we are also eligible to receive incremental tiered royalties based on aggregate annual net sales of each licensed product starting in the high single digits and increasing to high teen percentages as annual net sales increase , subject to an increase related to our co-fund election , if we decide to make such an election . 71 we have identified the deliverables within the arrangement as a license to the technology , the initial supply of the compound of the licensed product for use in development , and ongoing development activities through completion of all phase 2 clinical trials to be conducted with tenapanor , which are accounted for as a single unit of accounting . we have concluded that the license is not a separate unit of accounting . it does not have stand-alone value to astrazeneca , separable from the development services to be performed pursuant to the agreement , as astrazeneca is unable to use the license for its intended purpose without our performance of the development services , which included the initial supply of the compound of the licensed product . we recognize revenue from the $ 35.0 million up-front payment on a straight-line basis over the period from the effective date of the agreement through the completion of the phase 2b ckd trials to be conducted with tenapanor , which we currently estimate to be december 2017. during the third quarter of 2014 , we extended the estimated period of performance from december 2016 to december 2017 due to the extension of the estimated completion date of the phase 2 ckd clinical trials . the expected period of performance is reviewed quarterly and adjusted , as needed , to reflect our current assumptions regarding the timing of clinical studies . in addition , we recognize revenue from the $ 15.0 million and the $ 25.0 million development milestone payments on a straight-line basis over the same estimated completion date . in february 2014 , we entered into an option and license agreement with sanofi under which we granted sanofi an exclusive worldwide license to conduct research utilizing our program evaluating small molecule nap2b inhibitors for the treatment of hyperphosphatemia in ckd-5d patients . in addition , sanofi has the option to obtain an exclusive license to develop , manufacture and commercialize our nap2b inhibitors . sanofi is advancing this program towards first-in-human clinical trials . under our arrangement , sanofi is responsible for all of the costs and expenses for research and preclinical activities and , should it exercise its option , for the development and commercialization efforts under the program . under the license option and license agreement , we received a payment of $ 1.25 million in march 2014 , which was fully recognized as licensing revenue in may 2014 after we completed our obligation to provide to sanofi the background know-how , listed patents , and materials described in the license option and license agreement . we have the potential to earn future development , regulatory and commercial milestone payments of up to $ 196.75 million if sanofi continues to advance the program into development and through commercialization . if a nap2b inhibitor is commercialized by sanofi as a result of this program , we will receive tiered royalties ranging from the mid-single digits into the low double digits . as part of our agreement with sanofi , we retain an option to co-promote licensed products in the united states . our revenue to date has been generated from collaboration and license revenue pursuant to our license agreements with astrazeneca , and sanofi . we have not generated any commercial product revenue . as of december 31 , 2014 , we had an accumulated deficit of $ 71.9 million . we have incurred significant losses in the past and may continue to incur significant losses in the future as we advance our unpartnered preclinical programs . the significance of future losses will be dependent in part on whether astrazeneca continues to develop and advance tenapanor , and whether sanofi exercises its option to obtain an exclusive license to develop , manufacture and commercialize our nap2b inhibitors , which in either case would result in milestone payments to us . there can be no assurance that we will receive additional collaboration revenue in the future . initial public offering on june 18 , 2014 , our registration statement on form s-1 ( file no . 333-196090 ) relating to the ipo of our common stock was declared effective by the sec and the ipo closed on june 24 , 2014. we sold 4,928,900 shares of our common stock , which included 642,900 shares of common stock purchased by the underwriters upon the full exercise of their option to purchase additional shares of common stock , and we received cash proceeds of $ 61.2 million from the ipo , net of underwriting discounts and commissions and expenses paid by us . financial operations overview revenue our revenue to date has been generated from non-refundable license payments and reimbursements for research and development expenses under our license agreements . we recognize revenue from upfront payments ratably over the term of our estimated period of performance under the agreement which we consider to be licensing revenue . in addition to receiving upfront payments , we may also be entitled to milestone and other contingent payments upon achieving predefined objectives . such payments are recorded as revenue when we achieve the underlying milestone if it is deemed to be a substantive milestone at the date the arrangement is entered into . to the extent that non-substantive milestones are achieved and we have remaining performance obligations , milestones are deferred and recognized as revenue over the estimated remaining period of performance . reimbursements from astrazeneca for development costs incurred under our license and collaboration agreement with them are classified as collaborative development revenue . story_separator_special_tag collaborative development revenue for the year ended december 31 , 2014 was $ 13.2 million , a decrease of $ 7.6 million , or 37 % , compared to $ 20.9 million for the year ended december 31 , 2013. the decrease was due to a decrease in our development activities primarily related to the clinical trials that are a part of the astrazeneca agreement . research and development year ended december 31 , dollar change 2014 2013 ( in thousands ) research and development $ 25,900 $ 28,093 $ ( 2,193 ) research and development expenses were $ 25.9 million for the year ended december 31 , 2014 , a decrease of $ 2.2 million , or 8 % , compared to $ 28.1 million for the year ended december 31 , 2013. the change was due to a decrease in astrazeneca collaboration development expense of $ 7.2 million which was primarily driven by the decrease in development activities related to tenapanor conducted by us under the license agreement with astrazeneca . the decrease was offset by a $ 5.0 million increase in discovery research expenses primarily due to an increase in our personnel costs of $ 1.2 million , an increase in our stock-based compensation expense of $ 1.2 million primarily driven by the acceleration of stock option vesting related to the separation agreement with dr. charmot , an increase in cro consultant service fees and other temporary consultant fees of $ 0.9 million , and an increase in lab supply expenses from increased research activities for unpartnered programs of $ 0.8 million . general and administrative year ended december 31 , dollar change 2014 2013 ( in thousands ) general and administrative $ 7,287 $ 3,700 $ 3,587 general and administrative expenses were $ 7.3 million for the year ended december 31 , 2014 , an increase of $ 3.6 million , or 97 % , compared to $ 3.7 million for the year ended december 31 , 2013. the increase was due to an increase in operational costs of $ 2.1 million as a result of being a public company , including professional services and legal services , an increase personnel related expenses of $ 0.7 million , and an increase of $ 0.8 million due to office related and travel expenses . 77 change in fair value of preferred stock warrant liability year ended december 31 , dollar change 2014 2013 ( in thousands ) change in fair value of preferred stock warrant liability $ ( 1,593 ) $ ( 3,506 ) $ 1,913 change in fair value of preferred stock warrant liability was $ 1.6 million for the year ended december 31 , 2014 compared to $ 3.5 million for the year ended december 31 , 2013. the amounts recorded in each of 2014 and 2013 were due to increases in the fair value of our convertible preferred stock as compared with the prior year . the smaller amount recorded in 2014 was due to a smaller increase in the value of the underlying stock as compared with the prior year . the preferred stock warrants were net exercised upon the completion of the ipo and are no longer subject to remeasurement . provision for income taxes replace_table_token_10_th provision for income taxes was $ 0.1 million for the years ended december 31 , 2014 and 2013 , and was due to california state income taxes for alternative minimum tax . comparison of the years ended december 31 , 2013 and 2012 revenue replace_table_token_11_th licensing revenue for the year ended december 31 , 2013 was $ 8.1 million , an increase of $ 4.9 million , or 153 % , compared to $ 3.2 million for the year ended december 31 , 2012. the increase was due to a full year of amortization in 2013 of the astrazeneca up-front license payment as compared to a partial period in 2012. in addition , we received an additional payment of $ 15.0 million in december 2013 related to the amendment to the astrazeneca agreement which is also being amortized over the expected period of performance . the estimated period of performance is based on the completion of all of the phase 2 clinical trials for tenapanor . we initially estimated the period of performance to be through june 2015. in connection with our process of evaluating the progress of clinical activities , in the fourth quarter of 2013 we revised our estimate of the period of performance to be through december 2016. collaborative development revenue consists of our development expenses that are reimbursable to us by astrazeneca as part of our license agreement . collaborative development revenue for the year ended december 31 , 2013 was $ 20.9 million , an increase of $ 18.6 million , compared to $ 2.2 million for the year ended december 31 , 2012. the increase was due to a full year of development activities related to the astrazeneca agreement . 78 research and development year ended december 31 , dollar change 2013 2012 ( in thousands ) research and development $ 28,093 $ 10,184 $ 17,909 research and development expenses were $ 28.1 million for the year ended december 31 , 2013 , an increase of $ 17.9 million , or 176 % , compared to $ 10.2 million for the year ended december 31 , 2012. the increase was primarily driven by increased development activities , including our ongoing phase 2 clinical trials , as part of our license agreement with astrazeneca for the research , development , and commercialization of tenapanor . astrazeneca reimburses us for our internal and external development-related costs associated with our license agreement . these development-related costs are mainly comprised of external research and development expenses incurred under agreements with consultants and third-party contract research organizations . general and administrative year ended december 31 , dollar change 2013 2012 ( in thousands ) general and administrative $ 3,700 $ 4,031 $ ( 331 )

cash flows from operating activities cash provided by operating activities for the year ended december 31 , 2014 was $ 13.4 million , consisting of net loss of $ 3.2 million , which was offset by non-cash charges of $ 0.3 million for depreciation and amortization expense , $ 1.7 million for stock-based compensation , and $ 1.6 million for the change in the fair value remeasurement of our convertible preferred stock warrant liability . the change in our net operating assets and liabilities was primarily due to a $ 6.8 million increase in deferred revenue which was mainly driven by the $ 25.0 million payment received in may 2014 in connection with our agreement with astrazeneca offset by amortization of $ 18.4 million that was recognized as license revenue , a $ 3.9 million decrease in our accounts receivable due to the timing of payments received from astrazeneca for reimbursable costs incurred under our licensing agreement , a $ 0.8 million increase in accounts payable due to timing of payments , as well as a $ 0.7 million increase in accrued compensation and benefits due to an increase in compensation costs . cash provided by operating activities for the year ended december 31 , 2013 was $ 1.8 million , consisting of a net loss of $ 6.6 million , which was offset by non-cash charges of $ 0.4 million for stock-based compensation , $ 0.6 million for depreciation and amortization expense , and $ 3.5 million for the change in the fair value remeasurement of our convertible preferred stock warrant liability .


 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 cash provided by operating activities for the year ended december 31 , 2014 was $ 13.4 million , consisting of net loss of $ 3.2 million , which was offset by non-cash charges of $ 0.3 million for depreciation and amortization expense , $ 1.7 million for stock-based compensation , and $ 1.6 million for the change in the fair value remeasurement of our convertible preferred stock warrant liability . the change in our net operating assets and liabilities was primarily due to a $ 6.8 million increase in deferred revenue which was mainly driven by the $ 25.0 million payment received in may 2014 in connection with our agreement with astrazeneca offset by amortization of $ 18.4 million that was recognized as license revenue , a $ 3.9 million decrease in our accounts receivable due to the timing of payments received from astrazeneca for reimbursable costs incurred under our licensing agreement , a $ 0.8 million increase in accounts payable due to timing of payments , as well as a $ 0.7 million increase in accrued compensation and benefits due to an increase in compensation costs . cash provided by operating activities for the year ended december 31 , 2013 was $ 1.8 million , consisting of a net loss of $ 6.6 million , which was offset by non-cash charges of $ 0.4 million for stock-based compensation , $ 0.6 million for depreciation and amortization expense , and $ 3.5 million for the change in the fair value remeasurement of our convertible preferred stock warrant liability .
```    
 Suspicious Activity Report : we are also eligible to receive incremental tiered royalties based on aggregate annual net sales of each licensed product starting in the high single digits and increasing to high teen percentages as annual net sales increase , subject to an increase related to our co-fund election , if we decide to make such an election . 71 we have identified the deliverables within the arrangement as a license to the technology , the initial supply of the compound of the licensed product for use in development , and ongoing development activities through completion of all phase 2 clinical trials to be conducted with tenapanor , which are accounted for as a single unit of accounting . we have concluded that the license is not a separate unit of accounting . it does not have stand-alone value to astrazeneca , separable from the development services to be performed pursuant to the agreement , as astrazeneca is unable to use the license for its intended purpose without our performance of the development services , which included the initial supply of the compound of the licensed product . we recognize revenue from the $ 35.0 million up-front payment on a straight-line basis over the period from the effective date of the agreement through the completion of the phase 2b ckd trials to be conducted with tenapanor , which we currently estimate to be december 2017. during the third quarter of 2014 , we extended the estimated period of performance from december 2016 to december 2017 due to the extension of the estimated completion date of the phase 2 ckd clinical trials . the expected period of performance is reviewed quarterly and adjusted , as needed , to reflect our current assumptions regarding the timing of clinical studies . in addition , we recognize revenue from the $ 15.0 million and the $ 25.0 million development milestone payments on a straight-line basis over the same estimated completion date . in february 2014 , we entered into an option and license agreement with sanofi under which we granted sanofi an exclusive worldwide license to conduct research utilizing our program evaluating small molecule nap2b inhibitors for the treatment of hyperphosphatemia in ckd-5d patients . in addition , sanofi has the option to obtain an exclusive license to develop , manufacture and commercialize our nap2b inhibitors . sanofi is advancing this program towards first-in-human clinical trials . under our arrangement , sanofi is responsible for all of the costs and expenses for research and preclinical activities and , should it exercise its option , for the development and commercialization efforts under the program . under the license option and license agreement , we received a payment of $ 1.25 million in march 2014 , which was fully recognized as licensing revenue in may 2014 after we completed our obligation to provide to sanofi the background know-how , listed patents , and materials described in the license option and license agreement . we have the potential to earn future development , regulatory and commercial milestone payments of up to $ 196.75 million if sanofi continues to advance the program into development and through commercialization . if a nap2b inhibitor is commercialized by sanofi as a result of this program , we will receive tiered royalties ranging from the mid-single digits into the low double digits . as part of our agreement with sanofi , we retain an option to co-promote licensed products in the united states . our revenue to date has been generated from collaboration and license revenue pursuant to our license agreements with astrazeneca , and sanofi . we have not generated any commercial product revenue . as of december 31 , 2014 , we had an accumulated deficit of $ 71.9 million . we have incurred significant losses in the past and may continue to incur significant losses in the future as we advance our unpartnered preclinical programs . the significance of future losses will be dependent in part on whether astrazeneca continues to develop and advance tenapanor , and whether sanofi exercises its option to obtain an exclusive license to develop , manufacture and commercialize our nap2b inhibitors , which in either case would result in milestone payments to us . there can be no assurance that we will receive additional collaboration revenue in the future . initial public offering on june 18 , 2014 , our registration statement on form s-1 ( file no . 333-196090 ) relating to the ipo of our common stock was declared effective by the sec and the ipo closed on june 24 , 2014. we sold 4,928,900 shares of our common stock , which included 642,900 shares of common stock purchased by the underwriters upon the full exercise of their option to purchase additional shares of common stock , and we received cash proceeds of $ 61.2 million from the ipo , net of underwriting discounts and commissions and expenses paid by us . financial operations overview revenue our revenue to date has been generated from non-refundable license payments and reimbursements for research and development expenses under our license agreements . we recognize revenue from upfront payments ratably over the term of our estimated period of performance under the agreement which we consider to be licensing revenue . in addition to receiving upfront payments , we may also be entitled to milestone and other contingent payments upon achieving predefined objectives . such payments are recorded as revenue when we achieve the underlying milestone if it is deemed to be a substantive milestone at the date the arrangement is entered into . to the extent that non-substantive milestones are achieved and we have remaining performance obligations , milestones are deferred and recognized as revenue over the estimated remaining period of performance . reimbursements from astrazeneca for development costs incurred under our license and collaboration agreement with them are classified as collaborative development revenue . story_separator_special_tag collaborative development revenue for the year ended december 31 , 2014 was $ 13.2 million , a decrease of $ 7.6 million , or 37 % , compared to $ 20.9 million for the year ended december 31 , 2013. the decrease was due to a decrease in our development activities primarily related to the clinical trials that are a part of the astrazeneca agreement . research and development year ended december 31 , dollar change 2014 2013 ( in thousands ) research and development $ 25,900 $ 28,093 $ ( 2,193 ) research and development expenses were $ 25.9 million for the year ended december 31 , 2014 , a decrease of $ 2.2 million , or 8 % , compared to $ 28.1 million for the year ended december 31 , 2013. the change was due to a decrease in astrazeneca collaboration development expense of $ 7.2 million which was primarily driven by the decrease in development activities related to tenapanor conducted by us under the license agreement with astrazeneca . the decrease was offset by a $ 5.0 million increase in discovery research expenses primarily due to an increase in our personnel costs of $ 1.2 million , an increase in our stock-based compensation expense of $ 1.2 million primarily driven by the acceleration of stock option vesting related to the separation agreement with dr. charmot , an increase in cro consultant service fees and other temporary consultant fees of $ 0.9 million , and an increase in lab supply expenses from increased research activities for unpartnered programs of $ 0.8 million . general and administrative year ended december 31 , dollar change 2014 2013 ( in thousands ) general and administrative $ 7,287 $ 3,700 $ 3,587 general and administrative expenses were $ 7.3 million for the year ended december 31 , 2014 , an increase of $ 3.6 million , or 97 % , compared to $ 3.7 million for the year ended december 31 , 2013. the increase was due to an increase in operational costs of $ 2.1 million as a result of being a public company , including professional services and legal services , an increase personnel related expenses of $ 0.7 million , and an increase of $ 0.8 million due to office related and travel expenses . 77 change in fair value of preferred stock warrant liability year ended december 31 , dollar change 2014 2013 ( in thousands ) change in fair value of preferred stock warrant liability $ ( 1,593 ) $ ( 3,506 ) $ 1,913 change in fair value of preferred stock warrant liability was $ 1.6 million for the year ended december 31 , 2014 compared to $ 3.5 million for the year ended december 31 , 2013. the amounts recorded in each of 2014 and 2013 were due to increases in the fair value of our convertible preferred stock as compared with the prior year . the smaller amount recorded in 2014 was due to a smaller increase in the value of the underlying stock as compared with the prior year . the preferred stock warrants were net exercised upon the completion of the ipo and are no longer subject to remeasurement . provision for income taxes replace_table_token_10_th provision for income taxes was $ 0.1 million for the years ended december 31 , 2014 and 2013 , and was due to california state income taxes for alternative minimum tax . comparison of the years ended december 31 , 2013 and 2012 revenue replace_table_token_11_th licensing revenue for the year ended december 31 , 2013 was $ 8.1 million , an increase of $ 4.9 million , or 153 % , compared to $ 3.2 million for the year ended december 31 , 2012. the increase was due to a full year of amortization in 2013 of the astrazeneca up-front license payment as compared to a partial period in 2012. in addition , we received an additional payment of $ 15.0 million in december 2013 related to the amendment to the astrazeneca agreement which is also being amortized over the expected period of performance . the estimated period of performance is based on the completion of all of the phase 2 clinical trials for tenapanor . we initially estimated the period of performance to be through june 2015. in connection with our process of evaluating the progress of clinical activities , in the fourth quarter of 2013 we revised our estimate of the period of performance to be through december 2016. collaborative development revenue consists of our development expenses that are reimbursable to us by astrazeneca as part of our license agreement . collaborative development revenue for the year ended december 31 , 2013 was $ 20.9 million , an increase of $ 18.6 million , compared to $ 2.2 million for the year ended december 31 , 2012. the increase was due to a full year of development activities related to the astrazeneca agreement . 78 research and development year ended december 31 , dollar change 2013 2012 ( in thousands ) research and development $ 28,093 $ 10,184 $ 17,909 research and development expenses were $ 28.1 million for the year ended december 31 , 2013 , an increase of $ 17.9 million , or 176 % , compared to $ 10.2 million for the year ended december 31 , 2012. the increase was primarily driven by increased development activities , including our ongoing phase 2 clinical trials , as part of our license agreement with astrazeneca for the research , development , and commercialization of tenapanor . astrazeneca reimburses us for our internal and external development-related costs associated with our license agreement . these development-related costs are mainly comprised of external research and development expenses incurred under agreements with consultants and third-party contract research organizations . general and administrative year ended december 31 , dollar change 2013 2012 ( in thousands ) general and administrative $ 3,700 $ 4,031 $ ( 331 )

