in addition , in october 2016 , the fda granted fast track designation to blu-285 for the treatment of patients with unresectable or metastatic gist that progressed following treatment with imatinib and a second tyrosine kinase inhibitor and for the treatment of patients with unresectable or metastatic gist with the pdgfrα d842v mutation regardless of prior therapy . we have worldwide development and commercialization rights to blu-285 , blu-554 and blu-667 . we also have initiated a discovery program targeting protein kinase camp-activated catalytic subunit alpha , or prkaca , fusions for the treatment of fibrolamellar carcinoma , or flc , a rare and distinct subtype of liver cancer that typically arises in young adults . prkaca fusions are the only known recurrent genomic events in flc and are considered to be the driver gene of the disease . currently , there are no approved therapies for flc , and surgery is the only available treatment option for some patients , but most patients inevitably progress . we will continue to leverage our discovery platform to systematically and reproducibly identify kinases that are drivers of diseases in genomically defined patient populations and craft drug candidates that potently and selectively target these kinases . we anticipate nominating at least one additional discovery program in 2017. in addition to our wholly-owned clinical and pre-clinical programs , we have leveraged our discovery platform to enter into collaboration programs with alexion pharma holding , or alexion , and f. hoffmann-la roche ltd and hoffmann-la roche inc. , which we refer to collectively as roche . since inception , our operations have focused on organizing and staffing our company , business planning , raising capital , establishing our intellectual property , building our discovery platform , including our proprietary compound library and new target discovery engine , identifying kinase drug targets and potential drug candidates , producing drug substance and drug product material for use in pre-clinical studies and clinical trials , conducting pre-clinical studies , including glp toxicology studies and commencing clinical development activities . we do not have any drugs approved for sale and have not generated any revenue from drug sales . to date , we have financed our operations primarily through public offerings of our common stock , private placements of our convertible preferred stock , collaborations and a debt financing . through december 31 , 2016 , we have received an aggregate of $ 501.3 million from such transactions , including $ 312.4 million in aggregate gross proceeds from the sale of common stock in our may 2015 initial public offering , or ipo , and december 2016 follow-on underwritten public offering , $ 115.1 million in gross proceeds from the issuance of convertible preferred stock , $ 18.8 million of upfront and milestone payments from alexion , a $ 45.0 million upfront payment from roche and $ 10.0 million in gross proceeds from the debt financing . since inception , we have incurred significant operating losses . our net losses were $ 72.5 million , $ 52.8 million and $ 40.3 million for the years ended december 31 , 2016 , 2015 and 2014. as of december 31 , 2016 , we had an accumulated deficit of $ 207.5 million . we expect to continue to incur significant expenses and operating losses over the next several years . we anticipate that our expenses will increase significantly in connection with our ongoing activities , particularly as we : · continue the planned clinical development activities for two of our lead drug candidates , blu-285 and blu-554 , commence the planned clinical development activities for our other lead drug candidate , blu-667 ; · continue to produce drug substance and drug product material for use in pre-clinical studies and clinical trials ; · continue to discover , validate and develop additional drug candidates ; · conduct research and development activities under our collaborations with alexion and roche ; 87 · conduct development and commercialization activities for companion diagnostic tests , including our companion diagnostic tests with ventana medical systems , inc. , or ventana , for blu-554 and with qiagen manchester limited , or qiagen , for blu-285 ; · maintain , expand and protect our intellectual property portfolio ; · hire additional research , development and business personnel ; and · incur additional costs associated with operating as a public company . financial operations overview revenue to date , we have not generated any revenue from drug sales and do not expect to generate any revenue from the sale of drugs in the near future . our revenue consists of collaboration revenue under the alexion agreement and roche agreement , including amounts that are recognized related to upfront payments , milestone payments and amounts due to us for research and development services . in the future , revenue may include additional milestone payments and royalties on any net product sales under the respective collaboration agreements . 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 , payments for manufacturing services , and milestone and other payments . in the future , we will seek to generate revenue from a combination of drug sales and additional strategic relationships we may enter into . expenses research and development expenses research and development expenses consist primarily of costs incurred for our research activities , including our drug discovery efforts , and the development of our drug candidates , which include : · employee‑related expenses including salaries , benefits , and stock‑based compensation expense ; · expenses incurred under agreements with third parties that conduct research and development , pre-clinical activities , clinical activities and manufacturing on our behalf ; · the cost of consultants ; · the cost of lab supplies and acquiring , developing and manufacturing pre-clinical study and clinical trial materials ; and · facilities , depreciation , and other expenses story_separator_special_tag payments or reimbursements resulting from our research and development efforts are recognized as the services are performed and presented on a gross basis because we are the principal for such efforts , so long as there is persuasive evidence of an arrangement , the fee is fixed or determinable , and collection of the related amount is reasonably assured . milestone revenue our collaboration agreements may include contingent milestone payments related to specified pre-clinical milestones , development milestones and sales-based commercial milestones . at the inception of an arrangement that includes milestone payments , we evaluate whether each milestone is substantive and at risk to both parties on the basis of the contingent nature of the milestone . this evaluation includes an assessment of whether : · the consideration is commensurate with either our performance to achieve the milestone or the enhancement of the value of the delivered item ( s ) as a result of a specific outcome resulting from the our performance to achieve the milestone ; · the consideration relates solely to past performance ; and · the consideration is reasonable relative to all of the deliverables and payment terms within the arrangement . we evaluate factors such as the scientific , clinical , regulatory , commercial and other risks that must be overcome to achieve the respective milestone and the level of effort and investment required to achieve the respective milestone in making this assessment . there is considerable judgment involved in determining whether a milestone satisfies all of the criteria required to conclude that a milestone is substantive . milestones that are not considered substantive are accounted for as license payments and recognized over the remaining period of performance from the date of achievement of the milestone . milestones that are considered substantive will be recognized in their entirety upon successful accomplishment of the milestone , assuming all other revenue recognition criteria are met . royalty revenue we will recognize royalty revenue in the period of sale of the related product ( s ) , based on the underlying contract terms , provided that the reported sales are reliably measurable , and we have no remaining performance obligations , assuming all other revenue recognition criteria are met . accrued research and development expenses as part of the process of preparing our consolidated financial statements , we are required to estimate our accrued expenses as of each balance sheet date . this process involves reviewing open contracts and purchase orders , communicating with our personnel to identify services that have been performed on our behalf and estimating the level of service performed and the associated cost incurred for the service when we have not yet been invoiced or otherwise notified of the actual cost . the majority of our service providers invoice us monthly in arrears for services performed or when contractual milestones are met . we make estimates of our accrued expenses as of each balance sheet date based on facts and circumstances known to us at that time . we periodically confirm the accuracy of our estimates with the service providers and make adjustments if necessary . the significant estimates in our accrued research and development expenses include the costs incurred for services performed by our vendors in connection with research and development activities for which we have not yet been invoiced . we base our expenses related to research and development activities on our estimates of the services received and efforts expended pursuant to quotes and contracts with vendors that conduct research and development on our behalf . the financial terms of these agreements are subject to negotiation , vary from contract to contract and may result in uneven payment flows . there may be instances in which payments made to our vendors will exceed the level of 93 services provided and result in a prepayment of the research and development expense . in accruing service fees , we estimate the time period over which services will be performed and the level of effort to be expended in each period . if the actual timing of the performance of services or the level of effort varies from our estimate , we adjust the accrual or prepaid accordingly . non-refundable advance payments for goods and services that will be used in future research and development activities are expensed when the activity has been performed or when the goods have been received rather than when the payment is made . although we do not expect our estimates to be materially different from amounts actually incurred , if our estimates of the status and timing of services performed differ from the actual status and timing of services performed , it could result in us reporting amounts that are too high or too low in any particular period . to date , there have been no material differences between our estimates of such expenses and the amounts actually incurred . stock-based compensation we expense the fair value of employee stock awards , net of estimated forfeitures , adjusted to reflect actual forfeitures , over the requisite service period , which is typically the vesting period . compensation cost for restricted stock awards issued to employees is measured using the grant date intrinsic value of the award , net of estimated forfeitures , and is adjusted to reflect actual forfeitures . we estimate the fair value of options granted to employees at the date of grant using the black‑scholes option‑pricing model that requires management to apply judgment and make estimates , including : · expected volatility , which is calculated based on reported volatility data for a representative group of publicly traded companies for which historical information is available . prior to april 30 , 2015 , we were a privately-held company and lacked company-specific historical and implied volatility information . as such , we have used an average of expected volatility based on the volatilities of a representative group of publicly traded biopharmaceutical companies for a period

sources of liquidity to date , we have financed our operations primarily through public offerings of our common stock , private placements of our convertible preferred stock , collaborations and a debt financing . through december 31 , 2016 , we have received an aggregate of $ 501.3 million from such transactions , including $ 312.4 million in aggregate gross proceeds from the sale of common stock in our may 2015 ipo and december 2016 follow-on underwritten public offering , $ 115.1 million in gross proceeds from the issuance of convertible preferred stock , $ 18.8 million of upfront and milestone payments from alexion , a $ 45.0 million upfront payment from roche and $ 10.0 million in gross proceeds from the debt financing . as of december 31 , 2016 , we had cash , cash equivalents and investments of $ 268.2 million . cash flows the following table provides information regarding our cash flows for the years ended december 31 , 2016 , 2015 and 2014 : replace_table_token_12_th net cash used in operating activities . net cash used in operating activities was $ 24.5 million during the year ended december 31 , 2016 compared to net cash used in operating activities of $ 31.7 million during year ended december 31 , 2015. the decrease in net cash used in operating activities was primarily due to changes in deferred 99 revenue related to the timing and amount of upfront payments from alexion and roche , partially offset by an increase in net loss of $ 19.7 million for the year end december 31 , 2016 as compared to the year ended december 31 , 2015. in the year ended december 31 , 2016 , we received a $ 45.0 million upfront payment from roche , and in the year ended december 31 , 2015 , we received a $ 15.0 million upfront payment from alexion .


 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.
     ```sources of liquidity to date , we have financed our operations primarily through public offerings of our common stock , private placements of our convertible preferred stock , collaborations and a debt financing . through december 31 , 2016 , we have received an aggregate of $ 501.3 million from such transactions , including $ 312.4 million in aggregate gross proceeds from the sale of common stock in our may 2015 ipo and december 2016 follow-on underwritten public offering , $ 115.1 million in gross proceeds from the issuance of convertible preferred stock , $ 18.8 million of upfront and milestone payments from alexion , a $ 45.0 million upfront payment from roche and $ 10.0 million in gross proceeds from the debt financing . as of december 31 , 2016 , we had cash , cash equivalents and investments of $ 268.2 million . cash flows the following table provides information regarding our cash flows for the years ended december 31 , 2016 , 2015 and 2014 : replace_table_token_12_th net cash used in operating activities . net cash used in operating activities was $ 24.5 million during the year ended december 31 , 2016 compared to net cash used in operating activities of $ 31.7 million during year ended december 31 , 2015. the decrease in net cash used in operating activities was primarily due to changes in deferred 99 revenue related to the timing and amount of upfront payments from alexion and roche , partially offset by an increase in net loss of $ 19.7 million for the year end december 31 , 2016 as compared to the year ended december 31 , 2015. in the year ended december 31 , 2016 , we received a $ 45.0 million upfront payment from roche , and in the year ended december 31 , 2015 , we received a $ 15.0 million upfront payment from alexion .
```    
 Suspicious Activity Report : in addition , in october 2016 , the fda granted fast track designation to blu-285 for the treatment of patients with unresectable or metastatic gist that progressed following treatment with imatinib and a second tyrosine kinase inhibitor and for the treatment of patients with unresectable or metastatic gist with the pdgfrα d842v mutation regardless of prior therapy . we have worldwide development and commercialization rights to blu-285 , blu-554 and blu-667 . we also have initiated a discovery program targeting protein kinase camp-activated catalytic subunit alpha , or prkaca , fusions for the treatment of fibrolamellar carcinoma , or flc , a rare and distinct subtype of liver cancer that typically arises in young adults . prkaca fusions are the only known recurrent genomic events in flc and are considered to be the driver gene of the disease . currently , there are no approved therapies for flc , and surgery is the only available treatment option for some patients , but most patients inevitably progress . we will continue to leverage our discovery platform to systematically and reproducibly identify kinases that are drivers of diseases in genomically defined patient populations and craft drug candidates that potently and selectively target these kinases . we anticipate nominating at least one additional discovery program in 2017. in addition to our wholly-owned clinical and pre-clinical programs , we have leveraged our discovery platform to enter into collaboration programs with alexion pharma holding , or alexion , and f. hoffmann-la roche ltd and hoffmann-la roche inc. , which we refer to collectively as roche . since inception , our operations have focused on organizing and staffing our company , business planning , raising capital , establishing our intellectual property , building our discovery platform , including our proprietary compound library and new target discovery engine , identifying kinase drug targets and potential drug candidates , producing drug substance and drug product material for use in pre-clinical studies and clinical trials , conducting pre-clinical studies , including glp toxicology studies and commencing clinical development activities . we do not have any drugs approved for sale and have not generated any revenue from drug sales . to date , we have financed our operations primarily through public offerings of our common stock , private placements of our convertible preferred stock , collaborations and a debt financing . through december 31 , 2016 , we have received an aggregate of $ 501.3 million from such transactions , including $ 312.4 million in aggregate gross proceeds from the sale of common stock in our may 2015 initial public offering , or ipo , and december 2016 follow-on underwritten public offering , $ 115.1 million in gross proceeds from the issuance of convertible preferred stock , $ 18.8 million of upfront and milestone payments from alexion , a $ 45.0 million upfront payment from roche and $ 10.0 million in gross proceeds from the debt financing . since inception , we have incurred significant operating losses . our net losses were $ 72.5 million , $ 52.8 million and $ 40.3 million for the years ended december 31 , 2016 , 2015 and 2014. as of december 31 , 2016 , we had an accumulated deficit of $ 207.5 million . we expect to continue to incur significant expenses and operating losses over the next several years . we anticipate that our expenses will increase significantly in connection with our ongoing activities , particularly as we : · continue the planned clinical development activities for two of our lead drug candidates , blu-285 and blu-554 , commence the planned clinical development activities for our other lead drug candidate , blu-667 ; · continue to produce drug substance and drug product material for use in pre-clinical studies and clinical trials ; · continue to discover , validate and develop additional drug candidates ; · conduct research and development activities under our collaborations with alexion and roche ; 87 · conduct development and commercialization activities for companion diagnostic tests , including our companion diagnostic tests with ventana medical systems , inc. , or ventana , for blu-554 and with qiagen manchester limited , or qiagen , for blu-285 ; · maintain , expand and protect our intellectual property portfolio ; · hire additional research , development and business personnel ; and · incur additional costs associated with operating as a public company . financial operations overview revenue to date , we have not generated any revenue from drug sales and do not expect to generate any revenue from the sale of drugs in the near future . our revenue consists of collaboration revenue under the alexion agreement and roche agreement , including amounts that are recognized related to upfront payments , milestone payments and amounts due to us for research and development services . in the future , revenue may include additional milestone payments and royalties on any net product sales under the respective collaboration agreements . 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 , payments for manufacturing services , and milestone and other payments . in the future , we will seek to generate revenue from a combination of drug sales and additional strategic relationships we may enter into . expenses research and development expenses research and development expenses consist primarily of costs incurred for our research activities , including our drug discovery efforts , and the development of our drug candidates , which include : · employee‑related expenses including salaries , benefits , and stock‑based compensation expense ; · expenses incurred under agreements with third parties that conduct research and development , pre-clinical activities , clinical activities and manufacturing on our behalf ; · the cost of consultants ; · the cost of lab supplies and acquiring , developing and manufacturing pre-clinical study and clinical trial materials ; and · facilities , depreciation , and other expenses story_separator_special_tag payments or reimbursements resulting from our research and development efforts are recognized as the services are performed and presented on a gross basis because we are the principal for such efforts , so long as there is persuasive evidence of an arrangement , the fee is fixed or determinable , and collection of the related amount is reasonably assured . milestone revenue our collaboration agreements may include contingent milestone payments related to specified pre-clinical milestones , development milestones and sales-based commercial milestones . at the inception of an arrangement that includes milestone payments , we evaluate whether each milestone is substantive and at risk to both parties on the basis of the contingent nature of the milestone . this evaluation includes an assessment of whether : · the consideration is commensurate with either our performance to achieve the milestone or the enhancement of the value of the delivered item ( s ) as a result of a specific outcome resulting from the our performance to achieve the milestone ; · the consideration relates solely to past performance ; and · the consideration is reasonable relative to all of the deliverables and payment terms within the arrangement . we evaluate factors such as the scientific , clinical , regulatory , commercial and other risks that must be overcome to achieve the respective milestone and the level of effort and investment required to achieve the respective milestone in making this assessment . there is considerable judgment involved in determining whether a milestone satisfies all of the criteria required to conclude that a milestone is substantive . milestones that are not considered substantive are accounted for as license payments and recognized over the remaining period of performance from the date of achievement of the milestone . milestones that are considered substantive will be recognized in their entirety upon successful accomplishment of the milestone , assuming all other revenue recognition criteria are met . royalty revenue we will recognize royalty revenue in the period of sale of the related product ( s ) , based on the underlying contract terms , provided that the reported sales are reliably measurable , and we have no remaining performance obligations , assuming all other revenue recognition criteria are met . accrued research and development expenses as part of the process of preparing our consolidated financial statements , we are required to estimate our accrued expenses as of each balance sheet date . this process involves reviewing open contracts and purchase orders , communicating with our personnel to identify services that have been performed on our behalf and estimating the level of service performed and the associated cost incurred for the service when we have not yet been invoiced or otherwise notified of the actual cost . the majority of our service providers invoice us monthly in arrears for services performed or when contractual milestones are met . we make estimates of our accrued expenses as of each balance sheet date based on facts and circumstances known to us at that time . we periodically confirm the accuracy of our estimates with the service providers and make adjustments if necessary . the significant estimates in our accrued research and development expenses include the costs incurred for services performed by our vendors in connection with research and development activities for which we have not yet been invoiced . we base our expenses related to research and development activities on our estimates of the services received and efforts expended pursuant to quotes and contracts with vendors that conduct research and development on our behalf . the financial terms of these agreements are subject to negotiation , vary from contract to contract and may result in uneven payment flows . there may be instances in which payments made to our vendors will exceed the level of 93 services provided and result in a prepayment of the research and development expense . in accruing service fees , we estimate the time period over which services will be performed and the level of effort to be expended in each period . if the actual timing of the performance of services or the level of effort varies from our estimate , we adjust the accrual or prepaid accordingly . non-refundable advance payments for goods and services that will be used in future research and development activities are expensed when the activity has been performed or when the goods have been received rather than when the payment is made . although we do not expect our estimates to be materially different from amounts actually incurred , if our estimates of the status and timing of services performed differ from the actual status and timing of services performed , it could result in us reporting amounts that are too high or too low in any particular period . to date , there have been no material differences between our estimates of such expenses and the amounts actually incurred . stock-based compensation we expense the fair value of employee stock awards , net of estimated forfeitures , adjusted to reflect actual forfeitures , over the requisite service period , which is typically the vesting period . compensation cost for restricted stock awards issued to employees is measured using the grant date intrinsic value of the award , net of estimated forfeitures , and is adjusted to reflect actual forfeitures . we estimate the fair value of options granted to employees at the date of grant using the black‑scholes option‑pricing model that requires management to apply judgment and make estimates , including : · expected volatility , which is calculated based on reported volatility data for a representative group of publicly traded companies for which historical information is available . prior to april 30 , 2015 , we were a privately-held company and lacked company-specific historical and implied volatility information . as such , we have used an average of expected volatility based on the volatilities of a representative group of publicly traded biopharmaceutical companies for a period

