during 2019 we received an additional investment of $ 60.1 million in equity funding from bain investor . bain investor contributed an additional $ 25.0 million in equity financing in july 2020 , or the additional financing shares . upon the closing of the business combination transaction , old cerevel , became a wholly owned subsidiary of arya and arya was renamed cerevel therapeutics holdings , inc. and the stock purchase agreement , the equity commitment and the share purchase option related to old cerevel were terminated . upon completion of the business combination transaction , and pursuant to the terms of the business combination agreement , the existing shareholders of old cerevel exchanged their interests for shares of common stock of cerevel therapeutics holdings , inc. , or new cerevel . net proceeds from this transaction totaled approximately $ 439.5 million , which included funds held in arya 's trust account and the completion of a concurrent private investment in public equity financing , or pipe financing , inclusive of the $ 25.0 million received from bain investor in july 2020 . 141 we accounted for the business combination transaction as a reverse recapitalization which is the equivalent of old cerevel issu ing stock for the net assets of arya , with arya treated as the acquired company for accounting purposes . the net assets of arya were stated at historical cost with no goodwill or other intangible assets recorded . reported results from operations included herein prior to the business combination are those of old cerevel . t he shares and corresponding capital amounts and loss per share related to old cerevel 's outstanding redeemable convertible preferred stock , redeemable convertible common stock , and common stock prior to the business combination transaction have been retroactively restated to reflect the exchange ratio established in the business combination agreement ( 1.00 share of old cerevel for 2.854 share s of new cerevel ) , or the exchange ratio . since inception , we have incurred significant operating losses and operations have been limited to organizing and staffing the company , business planning , raising capital and performing research and development activities . prior to the business combination transaction , our operations were funded primarily with the net proceeds received from the issuance of convertible preferred stock , convertible common stock , and common stock . our net losses totaled $ 152.1 million and $ 128.4 million for the years ended december 31 , 2020 and 2019 , respectively , and as of december 31 , 2020 , we had an accumulated deficit of $ 390.9 million . we have not yet generated revenues . for additional information on our operations , please read note 1 , nature of operations , to our audited consolidated financial statements included elsewhere in this annual report . for additional information on the business combination transaction and the additional financing shares , please read note 3 , business combination , to our audited consolidated financial statements included elsewhere in this annual report . business environment the biopharmaceutical industry is extremely competitive . we are subject to risks and uncertainties common to clinical-stage companies in the biopharmaceutical industry . these risks include , but are not limited to , the introduction of new products , therapies , standards of care or technological innovations , our ability to obtain and maintain adequate protection for our licensed technology , data or other intellectual property and proprietary rights and compliance with extensive government regulation and oversight . we are also dependent upon the services of key personnel , including our chief executive officer , executive team and other highly skilled employees . demand for experienced personnel in the pharmaceutical and biotechnology industries is high and competition for talent is intense . please read the section entitled “ risk factors ” for additional information . we face potential competition from many different sources , including pharmaceutical and biotechnology companies , academic institutions and governmental agencies as well as public and private research institutions . many of our competitors are working to develop or have commercialized products similar to those we are developing and have considerable experience in undertaking clinical trials and in obtaining regulatory approval to market pharmaceutical products . our competitors may also have significantly greater financial resources , established presence in the market , expertise in research and development , manufacturing , preclinical and clinical testing , obtaining regulatory approvals and reimbursement and marketing approved products . other smaller or early-stage companies may also prove to be significant competitors , particularly through collaborative arrangements with large and established companies . these third parties also compete with us in recruiting and retaining qualified scientific and management personnel , establishing clinical trial sites and patient registration for clinical trials , as well as in acquiring technologies complementary to , or necessary for , our programs . risks and liquidity product development is very expensive and involves a high degree of risk . only a small number of research and development programs result in the commercialization of a product . we will not generate revenue from product sales unless and until we successfully complete clinical development , are able to obtain regulatory approval for and successfully commercialize the product candidates we are developing or may develop . we currently do not have any product candidates approved for commercial sale . in addition , we operate in an environment of rapid change in technology . we are also dependent upon the services of our employees , consultants , third-party cros , cmos and other third-party organizations . our product candidates , currently under development or that we may develop , will require significant additional research and development efforts , including extensive clinical testing and regulatory approval prior to commercialization . these efforts require significant amounts of additional capital , adequate personnel infrastructure and extensive compliance and reporting capabilities . story_separator_special_tag for additional information on the equity commitment , please read note 7 , equity commitment and share purchase option , to our audited consolidated financial statements included elsewhere in this annual report . for additional information on the business combination transaction , please read note 3 , business combination , to our audited consolidated financial statements included elsewhere in this annual report . components of operating results revenues we have not generated any revenues since our inception and do not expect to generate any revenues from the sale of products in the near future , if at all . if our development efforts for our current product candidates or additional product candidates that we may develop in the future are successful and can be commercialized , we may generate revenue in the future from product sales . additionally , we may enter into collaboration and license agreements from time to time that provide for certain payments due to us . accordingly , we may generate revenue from payments from such collaboration or license agreements in the future . research and development we support our drug discovery and development efforts through the commitment of significant resources to our preclinical and clinical development activities . our research and development expense includes : employee-related expenses , consisting of salaries , benefits and equity-based compensation for personnel engaged in our research and development activities ; expenses incurred in connection with the preclinical and clinical development of our product candidates , including costs incurred under agreements with clinical research organizations , or cros , investigative clinical trial sites and consultants and other third-party organizations that conduct research and development activities on our behalf ; costs associated with preclinical studies and clinical trials , including research materials ; 146 materials and supply costs associated with the manufacture of drug substance and drug product for preclinical testing and clinical trials ; costs related to regulatory compliance requirements ; and certain indirect costs incurred in support of overall research and development activities , including facilities , depreciation and technology expenses . we expense research and development expenses as incurred . payments we make for research and development services prior to the services being rendered are recorded as prepaid assets in our consolidated balance sheets and are expensed as the services are provided . we estimate and accrue the value of goods and services received from cros , cmos and other third parties each reporting period based on estimates of the level of services performed and progress in the period when we have not received an invoice from such organizations . when evaluating the adequacy of accrued liabilities , we analyze progress of the studies or clinical trials , including the phase of completion of events , invoices received and contracted costs . we reassess and adjust our accruals as actual costs become known or as additional information becomes available . our historical accrued estimates have not been materially different from actual costs . our external research and development expenses for our clinical stage product candidates are tracked on a program-by-program basis and consist primarily of fees , reimbursed materials and other costs paid to consultants , contractors , cros and cmos . external research and developments costs that directly support our discovery activities and preclinical programs are classified within other research and development programs . program costs for the periods presented do not reflect an allocation of expenses associated with personnel costs , equity-based compensation expense , activities that benefit multiple programs or indirect costs incurred in support of overall research and development , such as technology and facilities-related costs . we expect that our research and development expenses will increase substantially in connection with our planned preclinical and clinical development activities both in the near-term and beyond as we continue to invest in activities to develop our product candidates and preclinical programs and as certain product candidates advance into later stages of development . product candidates in later stages of clinical development generally have higher development costs than those in earlier stages of clinical development , primarily due to the increased size , scope and duration of later-stage clinical trials . furthermore , the process of conducting the necessary clinical trials to obtain regulatory approval is costly and time-consuming , and the successful development of our product candidates is highly uncertain . as a result , we can not accurately estimate or know the nature , timing and costs that will be necessary to complete the preclinical and clinical development for any of our product candidates or when and to what extent we may generate revenue from the commercialization and sale of any of our product candidates or achieve profitability . the duration , costs and timing of clinical trials and development of our product candidates will depend on a variety of factors that include : per patient trial costs ; the number of patients that participate in the trials ; the number of sites included in the trials ; the countries in which the trials are conducted ; the length of time required to enroll eligible patients ; the number of doses that patients receive ; the drop-out or discontinuation rates of patients ; potential additional safety monitoring or other studies requested by regulatory agencies ; the duration of patient follow-up ; and the efficacy and safety profile of our product candidates . changes in any of these assumptions could significantly impact the cost and timing associated with the development of our product candidates . additionally , future competition and commercial and regulatory factors beyond our control may also impact our clinical development programs and plans . 147 general and administrative we expense general and administrative costs as incurred . general and administrative expenses consist primarily of salaries , benefits , equity-based compensation and outsourced labor for personnel in executive , finance , human resources , legal and other corporate administrative functions . general and administrative expenses also include legal fees incurred relating to corporate and

cash flows the following table summarizes our sources and uses of cash for the years ended december 31 , 2020 and 2019 : replace_table_token_15_th cash flows used in operating activities net cash flows used in operating activities represent the cash receipts and disbursements related to all of our activities other than investing and financing activities . we expect cash provided by financing activities will continue to be our primary source of funds to finance operating needs and capital expenditures for the foreseeable future . net cash flows used in operating activities is derived by adjusting our net loss for : non-cash operating items such as depreciation and amortization , non-cash rent expense , equity-based compensation , impairments and write-offs of deferred charges ; changes in operating assets and liabilities reflect timing differences between the receipt and payment of cash associated with transactions and when they are recognized in results of operations ; and changes in the fair value remeasurement of the equity commitment and the share purchase option . for 2020 , cash used in operating activities primarily reflects our net loss for the period of $ 152.1 million , adjusted for net non-cash charges totaling $ 16.6 million and a net change of $ 17.7 million in our net operating assets and liabilities . our non-cash charges primarily consisted of $ 10.5 million of equity-based compensation expense , net losses totaling $ 3.3 million recognized in relation to the equity commitment and share purchase option and a $ 2.5 million charge related to the write -off of deferred financing costs directly associated with our previously anticipated ipo and other financing activities that were abandoned in june 2020 upon signing of the term sheet for our business combination transaction . the net change in our operating assets and liabilities was primarily due to an increase in account payable and accrued expenses and other liabilities associated with compensation , external research and development services and an increase in operating lease liabilities resulting from landlord reimbursement for tenant improvements .


 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 the following table summarizes our sources and uses of cash for the years ended december 31 , 2020 and 2019 : replace_table_token_15_th cash flows used in operating activities net cash flows used in operating activities represent the cash receipts and disbursements related to all of our activities other than investing and financing activities . we expect cash provided by financing activities will continue to be our primary source of funds to finance operating needs and capital expenditures for the foreseeable future . net cash flows used in operating activities is derived by adjusting our net loss for : non-cash operating items such as depreciation and amortization , non-cash rent expense , equity-based compensation , impairments and write-offs of deferred charges ; changes in operating assets and liabilities reflect timing differences between the receipt and payment of cash associated with transactions and when they are recognized in results of operations ; and changes in the fair value remeasurement of the equity commitment and the share purchase option . for 2020 , cash used in operating activities primarily reflects our net loss for the period of $ 152.1 million , adjusted for net non-cash charges totaling $ 16.6 million and a net change of $ 17.7 million in our net operating assets and liabilities . our non-cash charges primarily consisted of $ 10.5 million of equity-based compensation expense , net losses totaling $ 3.3 million recognized in relation to the equity commitment and share purchase option and a $ 2.5 million charge related to the write -off of deferred financing costs directly associated with our previously anticipated ipo and other financing activities that were abandoned in june 2020 upon signing of the term sheet for our business combination transaction . the net change in our operating assets and liabilities was primarily due to an increase in account payable and accrued expenses and other liabilities associated with compensation , external research and development services and an increase in operating lease liabilities resulting from landlord reimbursement for tenant improvements .
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 Suspicious Activity Report : during 2019 we received an additional investment of $ 60.1 million in equity funding from bain investor . bain investor contributed an additional $ 25.0 million in equity financing in july 2020 , or the additional financing shares . upon the closing of the business combination transaction , old cerevel , became a wholly owned subsidiary of arya and arya was renamed cerevel therapeutics holdings , inc. and the stock purchase agreement , the equity commitment and the share purchase option related to old cerevel were terminated . upon completion of the business combination transaction , and pursuant to the terms of the business combination agreement , the existing shareholders of old cerevel exchanged their interests for shares of common stock of cerevel therapeutics holdings , inc. , or new cerevel . net proceeds from this transaction totaled approximately $ 439.5 million , which included funds held in arya 's trust account and the completion of a concurrent private investment in public equity financing , or pipe financing , inclusive of the $ 25.0 million received from bain investor in july 2020 . 141 we accounted for the business combination transaction as a reverse recapitalization which is the equivalent of old cerevel issu ing stock for the net assets of arya , with arya treated as the acquired company for accounting purposes . the net assets of arya were stated at historical cost with no goodwill or other intangible assets recorded . reported results from operations included herein prior to the business combination are those of old cerevel . t he shares and corresponding capital amounts and loss per share related to old cerevel 's outstanding redeemable convertible preferred stock , redeemable convertible common stock , and common stock prior to the business combination transaction have been retroactively restated to reflect the exchange ratio established in the business combination agreement ( 1.00 share of old cerevel for 2.854 share s of new cerevel ) , or the exchange ratio . since inception , we have incurred significant operating losses and operations have been limited to organizing and staffing the company , business planning , raising capital and performing research and development activities . prior to the business combination transaction , our operations were funded primarily with the net proceeds received from the issuance of convertible preferred stock , convertible common stock , and common stock . our net losses totaled $ 152.1 million and $ 128.4 million for the years ended december 31 , 2020 and 2019 , respectively , and as of december 31 , 2020 , we had an accumulated deficit of $ 390.9 million . we have not yet generated revenues . for additional information on our operations , please read note 1 , nature of operations , to our audited consolidated financial statements included elsewhere in this annual report . for additional information on the business combination transaction and the additional financing shares , please read note 3 , business combination , to our audited consolidated financial statements included elsewhere in this annual report . business environment the biopharmaceutical industry is extremely competitive . we are subject to risks and uncertainties common to clinical-stage companies in the biopharmaceutical industry . these risks include , but are not limited to , the introduction of new products , therapies , standards of care or technological innovations , our ability to obtain and maintain adequate protection for our licensed technology , data or other intellectual property and proprietary rights and compliance with extensive government regulation and oversight . we are also dependent upon the services of key personnel , including our chief executive officer , executive team and other highly skilled employees . demand for experienced personnel in the pharmaceutical and biotechnology industries is high and competition for talent is intense . please read the section entitled “ risk factors ” for additional information . we face potential competition from many different sources , including pharmaceutical and biotechnology companies , academic institutions and governmental agencies as well as public and private research institutions . many of our competitors are working to develop or have commercialized products similar to those we are developing and have considerable experience in undertaking clinical trials and in obtaining regulatory approval to market pharmaceutical products . our competitors may also have significantly greater financial resources , established presence in the market , expertise in research and development , manufacturing , preclinical and clinical testing , obtaining regulatory approvals and reimbursement and marketing approved products . other smaller or early-stage companies may also prove to be significant competitors , particularly through collaborative arrangements with large and established companies . these third parties also compete with us in recruiting and retaining qualified scientific and management personnel , establishing clinical trial sites and patient registration for clinical trials , as well as in acquiring technologies complementary to , or necessary for , our programs . risks and liquidity product development is very expensive and involves a high degree of risk . only a small number of research and development programs result in the commercialization of a product . we will not generate revenue from product sales unless and until we successfully complete clinical development , are able to obtain regulatory approval for and successfully commercialize the product candidates we are developing or may develop . we currently do not have any product candidates approved for commercial sale . in addition , we operate in an environment of rapid change in technology . we are also dependent upon the services of our employees , consultants , third-party cros , cmos and other third-party organizations . our product candidates , currently under development or that we may develop , will require significant additional research and development efforts , including extensive clinical testing and regulatory approval prior to commercialization . these efforts require significant amounts of additional capital , adequate personnel infrastructure and extensive compliance and reporting capabilities . story_separator_special_tag for additional information on the equity commitment , please read note 7 , equity commitment and share purchase option , to our audited consolidated financial statements included elsewhere in this annual report . for additional information on the business combination transaction , please read note 3 , business combination , to our audited consolidated financial statements included elsewhere in this annual report . components of operating results revenues we have not generated any revenues since our inception and do not expect to generate any revenues from the sale of products in the near future , if at all . if our development efforts for our current product candidates or additional product candidates that we may develop in the future are successful and can be commercialized , we may generate revenue in the future from product sales . additionally , we may enter into collaboration and license agreements from time to time that provide for certain payments due to us . accordingly , we may generate revenue from payments from such collaboration or license agreements in the future . research and development we support our drug discovery and development efforts through the commitment of significant resources to our preclinical and clinical development activities . our research and development expense includes : employee-related expenses , consisting of salaries , benefits and equity-based compensation for personnel engaged in our research and development activities ; expenses incurred in connection with the preclinical and clinical development of our product candidates , including costs incurred under agreements with clinical research organizations , or cros , investigative clinical trial sites and consultants and other third-party organizations that conduct research and development activities on our behalf ; costs associated with preclinical studies and clinical trials , including research materials ; 146 materials and supply costs associated with the manufacture of drug substance and drug product for preclinical testing and clinical trials ; costs related to regulatory compliance requirements ; and certain indirect costs incurred in support of overall research and development activities , including facilities , depreciation and technology expenses . we expense research and development expenses as incurred . payments we make for research and development services prior to the services being rendered are recorded as prepaid assets in our consolidated balance sheets and are expensed as the services are provided . we estimate and accrue the value of goods and services received from cros , cmos and other third parties each reporting period based on estimates of the level of services performed and progress in the period when we have not received an invoice from such organizations . when evaluating the adequacy of accrued liabilities , we analyze progress of the studies or clinical trials , including the phase of completion of events , invoices received and contracted costs . we reassess and adjust our accruals as actual costs become known or as additional information becomes available . our historical accrued estimates have not been materially different from actual costs . our external research and development expenses for our clinical stage product candidates are tracked on a program-by-program basis and consist primarily of fees , reimbursed materials and other costs paid to consultants , contractors , cros and cmos . external research and developments costs that directly support our discovery activities and preclinical programs are classified within other research and development programs . program costs for the periods presented do not reflect an allocation of expenses associated with personnel costs , equity-based compensation expense , activities that benefit multiple programs or indirect costs incurred in support of overall research and development , such as technology and facilities-related costs . we expect that our research and development expenses will increase substantially in connection with our planned preclinical and clinical development activities both in the near-term and beyond as we continue to invest in activities to develop our product candidates and preclinical programs and as certain product candidates advance into later stages of development . product candidates in later stages of clinical development generally have higher development costs than those in earlier stages of clinical development , primarily due to the increased size , scope and duration of later-stage clinical trials . furthermore , the process of conducting the necessary clinical trials to obtain regulatory approval is costly and time-consuming , and the successful development of our product candidates is highly uncertain . as a result , we can not accurately estimate or know the nature , timing and costs that will be necessary to complete the preclinical and clinical development for any of our product candidates or when and to what extent we may generate revenue from the commercialization and sale of any of our product candidates or achieve profitability . the duration , costs and timing of clinical trials and development of our product candidates will depend on a variety of factors that include : per patient trial costs ; the number of patients that participate in the trials ; the number of sites included in the trials ; the countries in which the trials are conducted ; the length of time required to enroll eligible patients ; the number of doses that patients receive ; the drop-out or discontinuation rates of patients ; potential additional safety monitoring or other studies requested by regulatory agencies ; the duration of patient follow-up ; and the efficacy and safety profile of our product candidates . changes in any of these assumptions could significantly impact the cost and timing associated with the development of our product candidates . additionally , future competition and commercial and regulatory factors beyond our control may also impact our clinical development programs and plans . 147 general and administrative we expense general and administrative costs as incurred . general and administrative expenses consist primarily of salaries , benefits , equity-based compensation and outsourced labor for personnel in executive , finance , human resources , legal and other corporate administrative functions . general and administrative expenses also include legal fees incurred relating to corporate and

