fees for legal , consulting , auditing and tax services . story_separator_special_tag the gaap measurement date did not occur until april 14 , 2011 , which was the date the exercise price per share based on completion and approval of the december 31 , 2010 common stock valuation report and the awards were communicated to all recipients . we do not believe the fair value of our common stock on april 14 , 2011 was materially different than the value at december 31 , 2010 ; therefore the december 31 , 2010 value was used to measure the stock option award . ( 5 ) we do not believe the fair values of our common stock on january 19 , 2011 or april 14 , 2011 was materially different than the value at december 31 , 2010 ; therefore the december 31 , 2010 value was used to measure the stock option award . based on the december 30 , 2011 price of $ 7.04 per share , the intrinsic value of stock options outstanding at december 31 , 2011 , was $ 11.6 million , of which $ 9.6 million and $ 2.0 million related to stock options that were vested and unvested , respectively , at that date . results of operations comparison of the years ended december 31 , 2011 and 2010 revenues . revenues for the twelve months ended december 31 , 2011 were $ 1.9 million , decreasing from $ 2.1 million for the same period in 2010. the decrease in revenue of $ 207,000 was due to a one-time qualifying therapeutic discovery project grant in 2010 of $ 244,000 offset by increased grant billings on research under various dod contracts and nih grants of $ 37,000. on september 21 , 2011 , bps entered into an amendment to a dod contract extending the contract period to september 24 , 2013 and increasing the aggregate amounts for which bps may receive reimbursements by $ 3.4 million to a total of up to approximately $ 7.1 million . 69 research and development expenses . research and development expenses for the twelve months ended december 31 , 2011 were $ 14.3 million , increasing from $ 12.7 million for the same period in 2010. the $ 1.6 million increase was primarily due to an increase of $ 744,000 in personnel-related expenses and an increase of $ 888,000 in clinical trial expense , contract research and other expenses offset by a decrease of $ 43,000 in equipment and supplies . general and administrative expenses . general and administrative expenses for the twelve months ended december 31 , 2011 were $ 5.7 million , decreasing from $ 6.1 million for the same period in 2010. the $ 400,000 decrease was primarily due to a decrease of $ 984,000 in legal fees and $ 65,000 in licensing fees , offset by an increase of $ 406,000 in personnel expenses , $ 108,000 in accounting expenses , $ 91,000 in recruiting , and $ 44,000 in insurance and other expenses . interest income and expense . interest expense for the twelve months ended december 31 , 2011 was $ 42,000 , compared to $ 47,000 for the same period in 2010. interest income for the twelve months ended december 31 , 2011 was $ 11,000 , compared to $ 75,000 for the same period in 2010. other income ( expense ) . miscellaneous income , net for the twelve months ended december 31 , 2011 was $ 5,000 , compared to $ 71,000 for the same period in 2010. miscellaneous income for the twelve months ended december 31 , 2011 was primarily attributable to the receipt of training credits from the state of iowa . comparison of the years ended december 31 , 2010 and 2009 revenues . revenues for the year ended december 31 , 2010 were $ 2.1 million , increasing from $ 934,000 for the same period in 2009. the increase in revenue of $ 1.1 million was due to an increase in billings of $ 860,000 by bps under various dod contracts and nih grants and the receipt of $ 240,000 in section 48d income tax credits by newlink . research and development expenses . research and development expenses for the year ended december 31 , 2010 were $ 12.7 million , increasing from $ 7.6 million for the same period in 2009. the $ 5.1 million increase was due to a $ 2.4 million increase in equipment , supplies and occupancy costs including the acquisition of in-process research and development , accompanied by a $ 1.9 million increase in personnel‑related expenses and an $ 800,000 increase in outside clinical and other expenses including direct development expenses for our clinical trial activities . general and administrative expenses . general and administrative expenses for the year ended december 31 , 2010 were $ 6.1 million , increasing from $ 3.7 million for the same period in 2009. the $ 2.4 million increase was primarily due to a $ 1.0 million increase in professional fees , a $ 864,000 increase in personnel‑related expenses , a $ 129,000 increase in equipment , supplies and occupancy costs , and a $ 374,000 increase in other costs . interest income and expense . interest expense for the year ended december 31 , 2010 was $ 47,000 , compared to $ 9,000 for the same period in 2009. the $ 38,000 increase was due to increased borrowings under notes payable and capital lease obligations . interest income for the year ended december 31 , 2010 was $ 75,000 , compared to $ 132,000 for the same period in 2009. the $ 57,000 decrease was primarily due to a decrease in interest rates , partially offset by an increase in our average cash balances . other income ( expense ) . miscellaneous income , net for the year ended december 31 , 2010 was $ 71,000 , compared to $ 19,000 for the same period in 2009. story_separator_special_tag march 2005 iowa department of economic development loan

liquidity and capital resources we have funded our operations principally through the private placement of equity securities , debt financing and interest income . as of december 31 , 2011 , we have received proceeds , net of offering costs , of $ 76.3 million from the issuance of convertible preferred stock , including $ 7.5 million from the sale of 1.5 million shares of series d preferred stock in july 2009 , $ 30.0 million from the sale of 6.0 million shares of series c preferred stock in during the course of 2008 and 2009 , and $ 21.4 million from the sale of 684,624 shares of series e preferred stock during the course of 2010 and the first half of 2011 , of which $ 8.6 million was issued to acquire the minority interest in bps . as of november 16 , 2011 , we received proceeds , net of offering costs , of $ 37.6 million from the issuance of 6,200,000 shares of common stock in our ipo . the following table sets forth the primary sources and uses of cash for each of the periods set forth below : 70 replace_table_token_13_th for the years ended december 31 , 2011 , 2010 and 2009 , we used cash of $ 12.9 million , $ 13.3 million and $ 9.1 million , respectively , for our development activities . the use of cash in these periods primarily resulted from our net losses adjusted for non-cash items and changes in operating assets and liabilities . for the years ended december 31 , 2011 , 2010 and 2009 , our investing activities used cash of $ 502,000 , $ 2.7 million and $ 1.5 million , respectively .


 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 funded our operations principally through the private placement of equity securities , debt financing and interest income . as of december 31 , 2011 , we have received proceeds , net of offering costs , of $ 76.3 million from the issuance of convertible preferred stock , including $ 7.5 million from the sale of 1.5 million shares of series d preferred stock in july 2009 , $ 30.0 million from the sale of 6.0 million shares of series c preferred stock in during the course of 2008 and 2009 , and $ 21.4 million from the sale of 684,624 shares of series e preferred stock during the course of 2010 and the first half of 2011 , of which $ 8.6 million was issued to acquire the minority interest in bps . as of november 16 , 2011 , we received proceeds , net of offering costs , of $ 37.6 million from the issuance of 6,200,000 shares of common stock in our ipo . the following table sets forth the primary sources and uses of cash for each of the periods set forth below : 70 replace_table_token_13_th for the years ended december 31 , 2011 , 2010 and 2009 , we used cash of $ 12.9 million , $ 13.3 million and $ 9.1 million , respectively , for our development activities . the use of cash in these periods primarily resulted from our net losses adjusted for non-cash items and changes in operating assets and liabilities . for the years ended december 31 , 2011 , 2010 and 2009 , our investing activities used cash of $ 502,000 , $ 2.7 million and $ 1.5 million , respectively .
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 Suspicious Activity Report : initial public offering on november 16 , 2011 , we completed our initial public offering , or ipo , of common stock pursuant to a registration statement on form s-1that was declared effective on november 10 , 2011. we sold 6,200,000 shares of our common stock , at a price of $ 7.00 per share . as a result of the ipo , we raised a total of $ 37.6 million in net proceeds after deducting underwriting discounts and commissions of $ 3.0 million and offering expenses of $ 2.9 million . costs directly associated with our ipo were capitalized and recorded as deferred ipo costs prior to the closing of the ipo . these costs have been recorded as a reduction of the proceeds received in arriving at the amount to be recorded in additional paid-in capital . upon the closing of the ipo , 14,270,113 63 shares of our convertible preferred stock automatically converted into 10,719,353 shares of our common stock , which also reflected conversion price adjustments to our preferred stock . financial overview revenues from our inception through december 31 , 2011 , we have not generated any revenue from product sales . we have generated $ 5.7 million in grant revenue from our inception through december 31 , 2011 , which is primarily attributable to research and development being performed by our subsidiary , bioprotection systems corporation , or bps , under contracts and grants with the department of defense , or dod , and the national institutes of health , or nih . in the future , we may generate revenue from a variety of sources , including product sales if we develop products which are approved for sale , license fees , and milestone , research and development and royalty payments in connection with strategic collaborations or licenses of our intellectual property . we expect that any revenue we generate will fluctuate from quarter to quarter as a result of the timing and amount of license fees , research and development reimbursements , milestone and other payments we may receive under potential strategic collaborations , and the amount and timing of payments we may receive upon the sale of any products , if approved , to the extent any are successfully commercialized . we do not expect to generate revenue from product sales for several years , if ever . if we fail to complete the development of our product candidates in a timely manner or to obtain regulatory approval for them , our ability to generate future revenue , and our results of operations and financial position , would be materially adversely affected . research and development expenses research and development expenses consist of expenses incurred in connection with the discovery and development of our product candidates . these expenses consist primarily of : employee‑related expenses , which include salaries , bonuses , benefits and share‑based compensation ; the cost of acquiring and manufacturing clinical trial materials ; expenses incurred under agreements with contract research organizations , investigative sites and consultants that conduct our clinical trials and a substantial portion of our preclinical studies ; facilities , depreciation of fixed assets and other allocated expenses , which include direct and allocated expenses for rent and maintenance of research facilities and equipment ; license fees for and milestone payments related to in-licensed products and technology ; and costs associated with non-clinical activities and regulatory approvals . we expense research and development expenses as incurred . product candidates in late stages of clinical development generally have higher development costs than those in earlier stages of clinical development , primarily due to the increased size , duration and complexity of later stage clinical trials . we plan to increase our research and development expenses for the foreseeable future as we seek to complete development of our most advanced product candidates , and to further advance our earlier‑stage research and development projects . from our inception through december 31 , 2011 , 2010 and 2009 , we have incurred $ 60.3 , $ 46.1 and $ 33.4 million , respectively , in research and development expenses . the following tables summarize our research and development expenses for the periods indicated : replace_table_token_9_th 64 replace_table_token_10_th at this time , we can not accurately estimate or know the nature , specific timing or costs necessary to complete clinical development activities for our product candidates . we are subject to the numerous risks and uncertainties associated with developing biopharmaceutical products including the uncertain cost and outcome of ongoing and planned clinical trials , the possibility that the fda or another regulatory authority may require us to conduct clinical or non-clinical testing in addition to trials that we have planned , rapid and significant technological changes , frequent new product and service introductions and enhancements , evolving industry standards in the life sciences industry and our future need for additional capital . in addition , we currently have limited clinical data concerning the safety and efficacy of our product candidates . a change in the outcome of any of these variables with respect to the development of any of our product candidates could result in a significant change in the costs and timing of our research and development expenses . general and administrative expenses general and administrative expenses consist principally of salaries and related costs for personnel in executive , finance , business development , information technology , legal and human resources functions . other general and administrative expenses include facility costs not otherwise associated with research and development expenses , intellectual property prosecution and defense costs and professional fees for legal , consulting , auditing and tax services . story_separator_special_tag the gaap measurement date did not occur until april 14 , 2011 , which was the date the exercise price per share based on completion and approval of the december 31 , 2010 common stock valuation report and the awards were communicated to all recipients . we do not believe the fair value of our common stock on april 14 , 2011 was materially different than the value at december 31 , 2010 ; therefore the december 31 , 2010 value was used to measure the stock option award . ( 5 ) we do not believe the fair values of our common stock on january 19 , 2011 or april 14 , 2011 was materially different than the value at december 31 , 2010 ; therefore the december 31 , 2010 value was used to measure the stock option award . based on the december 30 , 2011 price of $ 7.04 per share , the intrinsic value of stock options outstanding at december 31 , 2011 , was $ 11.6 million , of which $ 9.6 million and $ 2.0 million related to stock options that were vested and unvested , respectively , at that date . results of operations comparison of the years ended december 31 , 2011 and 2010 revenues . revenues for the twelve months ended december 31 , 2011 were $ 1.9 million , decreasing from $ 2.1 million for the same period in 2010. the decrease in revenue of $ 207,000 was due to a one-time qualifying therapeutic discovery project grant in 2010 of $ 244,000 offset by increased grant billings on research under various dod contracts and nih grants of $ 37,000. on september 21 , 2011 , bps entered into an amendment to a dod contract extending the contract period to september 24 , 2013 and increasing the aggregate amounts for which bps may receive reimbursements by $ 3.4 million to a total of up to approximately $ 7.1 million . 69 research and development expenses . research and development expenses for the twelve months ended december 31 , 2011 were $ 14.3 million , increasing from $ 12.7 million for the same period in 2010. the $ 1.6 million increase was primarily due to an increase of $ 744,000 in personnel-related expenses and an increase of $ 888,000 in clinical trial expense , contract research and other expenses offset by a decrease of $ 43,000 in equipment and supplies . general and administrative expenses . general and administrative expenses for the twelve months ended december 31 , 2011 were $ 5.7 million , decreasing from $ 6.1 million for the same period in 2010. the $ 400,000 decrease was primarily due to a decrease of $ 984,000 in legal fees and $ 65,000 in licensing fees , offset by an increase of $ 406,000 in personnel expenses , $ 108,000 in accounting expenses , $ 91,000 in recruiting , and $ 44,000 in insurance and other expenses . interest income and expense . interest expense for the twelve months ended december 31 , 2011 was $ 42,000 , compared to $ 47,000 for the same period in 2010. interest income for the twelve months ended december 31 , 2011 was $ 11,000 , compared to $ 75,000 for the same period in 2010. other income ( expense ) . miscellaneous income , net for the twelve months ended december 31 , 2011 was $ 5,000 , compared to $ 71,000 for the same period in 2010. miscellaneous income for the twelve months ended december 31 , 2011 was primarily attributable to the receipt of training credits from the state of iowa . comparison of the years ended december 31 , 2010 and 2009 revenues . revenues for the year ended december 31 , 2010 were $ 2.1 million , increasing from $ 934,000 for the same period in 2009. the increase in revenue of $ 1.1 million was due to an increase in billings of $ 860,000 by bps under various dod contracts and nih grants and the receipt of $ 240,000 in section 48d income tax credits by newlink . research and development expenses . research and development expenses for the year ended december 31 , 2010 were $ 12.7 million , increasing from $ 7.6 million for the same period in 2009. the $ 5.1 million increase was due to a $ 2.4 million increase in equipment , supplies and occupancy costs including the acquisition of in-process research and development , accompanied by a $ 1.9 million increase in personnel‑related expenses and an $ 800,000 increase in outside clinical and other expenses including direct development expenses for our clinical trial activities . general and administrative expenses . general and administrative expenses for the year ended december 31 , 2010 were $ 6.1 million , increasing from $ 3.7 million for the same period in 2009. the $ 2.4 million increase was primarily due to a $ 1.0 million increase in professional fees , a $ 864,000 increase in personnel‑related expenses , a $ 129,000 increase in equipment , supplies and occupancy costs , and a $ 374,000 increase in other costs . interest income and expense . interest expense for the year ended december 31 , 2010 was $ 47,000 , compared to $ 9,000 for the same period in 2009. the $ 38,000 increase was due to increased borrowings under notes payable and capital lease obligations . interest income for the year ended december 31 , 2010 was $ 75,000 , compared to $ 132,000 for the same period in 2009. the $ 57,000 decrease was primarily due to a decrease in interest rates , partially offset by an increase in our average cash balances . other income ( expense ) . miscellaneous income , net for the year ended december 31 , 2010 was $ 71,000 , compared to $ 19,000 for the same period in 2009. story_separator_special_tag march 2005 iowa department of economic development loan

