on january 11 , 2021 , we announced a collaboration and license agreement with novartis pharma ag ( `` novartis `` ) to develop , manufacture and commercialize tislelizumab in the united states , canada , mexico , member countries of the european union , united kingdom , norway , switzerland , iceland , liechtenstein , russia , and japan . we have agreed to jointly develop tislelizumab with novartis in these licensed countries , with novartis responsible for regulatory submissions after a transition period and for commercialization upon regulatory approvals . in addition , both companies may conduct clinical trials globally to explore combinations of tislelizumab with other cancer treatments , and we have an option to co-detail the product in north america , funded in part by novartis . the transaction is expected to close in the first quarter of 2021 , subject to expiration or early termination of the waiting period under the hart-scott-rodino antitrust improvements act . 115 on december 27 , 2020 , we announced that three of our innovative oncology medicines were included in the updated national reimbursement drug list ( `` nrdl `` ) by the china national healthcare security administration ( nhsa ) , including our internally-developed anti-pd1 antibody tislelizumab , our internally-developed btk inhibitor brukinsa ® ( zanubrutinib ) , and xgeva ® ( 120-mg denosumab ) from our strategic collaboration with amgen . on december 7 , 2020 , we announced that the nmpa approved blincyto ® ( blinatumomab ) for injection for the treatment of adult patients with relapsed or refractory ( `` r/r `` ) b-cell precursor acute lymphoblastic leukemia ( all ) . the biologics license application ( `` bla `` ) had been submitted by amgen and received priority review by the center for drug evaluation ( `` cde `` ) of the nmpa . developed by amgen and licensed to us in china under a strategic collaboration commenced earlier in 2020 , this is the first approval for blincyto ® in china and our first product licensed from amgen to be newly approved . with this approval , blincyto ® has become the first bispecific immunotherapy approved in china . on november 19 , 2020 , we announced that the nmpa approved xgeva ® ( denosumab ) for the prevention of skeletal-related events ( `` sres `` ) in patients with bone metastases from solid tumors and in patients with multiple myeloma ( `` mm `` ) . developed by amgen and licensed to beigene in china under a strategic collaboration commenced earlier in 2020 , xgeva ® is also approved and marketed in china for the treatment of adults and skeletally mature adolescents with giant cell tumor of the bone ( `` gctb `` ) that is unresectable or where surgical resection is likely to result in severe morbidity . components of operating results revenue product revenue we began generating product revenue in september 2017 through our in-license agreement with bms to distribute the approved cancer therapies revlimid ® , vidaza ® , and abraxane ® in china . following approval from the fda in november 2019 , we launched our first internally developed medicine , brukinsa ® , in the united states . we launched our second internally developed medicine , tislelizumab , in china in march 2020 and in june 2020 , we launched brukinsa ® in china . in july 2020 , we began selling xgeva ® under our in-license agreement with amgen . revenues from product sales are recognized when there is a transfer of control from the company to the customer . the company determines transfer of control based on when the product is delivered , and title passes to the customer . revenues from product sales are recognized net of variable consideration resulting from rebates , chargebacks , trade discounts and allowances , sales returns allowances and other incentives . provisions for estimated reductions to revenue are provided for in the same period the related sales are recorded and are based on contractual terms , historical experience and trend analysis . we expect revenue from our internal product sales to increase during 2021. we received approval for blincyto ® in china in december 2020 and plan to launch additional in-licensed products from our collaborations in 2021 , and continue to expand our efforts to promote our existing commercial products . collaboration revenue we recognize collaboration revenues for amounts earned under collaborative and out-licensing arrangements . prior to the third quarter of 2019 , we recorded revenue from our 2017 collaboration and license agreement with bms for tislelizumab , which was terminated in june 2019. under this agreement , we received an upfront payment related to the license fee , which was recognized upon the delivery of the license right . additionally , the portion of the upfront payment related to the reimbursement of undelivered research and development services was deferred and recognized over the performance period of the collaboration arrangement . we recognized the remainder of the deferred research and development services revenue balance upon termination of the collaboration agreement . we also received research and development reimbursement revenue for the clinical trials that bms opted into until the termination of the collaboration agreement . pursuant to the terms of the termination agreement , we received a one-time payment of $ 150 million in june 2019 , which was recognized in full at that time because we had no further performance obligations under the collaboration . we also recognized revenue for upfront license fees and milestone payments from a prior collaboration agreement with merck kgaa , darmstadt germany during the year ended december 31 , 2018 . 116 expenses cost of sales cost of sales includes the cost of products purchased from amgen and bms and distributed in china and the costs to manufacture our internally developed commercial products . story_separator_special_tag income tax ( benefit ) expense income tax benefit was $ 17.7 million for the year ended december 31 , 2020 compared with income tax expense of $ 7.0 million for the year ended december 31 , 2019. the income tax benefit for the year ended december 31 , 2020 was primarily attributable to the tax benefit of u.s. share-based compensation deductions in excess of the tax expense on income reported in certain china subsidiaries as adjusted for certain non-deductible expenses . story_separator_special_tag ordinary shares to certain existing investors . other inflows included $ 93.1 million from the exercise of employee share options and proceeds from the issuance of shares through our employee share purchase plan , and $ 433.9 million from loan proceeds . these inflows were partially offset by $ 144.3 million of repayment of principal under the shareholder loan with get and $ 28.7 million of cash consideration paid for the acquisition of the remaining 5 % minority interest in our subsidiary beigene biologics co. , ltd. ( `` beigene biologics `` ) . financing activities provided $ 85.7 million of cash for the year ended december 31 , 2019. this consisted primarily of $ 67.5 million from bank loans to fund our guangzhou manufacturing facility and working capital requirements and $ 47.0 million from the exercise of employee share options . these inflows were partially offset by $ 32.8 million for repayments of our suzhou manufacturing facility and working capital bank loans . 124 effects of exchange rates on cash we have substantial operations in the prc , which generate a significant amount of rmb-denominated cash from product sales and require a significant amount of rmb-denominated cash to pay our obligations . since the reporting currency of the company is the u.s. dollar , periods of volatility in exchange rates may have a significant impact on our consolidated cash balances . operating capital requirements we expect to continue to incur losses for the foreseeable future and expect these losses to increase in the near term , as we continue to develop and seek regulatory approvals for our product candidates , expand our research and manufacturing facilities and activities , and commercialize both our internally developed and in-licensed products . the size of our future net losses will depend , in part , on the number and scope of our development programs and the associated costs of those programs , our ability to generate product revenue , and the timing and amount of payments we make or receive from arrangements with third parties . if any of our products and product candidates fail in clinical trials or do not gain regulatory approval , or if approved , fail to achieve market acceptance , we may never become profitable . even if we achieve profitability in the future , we may not be able to sustain profitability in subsequent periods . our future capital requirements will depend on many factors , including : our ability to successfully commercialize our internally developed and in-licensed medicines and drug candidates , if approved ; 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 , timing , costs and results of nonclinical studies and clinical trials for our other programs and potential drug candidates ; the number and characteristics of the medicines and drug candidates we pursue ; the costs of establishing or expanding commercial manufacturing capabilities or securing necessary supplies from third-party manufacturers ; the costs of preparing , filing and prosecuting patent applications , maintaining and enforcing our intellectual property rights and defending intellectual property‑related claims ; the costs of establishing and expanding our commercial operations and the success of those operations ; the extent to which we acquire or in‑license other products and technologies ; and our ability to establish and maintain collaboration arrangements on favorable terms , if at all . until such time , if ever , as we can generate substantial product revenue , we may be required to finance our cash needs through a combination of equity offerings , debt financings , collaboration agreements , strategic alliances , licensing arrangements , government grants , and other available sources . under the rules of the sec , we currently qualify as a “ well-known seasoned issuer , ” which allows us to file shelf registration statements to register an unspecified amount of securities that are effective upon filing . on may 11 , 2020 , we filed such a shelf registration statement with the sec for the issuance of an unspecified amount of ordinary shares ( including in the form of adss ) , preferred shares , various series of debt securities and or warrants to purchase any of such securities , either individually or in units , from time to time at prices and on terms to be determined at the time of any such offering . this registration statement was effective upon filing and will remain in effect for up to three years from filing , prior to which time we may file another shelf registration statement that will be effective for up to three years from filing . 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 a holder of adss or ordinary shares . 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 collaboration agreements , strategic alliances or licensing arrangements with third parties , we

liquidity and capital resources the following table represents our cash , short-term investments , and debt balances as of december 31 , 2020 : replace_table_token_15_th we have incurred annual net losses and negative cash flows from operations since inception , resulting from the funding of our research and development programs and selling , general and administrative expenses associated with our operations , as well as to support the commercialization of our products globally . we incurred net losses of $ 1.6 billion and $ 950.6 million for the years ended december 31 , 2020 and 2019 , respectively . as of december 31 , 2020 , we had an accumulated deficit of $ 3.6 billion . to date , we have financed our operations principally through proceeds from public and private offerings of our securities and proceeds from our collaborations , together with product sales since september 2017. based on our current operating plan , we expect that our existing cash , cash equivalents and short-term investments as of december 31 , 2020 will enable us to fund our operating expenses and capital expenditure requirements for at least the next 12 months after the date that the financial statements included in this report are issued . on january 29 , 2021 , the shanghai stock exchange ( the `` sse '' ) accepted our listing application for a proposed public offering of our ordinary shares and listing of such shares on the science and technology innovation board ( the “ star market ” ) of the sse ( the “ star offering ” ) . the star offering will be conducted within the prc , and such shares will be issued to and subscribed for by investors in renminbi ( “ rmb ” ) in the prc and listed and traded on the star market in rmb ( the “ rmb shares ” ) .


 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 the following table represents our cash , short-term investments , and debt balances as of december 31 , 2020 : replace_table_token_15_th we have incurred annual net losses and negative cash flows from operations since inception , resulting from the funding of our research and development programs and selling , general and administrative expenses associated with our operations , as well as to support the commercialization of our products globally . we incurred net losses of $ 1.6 billion and $ 950.6 million for the years ended december 31 , 2020 and 2019 , respectively . as of december 31 , 2020 , we had an accumulated deficit of $ 3.6 billion . to date , we have financed our operations principally through proceeds from public and private offerings of our securities and proceeds from our collaborations , together with product sales since september 2017. based on our current operating plan , we expect that our existing cash , cash equivalents and short-term investments as of december 31 , 2020 will enable us to fund our operating expenses and capital expenditure requirements for at least the next 12 months after the date that the financial statements included in this report are issued . on january 29 , 2021 , the shanghai stock exchange ( the `` sse '' ) accepted our listing application for a proposed public offering of our ordinary shares and listing of such shares on the science and technology innovation board ( the “ star market ” ) of the sse ( the “ star offering ” ) . the star offering will be conducted within the prc , and such shares will be issued to and subscribed for by investors in renminbi ( “ rmb ” ) in the prc and listed and traded on the star market in rmb ( the “ rmb shares ” ) .
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 Suspicious Activity Report : on january 11 , 2021 , we announced a collaboration and license agreement with novartis pharma ag ( `` novartis `` ) to develop , manufacture and commercialize tislelizumab in the united states , canada , mexico , member countries of the european union , united kingdom , norway , switzerland , iceland , liechtenstein , russia , and japan . we have agreed to jointly develop tislelizumab with novartis in these licensed countries , with novartis responsible for regulatory submissions after a transition period and for commercialization upon regulatory approvals . in addition , both companies may conduct clinical trials globally to explore combinations of tislelizumab with other cancer treatments , and we have an option to co-detail the product in north america , funded in part by novartis . the transaction is expected to close in the first quarter of 2021 , subject to expiration or early termination of the waiting period under the hart-scott-rodino antitrust improvements act . 115 on december 27 , 2020 , we announced that three of our innovative oncology medicines were included in the updated national reimbursement drug list ( `` nrdl `` ) by the china national healthcare security administration ( nhsa ) , including our internally-developed anti-pd1 antibody tislelizumab , our internally-developed btk inhibitor brukinsa ® ( zanubrutinib ) , and xgeva ® ( 120-mg denosumab ) from our strategic collaboration with amgen . on december 7 , 2020 , we announced that the nmpa approved blincyto ® ( blinatumomab ) for injection for the treatment of adult patients with relapsed or refractory ( `` r/r `` ) b-cell precursor acute lymphoblastic leukemia ( all ) . the biologics license application ( `` bla `` ) had been submitted by amgen and received priority review by the center for drug evaluation ( `` cde `` ) of the nmpa . developed by amgen and licensed to us in china under a strategic collaboration commenced earlier in 2020 , this is the first approval for blincyto ® in china and our first product licensed from amgen to be newly approved . with this approval , blincyto ® has become the first bispecific immunotherapy approved in china . on november 19 , 2020 , we announced that the nmpa approved xgeva ® ( denosumab ) for the prevention of skeletal-related events ( `` sres `` ) in patients with bone metastases from solid tumors and in patients with multiple myeloma ( `` mm `` ) . developed by amgen and licensed to beigene in china under a strategic collaboration commenced earlier in 2020 , xgeva ® is also approved and marketed in china for the treatment of adults and skeletally mature adolescents with giant cell tumor of the bone ( `` gctb `` ) that is unresectable or where surgical resection is likely to result in severe morbidity . components of operating results revenue product revenue we began generating product revenue in september 2017 through our in-license agreement with bms to distribute the approved cancer therapies revlimid ® , vidaza ® , and abraxane ® in china . following approval from the fda in november 2019 , we launched our first internally developed medicine , brukinsa ® , in the united states . we launched our second internally developed medicine , tislelizumab , in china in march 2020 and in june 2020 , we launched brukinsa ® in china . in july 2020 , we began selling xgeva ® under our in-license agreement with amgen . revenues from product sales are recognized when there is a transfer of control from the company to the customer . the company determines transfer of control based on when the product is delivered , and title passes to the customer . revenues from product sales are recognized net of variable consideration resulting from rebates , chargebacks , trade discounts and allowances , sales returns allowances and other incentives . provisions for estimated reductions to revenue are provided for in the same period the related sales are recorded and are based on contractual terms , historical experience and trend analysis . we expect revenue from our internal product sales to increase during 2021. we received approval for blincyto ® in china in december 2020 and plan to launch additional in-licensed products from our collaborations in 2021 , and continue to expand our efforts to promote our existing commercial products . collaboration revenue we recognize collaboration revenues for amounts earned under collaborative and out-licensing arrangements . prior to the third quarter of 2019 , we recorded revenue from our 2017 collaboration and license agreement with bms for tislelizumab , which was terminated in june 2019. under this agreement , we received an upfront payment related to the license fee , which was recognized upon the delivery of the license right . additionally , the portion of the upfront payment related to the reimbursement of undelivered research and development services was deferred and recognized over the performance period of the collaboration arrangement . we recognized the remainder of the deferred research and development services revenue balance upon termination of the collaboration agreement . we also received research and development reimbursement revenue for the clinical trials that bms opted into until the termination of the collaboration agreement . pursuant to the terms of the termination agreement , we received a one-time payment of $ 150 million in june 2019 , which was recognized in full at that time because we had no further performance obligations under the collaboration . we also recognized revenue for upfront license fees and milestone payments from a prior collaboration agreement with merck kgaa , darmstadt germany during the year ended december 31 , 2018 . 116 expenses cost of sales cost of sales includes the cost of products purchased from amgen and bms and distributed in china and the costs to manufacture our internally developed commercial products . story_separator_special_tag income tax ( benefit ) expense income tax benefit was $ 17.7 million for the year ended december 31 , 2020 compared with income tax expense of $ 7.0 million for the year ended december 31 , 2019. the income tax benefit for the year ended december 31 , 2020 was primarily attributable to the tax benefit of u.s. share-based compensation deductions in excess of the tax expense on income reported in certain china subsidiaries as adjusted for certain non-deductible expenses . story_separator_special_tag ordinary shares to certain existing investors . other inflows included $ 93.1 million from the exercise of employee share options and proceeds from the issuance of shares through our employee share purchase plan , and $ 433.9 million from loan proceeds . these inflows were partially offset by $ 144.3 million of repayment of principal under the shareholder loan with get and $ 28.7 million of cash consideration paid for the acquisition of the remaining 5 % minority interest in our subsidiary beigene biologics co. , ltd. ( `` beigene biologics `` ) . financing activities provided $ 85.7 million of cash for the year ended december 31 , 2019. this consisted primarily of $ 67.5 million from bank loans to fund our guangzhou manufacturing facility and working capital requirements and $ 47.0 million from the exercise of employee share options . these inflows were partially offset by $ 32.8 million for repayments of our suzhou manufacturing facility and working capital bank loans . 124 effects of exchange rates on cash we have substantial operations in the prc , which generate a significant amount of rmb-denominated cash from product sales and require a significant amount of rmb-denominated cash to pay our obligations . since the reporting currency of the company is the u.s. dollar , periods of volatility in exchange rates may have a significant impact on our consolidated cash balances . operating capital requirements we expect to continue to incur losses for the foreseeable future and expect these losses to increase in the near term , as we continue to develop and seek regulatory approvals for our product candidates , expand our research and manufacturing facilities and activities , and commercialize both our internally developed and in-licensed products . the size of our future net losses will depend , in part , on the number and scope of our development programs and the associated costs of those programs , our ability to generate product revenue , and the timing and amount of payments we make or receive from arrangements with third parties . if any of our products and product candidates fail in clinical trials or do not gain regulatory approval , or if approved , fail to achieve market acceptance , we may never become profitable . even if we achieve profitability in the future , we may not be able to sustain profitability in subsequent periods . our future capital requirements will depend on many factors , including : our ability to successfully commercialize our internally developed and in-licensed medicines and drug candidates , if approved ; 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 , timing , costs and results of nonclinical studies and clinical trials for our other programs and potential drug candidates ; the number and characteristics of the medicines and drug candidates we pursue ; the costs of establishing or expanding commercial manufacturing capabilities or securing necessary supplies from third-party manufacturers ; the costs of preparing , filing and prosecuting patent applications , maintaining and enforcing our intellectual property rights and defending intellectual property‑related claims ; the costs of establishing and expanding our commercial operations and the success of those operations ; the extent to which we acquire or in‑license other products and technologies ; and our ability to establish and maintain collaboration arrangements on favorable terms , if at all . until such time , if ever , as we can generate substantial product revenue , we may be required to finance our cash needs through a combination of equity offerings , debt financings , collaboration agreements , strategic alliances , licensing arrangements , government grants , and other available sources . under the rules of the sec , we currently qualify as a “ well-known seasoned issuer , ” which allows us to file shelf registration statements to register an unspecified amount of securities that are effective upon filing . on may 11 , 2020 , we filed such a shelf registration statement with the sec for the issuance of an unspecified amount of ordinary shares ( including in the form of adss ) , preferred shares , various series of debt securities and or warrants to purchase any of such securities , either individually or in units , from time to time at prices and on terms to be determined at the time of any such offering . this registration statement was effective upon filing and will remain in effect for up to three years from filing , prior to which time we may file another shelf registration statement that will be effective for up to three years from filing . 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 a holder of adss or ordinary shares . 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 collaboration agreements , strategic alliances or licensing arrangements with third parties , we

