we anticipate that our expenses will increase significantly in connection with our ongoing activities , as we : 144 · continue investment in our cancer biology platform ; · continue preclinical and clinical development of our programs ; · continue investment in our manufacturing facilities ; · hire additional research , development and business personnel ; · maintain , expand and protect our intellectual property portfolio ; and · incur additional costs associated with operating as a public company . financial operations overview revenue to date , we have not generated any revenue from product sales and do not expect to generate any revenue from product sales for the foreseeable future . we have licensed bgb-283 to merck kgaa for markets outside china , but we still own the worldwide rights to our other drug candidates and retain exclusive rights to bgb-283 in china . we also have a limited collaboration with merck kgaa on bgb-290 . on may 24 , 2013 , we entered into license agreements with merck kgaa , which we amended and restated on december 10 , 2013 , and further amended on october 1 , 2015 and december 3 , 2015 , pursuant to which ( 1 ) we granted to merck kgaa an exclusive license under certain of our intellectual property rights to develop and manufacture , and , if merck kgaa exercises its continuation option , to commercialize and manufacture our compound bgb-283 , and any other compound covered by the same existing patent rights with primary activity to inhibit wildtype or certain mutant braf , in all countries of the world excluding the people 's republic of china , which we refer to as the ex-prc territory , and ( 2 ) merck kgaa granted us an exclusive license under certain of its intellectual property rights to develop , manufacture and commercialize the raf dimer inhibitor in the people 's republic of china , which we refer to as the prc territory , subject to certain non-compete restrictions . under these agreements , we received $ 13 million in non-refundable payments in 2013 following their execution , $ 5 million in milestone payment in 2014 and $ 4 million in milestone payment in 2015. we are eligible to receive up to $ 32 million , $ 33 million and $ 145 million in payments upon the successful achievement of pre-specified clinical , regulatory and commercial milestones in the ex-prc territory , respectively , and another $ 14 million in payments upon the successful achievement of pre-specified clinical milestones in the prc territory . merck kgaa also is required to pay us tiered royalties ranging from the mid single-digit to the low-teens , on a country-by-country and licensed product-by-licensed product basis , on aggregate net sales of licensed products in the ex-prc territory . in consideration for the licenses merck kgaa grants to us , we are required to pay merck kgaa a high single-digit royalty on aggregate net sales of licensed braf inhibitors in the prc territory . on october 28 , 2013 , we entered into license agreements with merck kgaa , pursuant to which ( 1 ) we granted to merck kgaa an exclusive license under certain of our intellectual property rights to develop and manufacture , and , if merck kgaa exercises a certain continuation option , to commercialize and manufacture our compound bgb-290 and any other compound covered by the same existing patent rights with primary activity to inhibit parp 1 , 2 or 3 enzymes in the ex-prc territory , and ( 2 ) merck kgaa granted us an exclusive license under certain of its intellectual property rights to develop , manufacture and commercialize the licensed parp inhibitors in the prc territory . under these license agreements , we received $ 6 million in non-refundable payments in november 2013 following their execution and $ 9 million in milestone payments in 2014. we are eligible to receive up to $ 7 million and $ 2.5 million , in payments upon the successful achievement of pre-specified clinical and regulatory milestones in the prc territory respectively . on october 1 , 2015 , pursuant to a purchase of rights agreement , we repurchased all of merck kgaa 's worldwide rights under the ex-prc license agreement , in consideration for , among other things , a one-time payment of $ 10 million and reduction of future milestone payments that we are eligible to receive under the prc license agreement . in connection with such repurchase , the ex-prc license agreement terminated except for certain provisions therein . the remaining $ 3 million of deferred revenue related to parp as of october 1 , 2015 was netted against the $ 10 million repurchase consideration . in addition , if merck kgaa exercises its prc commercialization option , as further described in the section of this annual report titled part iitem 1businesscollaboration with 145 merck kgaa ,  merck kgaa is required to pay us a $ 50 million non-refundable payment upon such exercise , and we are eligible for a $ 12.5 million milestone payment upon the successful achievement of a certain additional regulatory event in the prc territory . in consideration for the licenses granted to us , we are required to pay merck kgaa a high single-digit royalty on aggregate net sales of licensed products in the prc territory . for more information on our collaborations with merck kgaa , see part iitem 1businesscollaboration with merck kgaa. we recognized $ 11.1 million , $ 13.0 million and $ 8.8 million of collaboration revenue from the merck kgaa collaboration for the years ended december 31 , 2013 , 2014 and 2015 , respectively . the following table summarizes the revenue recognition schedule of an aggregate of $ 34.0 million in revenue from our collaboration agreements with merck kgaa , comprised of an aggregate of $ 22.0 million related to bgb-283 and $ 12.0 million related to bgb-290 . story_separator_special_tag based on our current operating plan , we expect that our existing cash , cash equivalents and short-term investments as of december 31 , 2015 , will enable us to fund our operating expenses and capital expenditures requirements for at least the next 12 months . in that time , we expect that our expenses will increase substantially as we fund clinical development of bgb-3111 , bgb-a317 , bgb-290 and bgb-283 , fund new and ongoing research and development activities and working capital and other general corporate purposes . we have based our estimates on assumptions that may prove to be wrong , and we may use our available capital resources sooner than we currently expect . because of the numerous risks and uncertainties associated with the development and commercialization of our drug candidates , we are unable to estimate the amounts of increased capital outlays and operating expenditures necessary to complete the development and commercialization of our drug candidates . our future capital requirements will depend on many factors , including : · the costs , timing and outcome of regulatory reviews and approvals ; · the ability of our drug candidates to progress through clinical development successfully ; · the initiation , progress , timings , costs and results of non-clinical studies and clinical trials for our other programs and potential drug candidates ; 153 · the number and characteristics of the drug candidate we pursue ; · the costs of preparing , filing and prosecuting patent applications , maintaining and enforcing our intellectual property rights and defending intellectual property-related claims ; · the extent to which we acquire or in-license other products and technologies ; and · our ability to maintain and establish collaboration arrangements on favorable terms , if at all . until such time , if ever , as we can generate substantial product revenue , we expect to finance our cash needs through a combination of equity offerings , debt financings , collaborations , strategic alliances , licensing arrangements and government grants . to the extent that we raise additional capital through the sale of equity or convertible debt securities , the ownership interest of our shareholders will be diluted , and the terms of these securities may include liquidation or other preferences that adversely affect your rights as an ads holder . debt financing , if available , may involve agreements that include covenants limiting or restricting our ability to take specific actions , such as incurring additional debt , making capital expenditures or declaring dividends and may require the issuance of warrants , which could potentially dilute your ownership interest . if we raise additional funds through collaborations , strategic alliances or licensing arrangements with third parties , we may have to relinquish valuable rights to our technologies , future revenue streams or research programs or to grant licenses on terms that may not be favorable to us . if we are unable to raise additional funds through equity or debt financings when needed , we may be required to delay , limit , reduce or terminate our product development or future commercialization efforts or grant rights to develop and market products or drug candidates that we would otherwise prefer to develop and market ourselves . contractual obligations and commitments the following table summarizes our significant contractual obligations as of payment due date by period at december 31 , 2015 : replace_table_token_11_th operating lease commitments we lease office facilities in beijing , prc under non-cancelable operating leases expiring on different dates . payments under operating leases are expensed on a straight-line basis over the periods of the respective leases , and the terms of the leases do not contain rent escalation , contingent rent , renewal or purchase options . the future minimum payments under these non-cancelable operating leases are summarized in the table above . in addition , we lease office facilities in the greater boston area and new jersey , united states . senior promissory note the senior promissory note issued to msd in 2011 bears an interest of 8 % compounding per annum and has a term of five years . as of december 31 , 2015 , the outstanding unpaid principal and interest of the senior promissory note was $ 14.6 million . in february 2016 , in connection with the closing of our initial public offering , the outstanding unpaid principal and interest of the senior promissory note was automatically exchanged into 7,942,314 of our ordinary shares . 154 other business agreements we enter into agreements in the normal course of business with cros and institutions to license intellectual property . we have not included these future payments in the table of contractual obligations above since the contracts are cancelable at any time by us with prior written notice . off-balance sheet arrangements we did not have during the periods presented , and we do not currently have , any off-balance sheet arrangements , as defined under sec rules , such as relationships with unconsolidated entities or financial partnerships , which are often referred to as structured finance or special purpose entities , established for the purpose of facilitating financing transactions that are not required to be reflected on our balance sheets . critical accounting policies and significant judgments and estimates our discussion and analysis of our financial condition and results of operations is based on our financial statements , which have been prepared in accordance with accounting principles generally accepted in the united states of america , or u.s. gaap . the preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets , liabilities and the disclosure of contingent assets and liabilities at the date of our financial statements and the reported amounts of revenues and expenses during the periods . we evaluate our estimates and judgments on an ongoing basis , including but not limited to , estimating the useful lives of long-lived assets , identifying

liquidity and capital resources since inception , we have incurred net losses and negative cash flows from our operations . substantially all of our losses have resulted from funding our research and development programs and general and administrative costs associated with our operations . we incurred net losses of $ 7.9 million , $ 18.5 million and $ 57.1 million for the years ended december 31 , 2013 , 2014 and 2015 , respectively . as of december 31 , 2015 , we had an accumulated deficit of $ 118.2 million . our primary use of cash is to fund research and development costs . our operating activities provided $ 4.1 million , used $ 8.7 million , and used $ 39.8 million of cash flows during the years ended december 31 , 2013 , 2014 and 2015 , respectively . historically , we have financed our operations principally through proceeds from private placements of preferred shares , promissory notes and convertible notes of $ 184.4 million and proceeds from the merck kgaa collaboration of $ 37 million . at december 31 , 2015 , we had cash , cash equivalents and short-term investments of $ 100.5 million . the following table provides information regarding our cash flows for the years ended december 31 , 201 3 , 2014 and 2015 : replace_table_token_10_th net cash used in operating activities the use of cash in all periods presented resulted primarily from our net losses adjusted for non-cash charges and changes in components of working capital . the primary use of our cash in all periods presented was to fund the development of our research and development , regulatory and other clinical trial costs , and related supporting administration .


 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 since inception , we have incurred net losses and negative cash flows from our operations . substantially all of our losses have resulted from funding our research and development programs and general and administrative costs associated with our operations . we incurred net losses of $ 7.9 million , $ 18.5 million and $ 57.1 million for the years ended december 31 , 2013 , 2014 and 2015 , respectively . as of december 31 , 2015 , we had an accumulated deficit of $ 118.2 million . our primary use of cash is to fund research and development costs . our operating activities provided $ 4.1 million , used $ 8.7 million , and used $ 39.8 million of cash flows during the years ended december 31 , 2013 , 2014 and 2015 , respectively . historically , we have financed our operations principally through proceeds from private placements of preferred shares , promissory notes and convertible notes of $ 184.4 million and proceeds from the merck kgaa collaboration of $ 37 million . at december 31 , 2015 , we had cash , cash equivalents and short-term investments of $ 100.5 million . the following table provides information regarding our cash flows for the years ended december 31 , 201 3 , 2014 and 2015 : replace_table_token_10_th net cash used in operating activities the use of cash in all periods presented resulted primarily from our net losses adjusted for non-cash charges and changes in components of working capital . the primary use of our cash in all periods presented was to fund the development of our research and development , regulatory and other clinical trial costs , and related supporting administration .
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 Suspicious Activity Report : we anticipate that our expenses will increase significantly in connection with our ongoing activities , as we : 144 · continue investment in our cancer biology platform ; · continue preclinical and clinical development of our programs ; · continue investment in our manufacturing facilities ; · hire additional research , development and business personnel ; · maintain , expand and protect our intellectual property portfolio ; and · incur additional costs associated with operating as a public company . financial operations overview revenue to date , we have not generated any revenue from product sales and do not expect to generate any revenue from product sales for the foreseeable future . we have licensed bgb-283 to merck kgaa for markets outside china , but we still own the worldwide rights to our other drug candidates and retain exclusive rights to bgb-283 in china . we also have a limited collaboration with merck kgaa on bgb-290 . on may 24 , 2013 , we entered into license agreements with merck kgaa , which we amended and restated on december 10 , 2013 , and further amended on october 1 , 2015 and december 3 , 2015 , pursuant to which ( 1 ) we granted to merck kgaa an exclusive license under certain of our intellectual property rights to develop and manufacture , and , if merck kgaa exercises its continuation option , to commercialize and manufacture our compound bgb-283 , and any other compound covered by the same existing patent rights with primary activity to inhibit wildtype or certain mutant braf , in all countries of the world excluding the people 's republic of china , which we refer to as the ex-prc territory , and ( 2 ) merck kgaa granted us an exclusive license under certain of its intellectual property rights to develop , manufacture and commercialize the raf dimer inhibitor in the people 's republic of china , which we refer to as the prc territory , subject to certain non-compete restrictions . under these agreements , we received $ 13 million in non-refundable payments in 2013 following their execution , $ 5 million in milestone payment in 2014 and $ 4 million in milestone payment in 2015. we are eligible to receive up to $ 32 million , $ 33 million and $ 145 million in payments upon the successful achievement of pre-specified clinical , regulatory and commercial milestones in the ex-prc territory , respectively , and another $ 14 million in payments upon the successful achievement of pre-specified clinical milestones in the prc territory . merck kgaa also is required to pay us tiered royalties ranging from the mid single-digit to the low-teens , on a country-by-country and licensed product-by-licensed product basis , on aggregate net sales of licensed products in the ex-prc territory . in consideration for the licenses merck kgaa grants to us , we are required to pay merck kgaa a high single-digit royalty on aggregate net sales of licensed braf inhibitors in the prc territory . on october 28 , 2013 , we entered into license agreements with merck kgaa , pursuant to which ( 1 ) we granted to merck kgaa an exclusive license under certain of our intellectual property rights to develop and manufacture , and , if merck kgaa exercises a certain continuation option , to commercialize and manufacture our compound bgb-290 and any other compound covered by the same existing patent rights with primary activity to inhibit parp 1 , 2 or 3 enzymes in the ex-prc territory , and ( 2 ) merck kgaa granted us an exclusive license under certain of its intellectual property rights to develop , manufacture and commercialize the licensed parp inhibitors in the prc territory . under these license agreements , we received $ 6 million in non-refundable payments in november 2013 following their execution and $ 9 million in milestone payments in 2014. we are eligible to receive up to $ 7 million and $ 2.5 million , in payments upon the successful achievement of pre-specified clinical and regulatory milestones in the prc territory respectively . on october 1 , 2015 , pursuant to a purchase of rights agreement , we repurchased all of merck kgaa 's worldwide rights under the ex-prc license agreement , in consideration for , among other things , a one-time payment of $ 10 million and reduction of future milestone payments that we are eligible to receive under the prc license agreement . in connection with such repurchase , the ex-prc license agreement terminated except for certain provisions therein . the remaining $ 3 million of deferred revenue related to parp as of october 1 , 2015 was netted against the $ 10 million repurchase consideration . in addition , if merck kgaa exercises its prc commercialization option , as further described in the section of this annual report titled part iitem 1businesscollaboration with 145 merck kgaa ,  merck kgaa is required to pay us a $ 50 million non-refundable payment upon such exercise , and we are eligible for a $ 12.5 million milestone payment upon the successful achievement of a certain additional regulatory event in the prc territory . in consideration for the licenses granted to us , we are required to pay merck kgaa a high single-digit royalty on aggregate net sales of licensed products in the prc territory . for more information on our collaborations with merck kgaa , see part iitem 1businesscollaboration with merck kgaa. we recognized $ 11.1 million , $ 13.0 million and $ 8.8 million of collaboration revenue from the merck kgaa collaboration for the years ended december 31 , 2013 , 2014 and 2015 , respectively . the following table summarizes the revenue recognition schedule of an aggregate of $ 34.0 million in revenue from our collaboration agreements with merck kgaa , comprised of an aggregate of $ 22.0 million related to bgb-283 and $ 12.0 million related to bgb-290 . story_separator_special_tag based on our current operating plan , we expect that our existing cash , cash equivalents and short-term investments as of december 31 , 2015 , will enable us to fund our operating expenses and capital expenditures requirements for at least the next 12 months . in that time , we expect that our expenses will increase substantially as we fund clinical development of bgb-3111 , bgb-a317 , bgb-290 and bgb-283 , fund new and ongoing research and development activities and working capital and other general corporate purposes . we have based our estimates on assumptions that may prove to be wrong , and we may use our available capital resources sooner than we currently expect . because of the numerous risks and uncertainties associated with the development and commercialization of our drug candidates , we are unable to estimate the amounts of increased capital outlays and operating expenditures necessary to complete the development and commercialization of our drug candidates . our future capital requirements will depend on many factors , including : · the costs , timing and outcome of regulatory reviews and approvals ; · the ability of our drug candidates to progress through clinical development successfully ; · the initiation , progress , timings , costs and results of non-clinical studies and clinical trials for our other programs and potential drug candidates ; 153 · the number and characteristics of the drug candidate we pursue ; · the costs of preparing , filing and prosecuting patent applications , maintaining and enforcing our intellectual property rights and defending intellectual property-related claims ; · the extent to which we acquire or in-license other products and technologies ; and · our ability to maintain and establish collaboration arrangements on favorable terms , if at all . until such time , if ever , as we can generate substantial product revenue , we expect to finance our cash needs through a combination of equity offerings , debt financings , collaborations , strategic alliances , licensing arrangements and government grants . to the extent that we raise additional capital through the sale of equity or convertible debt securities , the ownership interest of our shareholders will be diluted , and the terms of these securities may include liquidation or other preferences that adversely affect your rights as an ads holder . debt financing , if available , may involve agreements that include covenants limiting or restricting our ability to take specific actions , such as incurring additional debt , making capital expenditures or declaring dividends and may require the issuance of warrants , which could potentially dilute your ownership interest . if we raise additional funds through collaborations , strategic alliances or licensing arrangements with third parties , we may have to relinquish valuable rights to our technologies , future revenue streams or research programs or to grant licenses on terms that may not be favorable to us . if we are unable to raise additional funds through equity or debt financings when needed , we may be required to delay , limit , reduce or terminate our product development or future commercialization efforts or grant rights to develop and market products or drug candidates that we would otherwise prefer to develop and market ourselves . contractual obligations and commitments the following table summarizes our significant contractual obligations as of payment due date by period at december 31 , 2015 : replace_table_token_11_th operating lease commitments we lease office facilities in beijing , prc under non-cancelable operating leases expiring on different dates . payments under operating leases are expensed on a straight-line basis over the periods of the respective leases , and the terms of the leases do not contain rent escalation , contingent rent , renewal or purchase options . the future minimum payments under these non-cancelable operating leases are summarized in the table above . in addition , we lease office facilities in the greater boston area and new jersey , united states . senior promissory note the senior promissory note issued to msd in 2011 bears an interest of 8 % compounding per annum and has a term of five years . as of december 31 , 2015 , the outstanding unpaid principal and interest of the senior promissory note was $ 14.6 million . in february 2016 , in connection with the closing of our initial public offering , the outstanding unpaid principal and interest of the senior promissory note was automatically exchanged into 7,942,314 of our ordinary shares . 154 other business agreements we enter into agreements in the normal course of business with cros and institutions to license intellectual property . we have not included these future payments in the table of contractual obligations above since the contracts are cancelable at any time by us with prior written notice . off-balance sheet arrangements we did not have during the periods presented , and we do not currently have , any off-balance sheet arrangements , as defined under sec rules , such as relationships with unconsolidated entities or financial partnerships , which are often referred to as structured finance or special purpose entities , established for the purpose of facilitating financing transactions that are not required to be reflected on our balance sheets . critical accounting policies and significant judgments and estimates our discussion and analysis of our financial condition and results of operations is based on our financial statements , which have been prepared in accordance with accounting principles generally accepted in the united states of america , or u.s. gaap . the preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets , liabilities and the disclosure of contingent assets and liabilities at the date of our financial statements and the reported amounts of revenues and expenses during the periods . we evaluate our estimates and judgments on an ongoing basis , including but not limited to , estimating the useful lives of long-lived assets , identifying

