as we identify indications of clinical activity in a particular tumor type , we will further test the combination 's efficacy and safety in expansion cohorts of approximately 20 patients . we began enrolling the first expansion cohort in december 2017 , treating patients with metastatic pancreatic cancer . we continue to explore opening cohorts in patients with other solid tumors . cortisol modulators to treat patients with crpc . we are conducting an open label phase 1/2 trial of our proprietary , selective cortisol modulator cort125281 combined with xtandi in patients with metastatic crpc at sites in the united states and europe . 31 development of our other selective cortisol modula tors we are conducting a phase 1 trial of the safety , tolerability and pharmacokinetics of our proprietary , selective cortisol modulator cort118335 . we plan to advance this compound to phase 2 as a potential treatment for antipsychotic-induced weight gain and nash . our portfolio of proprietary selective cortisol modulators contains more than 500 compounds . we plan to continue identifying new compounds and to advance the most promising of them towards the clinic . results of operations net product revenue – net product revenue is gross product revenue from sales to our customers less deductions for estimated government rebates . for the year ended december 31 , 2017 , we recorded $ 159.2 million in net product revenue , as compared to $ 81.3 million for the year ended december 31 , 2016 and $ 50.3 million for the year ended december 31 , 2015. the increases in net product revenue year over year were primarily driven by increases in our sales volume and price increases . these price increases represented approximately 16.6 percent and 32.1 percent of the increases in net revenue for the years ended december 31 , 2017 and 2016 , respectively . cost of sales – cost of sales includes the cost of api , tableting , packaging , personnel , overhead , stability testing and distribution . cost of sales was $ 3.6 million for the year ended december 31 , 2017 , as compared to $ 2.1 million in the corresponding period in 2016 and $ 1.4 million in the corresponding period in 2015. these increases were due to greater sales volumes , partially offset by reductions in our manufacturing costs . for the year ended december 31 , 2017 , cost of sales was 2.2 percent of our net product revenue , as compared to 2.5 percent in the corresponding period in 2016 and 2.7 percent in the corresponding period in 2015. cost of sales declined as a percentage of net product revenue for the years ended december 31 , 2017 and 2016 due to reduced manufacturing costs and increases in the price of korlym . research and development expenses – research and development expenses include the cost of ( 1 ) retaining and compensating development personnel , ( 2 ) clinical trials , ( 3 ) discovery research and pre-clinical studies , ( 4 ) drug product for use in clinical trials and to support regulatory submissions , ( 5 ) the development of drug formulations and manufacturing processes and ( 6 ) regulatory activities . research and development expenses increased to $ 40.4 million for the year ended december 31 , 2017 from $ 23.8 million in 2016 , an increase of 69 .3 percent , primarily due to the clinical advancement of relacorilant and the pre-clinical and clinical development of cort118335 and cort125281 , including the associated hiring of additional clinical development employees . research and development expenses increased to $ 23.8 million for the year ended december 31 , 2016 from $ 15.4 million in 2015 , an increase of 54.6 percent , primarily due to increased spending on the advancement of relacorilant , which entered clinical trials in patients in the second quarter of 2016 , and the hiring of additional clinical development employees . 32 below is a summary of our research and development expenses by major project : replace_table_token_4_th research and development expenses in 2018 and thereafter will depend on the outcomes of our pre-clinical and clinical trials and our development plans . we expect research and development spending in 2018 to be higher than it was in the corresponding period of 2017 as our programs advance and we begin new ones . it is difficult to predict the timing and cost of development activities , which are subject to many risks and uncertainties , including inconclusive results , slow patient enrollment , adverse side effects and unforeseen difficulties in the formulation or manufacture of study drugs and their real or perceived lack of efficacy or safety . clinical development is also subject to extensive government oversight and to regulations that may change in ways we can not anticipate . selling , general and administrative expenses – selling , general and administrative expenses include ( 1 ) compensation of employees , consultants and contractors engaged in commercial and administrative activities , ( 2 ) the cost of vendors that support commercial activities and ( 3 ) legal and accounting fees . selling , general and administrative expenses for the year ended december 31 , 2017 increased 38.0 percent to $ 62.4 million , from $ 45.2 million for the comparable period in 2016 . this increase was primarily due to the growth of our sales organization , higher performance bonus expense and increased professional services fees . selling , general and administrative expenses for the year ended december 31 , 2016 increased 22.4 percent to $ 45.2 million , from $ 36.9 million for the comparable period in 2015. the increases were driven primarily by increased compensation expense due to additional hiring , performance bonus expense , and commissions related to increased sales . story_separator_special_tag because product manufactured prior to regulatory approval may not be sold unless regulatory approval is obtained , we treat manufacturing costs for product candidates as research and development expenses at the time such costs are incurred . we capitalize into inventory manufacturing any costs related to an approved product that are incurred after regulatory approval . we value inventory at the lower of cost or net realizable value . we determine the cost of inventory using the specific identification method , which approximates a first-in , first-out basis . we write down inventory that has become obsolete or has a cost basis in excess of its expected net realizable value . any expired inventory is disposed of and the related costs are recognized as cost of sales in the statement of comprehensive income ( loss ) in that period . 36 cost of sales includes the cost of product ( i.e . , the cost of manufacturing korlym , including material , third-party manufacturing costs and indirect personnel and other overhead costs ) based on units for which revenue is recognized in the current period , as we ll as costs of stability testing , logistics and distribution . inventory amounts that are not expected to be consumed within 12 months following the balance sheet date are classified as strategic inventory , a noncurrent asset . accruals of research and development costs research and development expenses consist of direct expenses , such as the cost of discovery research , pre-clinical studies , and clinical trials relating to our portfolio of proprietary , selective cortisol modulators , manufacturing development , preparations for submissions to the fda or other regulatory agencies and related overhead expenses . we expense nonrefundable payments and the cost of technologies and materials used in research and development as they are incurred . we base our cost accruals for research , preclinical activities , and clinical trials on estimates of work completed under service agreements , milestones achieved , patient enrollment and past experience with similar contracts . our estimates of work completed and associated cost accruals include our assessments of information from third-party vendors and the overall status of clinical trial and other development and administrative activities . stock-based compensation we account for stock-based compensation related to option grants under the fair value method , based on the value of the award at the grant date , using the black-scholes option valuation model . we recognize this expense over the requisite vesting period , net of estimated forfeitures . if actual forfeitures differ from our estimates , we adjust stock-based compensation expense accordingly . we recognize the expense of options granted to non-employees based on the fair value-based measurement of the option grants at the time of vesting . debt obligation the accounting for the financing agreement with biopharma required us to make certain estimates and assumptions , including the timing of royalty payments due to biopharma , the expected rate of return to biopharma , the split between current and long-term portions of the obligation , and the accretion of interest expense . actual payment amounts were based on korlym receipts during the applicable quarter . we made our final payment under the financing agreement in july 2017. income taxes we account for income taxes in accordance with asc 740 , income taxes ( “ asc 740 ” ) , which requires recognition of deferred tax assets and liabilities for the expected tax consequences of our future financial and operating activities . under asc 740 , we determine deferred tax assets and liabilities based on the temporary difference between the financial statement and tax bases of assets and liabilities using the tax rates in effect for the year in which we expect such differences to reverse . if we determine that it is more likely than not that we will not generate sufficient taxable income to realize the value of some or all of our deferred tax assets ( net of our deferred tax liabilities ) , we establish a valuation allowance offsetting the amount we do not expect to realize . we perform this analysis each reporting period and reduce our measurement of deferred taxes , if the likelihood we will realize them becomes uncertain . in deciding whether a valuation allowance is necessary , gaap requires us to give significant weight to objective evidence . it is difficult to conclude that sufficient taxable income will be generated when there is significant evidence – such as corcept 's substantial cumulative losses – that future taxable income is not assured . because forecasts of taxable income are inherently uncertain and not objectively verifiable , our cumulative losses must weigh heavily in our analysis . 37 we are also required to evaluate and quantify other sources of taxable income , such as the possible reversal of future deferred tax liabilities , should any arise , and the implementation of tax planning strategies . evaluating and quantifying these amounts is difficult and involves significant judgment , based on all of the available evidence and assumptions about our future activities . until the fourth quarter of 2017 , we maintained a valuation allowance on the entire value of our deferred taxes and did not report these amounts in our balance sheet . we also account for uncertain tax positions in accordance with asc 740 , which requires us to adjust our financial statements to reflect only those tax positions that are more-likely-than-not to be sustained upon review by federal or state examiners . we may recognize a tax benefit only if it is more likely than not the tax position will be sustained on examination by the taxing authorities , based on the technical merits of the position . the tax benefits recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50 % likelihood of being realized upon settlement . our policy is to report interest and

liquidity and capital resources until 2015 , we incurred operating losses every year . at december 31 , 2017 , we had an accumulated deficit of $ 193.1 million . since 2012 , we have relied on revenues from the sale of korlym and proceeds from the sale of common stock and the now concluded financing agreement with biopharma to fund our operations . based on our current plans , which include fully funding our cushing 's syndrome commercial operations , conducting phase 2 and phase 3 trials of relacorilant in both cushing 's syndrome and solid tumors , the development of cort125281 to treat patients with crpc and cort118335 to treat patients with antipsychotic-induced weight gain and nash , we expect to fund our operations without needing to raise additional funds , although we may choose to raise additional funds to finance our strategic priorities . if we were to raise funds , equity financing could be dilutive to stockholders . debt financing , if available , could involve restrictive covenants . funds raised through collaborations with other companies may require us to relinquish certain rights in our product candidates . at december 31 , 2017 , we had cash , cash equivalents and marketable securities of $ 104.0 million , consisting of cash and cash equivalents of $ 31.1 million and marketable securities of $ 72.9 million , compared to cash and cash equivalents of $ 51.5 million at december 31 , 2016. net cash provided by operating activities for the years ended december 31 , 2017 , 2016 and 2015 was $ 60.9 million , $ 18.4 million and $ 3.1 million , respectively . these increases were primarily due to greater sales volumes .


 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 until 2015 , we incurred operating losses every year . at december 31 , 2017 , we had an accumulated deficit of $ 193.1 million . since 2012 , we have relied on revenues from the sale of korlym and proceeds from the sale of common stock and the now concluded financing agreement with biopharma to fund our operations . based on our current plans , which include fully funding our cushing 's syndrome commercial operations , conducting phase 2 and phase 3 trials of relacorilant in both cushing 's syndrome and solid tumors , the development of cort125281 to treat patients with crpc and cort118335 to treat patients with antipsychotic-induced weight gain and nash , we expect to fund our operations without needing to raise additional funds , although we may choose to raise additional funds to finance our strategic priorities . if we were to raise funds , equity financing could be dilutive to stockholders . debt financing , if available , could involve restrictive covenants . funds raised through collaborations with other companies may require us to relinquish certain rights in our product candidates . at december 31 , 2017 , we had cash , cash equivalents and marketable securities of $ 104.0 million , consisting of cash and cash equivalents of $ 31.1 million and marketable securities of $ 72.9 million , compared to cash and cash equivalents of $ 51.5 million at december 31 , 2016. net cash provided by operating activities for the years ended december 31 , 2017 , 2016 and 2015 was $ 60.9 million , $ 18.4 million and $ 3.1 million , respectively . these increases were primarily due to greater sales volumes .
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 Suspicious Activity Report : as we identify indications of clinical activity in a particular tumor type , we will further test the combination 's efficacy and safety in expansion cohorts of approximately 20 patients . we began enrolling the first expansion cohort in december 2017 , treating patients with metastatic pancreatic cancer . we continue to explore opening cohorts in patients with other solid tumors . cortisol modulators to treat patients with crpc . we are conducting an open label phase 1/2 trial of our proprietary , selective cortisol modulator cort125281 combined with xtandi in patients with metastatic crpc at sites in the united states and europe . 31 development of our other selective cortisol modula tors we are conducting a phase 1 trial of the safety , tolerability and pharmacokinetics of our proprietary , selective cortisol modulator cort118335 . we plan to advance this compound to phase 2 as a potential treatment for antipsychotic-induced weight gain and nash . our portfolio of proprietary selective cortisol modulators contains more than 500 compounds . we plan to continue identifying new compounds and to advance the most promising of them towards the clinic . results of operations net product revenue – net product revenue is gross product revenue from sales to our customers less deductions for estimated government rebates . for the year ended december 31 , 2017 , we recorded $ 159.2 million in net product revenue , as compared to $ 81.3 million for the year ended december 31 , 2016 and $ 50.3 million for the year ended december 31 , 2015. the increases in net product revenue year over year were primarily driven by increases in our sales volume and price increases . these price increases represented approximately 16.6 percent and 32.1 percent of the increases in net revenue for the years ended december 31 , 2017 and 2016 , respectively . cost of sales – cost of sales includes the cost of api , tableting , packaging , personnel , overhead , stability testing and distribution . cost of sales was $ 3.6 million for the year ended december 31 , 2017 , as compared to $ 2.1 million in the corresponding period in 2016 and $ 1.4 million in the corresponding period in 2015. these increases were due to greater sales volumes , partially offset by reductions in our manufacturing costs . for the year ended december 31 , 2017 , cost of sales was 2.2 percent of our net product revenue , as compared to 2.5 percent in the corresponding period in 2016 and 2.7 percent in the corresponding period in 2015. cost of sales declined as a percentage of net product revenue for the years ended december 31 , 2017 and 2016 due to reduced manufacturing costs and increases in the price of korlym . research and development expenses – research and development expenses include the cost of ( 1 ) retaining and compensating development personnel , ( 2 ) clinical trials , ( 3 ) discovery research and pre-clinical studies , ( 4 ) drug product for use in clinical trials and to support regulatory submissions , ( 5 ) the development of drug formulations and manufacturing processes and ( 6 ) regulatory activities . research and development expenses increased to $ 40.4 million for the year ended december 31 , 2017 from $ 23.8 million in 2016 , an increase of 69 .3 percent , primarily due to the clinical advancement of relacorilant and the pre-clinical and clinical development of cort118335 and cort125281 , including the associated hiring of additional clinical development employees . research and development expenses increased to $ 23.8 million for the year ended december 31 , 2016 from $ 15.4 million in 2015 , an increase of 54.6 percent , primarily due to increased spending on the advancement of relacorilant , which entered clinical trials in patients in the second quarter of 2016 , and the hiring of additional clinical development employees . 32 below is a summary of our research and development expenses by major project : replace_table_token_4_th research and development expenses in 2018 and thereafter will depend on the outcomes of our pre-clinical and clinical trials and our development plans . we expect research and development spending in 2018 to be higher than it was in the corresponding period of 2017 as our programs advance and we begin new ones . it is difficult to predict the timing and cost of development activities , which are subject to many risks and uncertainties , including inconclusive results , slow patient enrollment , adverse side effects and unforeseen difficulties in the formulation or manufacture of study drugs and their real or perceived lack of efficacy or safety . clinical development is also subject to extensive government oversight and to regulations that may change in ways we can not anticipate . selling , general and administrative expenses – selling , general and administrative expenses include ( 1 ) compensation of employees , consultants and contractors engaged in commercial and administrative activities , ( 2 ) the cost of vendors that support commercial activities and ( 3 ) legal and accounting fees . selling , general and administrative expenses for the year ended december 31 , 2017 increased 38.0 percent to $ 62.4 million , from $ 45.2 million for the comparable period in 2016 . this increase was primarily due to the growth of our sales organization , higher performance bonus expense and increased professional services fees . selling , general and administrative expenses for the year ended december 31 , 2016 increased 22.4 percent to $ 45.2 million , from $ 36.9 million for the comparable period in 2015. the increases were driven primarily by increased compensation expense due to additional hiring , performance bonus expense , and commissions related to increased sales . story_separator_special_tag because product manufactured prior to regulatory approval may not be sold unless regulatory approval is obtained , we treat manufacturing costs for product candidates as research and development expenses at the time such costs are incurred . we capitalize into inventory manufacturing any costs related to an approved product that are incurred after regulatory approval . we value inventory at the lower of cost or net realizable value . we determine the cost of inventory using the specific identification method , which approximates a first-in , first-out basis . we write down inventory that has become obsolete or has a cost basis in excess of its expected net realizable value . any expired inventory is disposed of and the related costs are recognized as cost of sales in the statement of comprehensive income ( loss ) in that period . 36 cost of sales includes the cost of product ( i.e . , the cost of manufacturing korlym , including material , third-party manufacturing costs and indirect personnel and other overhead costs ) based on units for which revenue is recognized in the current period , as we ll as costs of stability testing , logistics and distribution . inventory amounts that are not expected to be consumed within 12 months following the balance sheet date are classified as strategic inventory , a noncurrent asset . accruals of research and development costs research and development expenses consist of direct expenses , such as the cost of discovery research , pre-clinical studies , and clinical trials relating to our portfolio of proprietary , selective cortisol modulators , manufacturing development , preparations for submissions to the fda or other regulatory agencies and related overhead expenses . we expense nonrefundable payments and the cost of technologies and materials used in research and development as they are incurred . we base our cost accruals for research , preclinical activities , and clinical trials on estimates of work completed under service agreements , milestones achieved , patient enrollment and past experience with similar contracts . our estimates of work completed and associated cost accruals include our assessments of information from third-party vendors and the overall status of clinical trial and other development and administrative activities . stock-based compensation we account for stock-based compensation related to option grants under the fair value method , based on the value of the award at the grant date , using the black-scholes option valuation model . we recognize this expense over the requisite vesting period , net of estimated forfeitures . if actual forfeitures differ from our estimates , we adjust stock-based compensation expense accordingly . we recognize the expense of options granted to non-employees based on the fair value-based measurement of the option grants at the time of vesting . debt obligation the accounting for the financing agreement with biopharma required us to make certain estimates and assumptions , including the timing of royalty payments due to biopharma , the expected rate of return to biopharma , the split between current and long-term portions of the obligation , and the accretion of interest expense . actual payment amounts were based on korlym receipts during the applicable quarter . we made our final payment under the financing agreement in july 2017. income taxes we account for income taxes in accordance with asc 740 , income taxes ( “ asc 740 ” ) , which requires recognition of deferred tax assets and liabilities for the expected tax consequences of our future financial and operating activities . under asc 740 , we determine deferred tax assets and liabilities based on the temporary difference between the financial statement and tax bases of assets and liabilities using the tax rates in effect for the year in which we expect such differences to reverse . if we determine that it is more likely than not that we will not generate sufficient taxable income to realize the value of some or all of our deferred tax assets ( net of our deferred tax liabilities ) , we establish a valuation allowance offsetting the amount we do not expect to realize . we perform this analysis each reporting period and reduce our measurement of deferred taxes , if the likelihood we will realize them becomes uncertain . in deciding whether a valuation allowance is necessary , gaap requires us to give significant weight to objective evidence . it is difficult to conclude that sufficient taxable income will be generated when there is significant evidence – such as corcept 's substantial cumulative losses – that future taxable income is not assured . because forecasts of taxable income are inherently uncertain and not objectively verifiable , our cumulative losses must weigh heavily in our analysis . 37 we are also required to evaluate and quantify other sources of taxable income , such as the possible reversal of future deferred tax liabilities , should any arise , and the implementation of tax planning strategies . evaluating and quantifying these amounts is difficult and involves significant judgment , based on all of the available evidence and assumptions about our future activities . until the fourth quarter of 2017 , we maintained a valuation allowance on the entire value of our deferred taxes and did not report these amounts in our balance sheet . we also account for uncertain tax positions in accordance with asc 740 , which requires us to adjust our financial statements to reflect only those tax positions that are more-likely-than-not to be sustained upon review by federal or state examiners . we may recognize a tax benefit only if it is more likely than not the tax position will be sustained on examination by the taxing authorities , based on the technical merits of the position . the tax benefits recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50 % likelihood of being realized upon settlement . our policy is to report interest and

