we believe there is a compelling need for therapy with our endoxifen in this neo-adjuvant or “ window of opportunity ” setting . we recently completed a phase 2 study in australia in the window of opportunity which enrolled 7 newly-diagnosed patients with er+ and human epidermal growth factor receptor 2 negative ( `` her2- `` ) stage 1 or 2 invasive breast cancer , requiring mastectomy or lumpectomy . in february 2021 , we concluded that the study produced substantially positive results and that continuing enrollment in the study would not be useful in advancing the program . we have therefore discontinued the study based in part on results from the first six patients which showed a statistically significant ( p=0.031 ) reduction of about 74 % in tumor cell proliferation with a reduction below 25 % in all participants , as measured by ki-67 ( a recognized standard measurement of breast cancer cell proliferation ) . we now plan to seek guidance from the fda on conducting a study in the united states . no assurance can be given that reduction in ki-67 or any other biomarker in the window of opportunity is an approvable indication . compassionate use of endoxifen . we have supplied our oral endoxifen to two patients under the fda 's expanded access , or “ compassionate use , ” pathway . one patient has er+ breast cancer and was not responding to tamoxifen . this patient has taken our endoxifen , both in the window of opportunity and post-surgery for a total of more than 24 months . according to her physician , she has not had a recurrence of breast cancer , has not had treatment-related changes in periodic laboratory blood tests and the treatment has been well tolerated , including an absence of typically seen vasomotor symptoms ( night sweats and hot flashes ) . the other patient has recurrent ovarian cancer . the patient underwent functional molecular genomic testing , using 3d tumor organoid cultures grown in the laboratory from the patient 's tumor . the organoid testing revealed that the combination of endoxifen and alpelisib produced an exceptionally favorable tumor response . if the drug combination shows promise in this patient , we will consider conducting additional clinical studies in patients with ovarian cancer . 36 under the fda expanded access program , the use of our oral endoxifen is restricted to the individual patient in the application . the expanded access studies are being conducted by others ; our involvement is limited to supplying our endoxifen . the results from single-patient expanded access programs does not imply success in a larger patient population . at-301 . there are currently no fda-approved drugs to treat covid-19 at-home . at-301 is our proprietary drug candidate intended for nasal administration in patients immediately following diagnosis of covid-19 but who have not yet exhibited symptoms severe enough to require hospitalization . it is intended for at-home use to reduce symptoms of covid-19 and to slow the infection rate so that a person 's immune system can more effectively fight covid-19 . at-301 is being developed with a nasal spray delivery mechanism because many covid-19 patients are infected via the nasal passage . our nasal spray formulation at-301 is being designed to contain ingredients that can potentially block sars-cov-2 viral entry gene proteins in nasal epithelial cells by interfering with spike protein activation by host proteases , by masking receptor binding domains via electrostatic mechanisms , and by providing a generalized mucoadhesive epithelial barrier . in july 2020 , we completed in vitro testing of at-301 which showed that at-301 inhibits sars-cov-2 infectivity of vero cells in a laboratory culture . in october 2020 , we completed enrollment in a phase 1 study of at-301 which was a double-blinded , randomized , and placebo-controlled safety study of at-301 nasal spray in 32 healthy adult subjects . an evaluation of the data indicated that there were no serious adverse events , no discontinuations , and only one of the subjects in the study experienced adverse events that were considered moderate in severity . we concluded that our at-301 nasal spray was safe and well tolerated in this study . these results support advancing this program into a phase 2 study . we recently received input from the fda on this program and based in part on that input , we are now preparing to conduct an additional pre-clinical study . following that , we expect to apply to the fda to commence a phase 2 study in the united states . we may also develop our at-301 nasal spray to potentially help prevent covid-19 infection — particularly for people in high-risk environments , such as people living with an infected patient , people living and working in healthcare facilities , emergency responders or teachers . at-h201 . at-h201 is a proprietary combination of two drugs previously approved by the fda to treat other diseases . it is intended to improve compromised lung function for moderate to severely ill , hospitalized covid-19 patients by inhalation . in may 2020 , we completed in vitro testing of at-h201 which showed that the components of at-h201 inhibit sars-cov-2 infectivity of vero cells , which is a standard cell type being used to study infectivity of the coronavirus . the at-h201 components were found to be at least four times more potent than remdesivir and at least 20 times more potent than hydroxychloroquine . potency was measured by microscopic examination of the cytopathic effect caused by sars-cov-2 in vero cells . we received input from the fda on potential pathways to develop at-h201 and the fda requested that we provide , among other things , additional pre-clinical and other information on at-h201 . we have also applied to the regulatory authorities to conduct the initial clinical study of at-h201 in australia . story_separator_special_tag the fair value of each option grant is estimated using the black-scholes option-pricing model , which requires assumptions regarding the expected volatility of our stock options , the expected life of the options , an expectation regarding future dividends on our common stock , and estimation of an appropriate risk-free interest rate . our expected common stock price volatility assumption is based upon the volatility of our stock price . the expected life assumption for stock option grants was based upon the simplified method provided for under asc 718-10 , which averages the contractual term of the options of ten years with the average vesting term of one to four years . the dividend yield assumption of zero is based upon the fact that we have never paid cash dividends and presently have no intention of paying cash dividends in the future . the risk-free interest rate used for each grant was based upon prevailing short-term interest rates over the expected life of the options . financial instruments with characteristics of both liabilities and equity during december 2020 , we issued certain financial instruments , including warrants to purchase common stock , which have characteristics of both liability and equity . financial instruments such as warrants that are classified as liabilities are fair valued upon issuance and are remeasured at fair value at subsequent reporting periods with the resulting change in fair value recorded in “ change in fair value of common stock warrants ” . the fair value of warrants is estimated using valuation models that require the input of subjective assumptions including stock price , strike price , stock price volatility , expected life , an expectation regarding future dividends on our common stock , and estimation of an appropriate risk-free interest rate . 38 results of operations comparison of years ended december 31 , 2020 and 2019 revenue and cost of revenue : for the years ended december 31 , 2020 and 2019 , we have no source of sustainable revenue and no associated cost of revenue . operating expenses : total operating expenses were $ 14,607,000 for the year ended december 31 , 2020 , which is a decrease of $ 2,658,000 or 15 % , from the year ended december 31 , 2019. operating expenses for 2020 consisted of research and development ( `` r & d `` ) expenses of $ 6,608,000 and general and administrative ( `` g & a `` ) expenses of $ 7,999,000. operating expenses for 2019 consisted of r & d expenses of $ 6,645,000 , and g & a expenses of $ 10,620,000. the basis for the decreased operating expenses in 2020 is explained below . research and development expenses : r & d expenses for the year ended december 31 , 2020 , were $ 6,608,000 , a decrease of $ 37,000 or 1 % from total r & d expenses in 2019 of $ 6,645,000. the decrease in r & d expense is attributed primarily to a decrease in stock-based compensation of approximately $ 2,214,000 , which is a non-cash charge , offset by an increase in salaries of approximately $ 428,000 , professional fees and clinical trials expenses of approximately $ 1,696,000 , as compared to the same period in 2019. we expect our r & d expenses to increase into 2021 as we seek to commence a study of at-h201 , complete a preclinical and commence a phase 1 study of at-301 , launch a phase 2 clinical trial of endoxifen in women with high breast density , and continue the development of other indications and therapeutics . general and administrative expenses : g & a expenses were $ 7,999,000 for the year ended december 31 , 2020 , a decrease of $ 2,621,000 , or 25 % from the total g & a expenses for the year ended december 31 , 2019 , of $ 10,620,000. the decrease in g & a expenses for the year ended december 31 , 2020 , is mainly attributed to a decrease in stock-based compensation of approximately $ 3,610,000 , which is a non-cash charge , offset by an increase in legal fees of approximately $ 507,000 , professional fees of approximately $ 169,000 and insurance costs of approximately $ 268,000 compared to the same period in 2019. g & a expenses consist primarily of personnel and related benefit costs , facilities , professional services , insurance , and public company related expenses . warrant financing costs and change in fair value of common stock warrants : the december 11 , 2020 financing including the overallotment on december 28 , 2020 , included the issuance of common stock liability warrants . the company incurred financing costs associated with these common stock liability warrants of $ 938,794 upon issuance . the company also recorded changes in the fair value of the liability warrants during the year ended december 31 , 2020 of $ 2,332,567. there were no common stock liability warrants issued during the year ended december 31 , 2019. income taxes : we have incurred net operating losses from inception ; we did not record an income tax benefit for our incurred losses for the years ended december 31 , 2020 and 2019 , due to uncertainty regarding utilization of our net operating carryforwards and due to our history of losses . story_separator_special_tag 36pt ; ' > on january 1 , 2020 , we adopted accounting standards update ( `` asu `` ) no . 2018-13 , fair value measurement ( topic 820 ) : disclosure framework—changes to the disclosure requirements for fair value measurement , to improve the effectiveness of disclosures . the amendments remove , modify , and add certain disclosure requirements in topic 820 , “ fair value measurement . ” the amendments on changes in unrealized gains and losses , the range and weighted average of significant unobservable inputs used to develop level 3 fair value measurements , and the narrative description of

liquidity and capital resources the company has incurred net losses and negative operating cash flows since inception . for the year ended december 31 , 2020 , the company recorded a net loss of approximately $ 17.8 million and used approximately $ 11.6 million of cash in operating activities . as of december 31 , 2020 , the company had approximately $ 39.6 million in cash and cash equivalents and working capital of approximately $ 27.1 million . from january 2021 through march 24 , 2021 , we have raised an additional $ 102.4 million in cash . we believe we have sufficient cash to fund our projected operating requirements into 2024 depending on the timing and extent of the company 's clinical trials . 39 cash flows as of december 31 , 2020 , we had cash , cash equivalents and restricted cash of $ 39.7 million . net cash flows from operating activities : net cash used in operating activities was approximately $ 12,509,000 for the year ended december 31 , 2020 , an increase of $ 2,442,000 , or 27 % , compared to net cash used in operating activities for the year ended december 31 , 2019 of approximately $ 9,128,000. the increase in the 2020 period as compared to 2019 resulted primarily from a decrease in stock-based compensation of approximately $ 4,083,000 , a decrease of approximately $ 1,742,000 of the fair value of the stock-based compensation liability , an increase in prepaid and other assets of approximately $ 1,235,000 ; offset by the change in the fair value of the common stock warrant liability of approximately $ 2,333,000 , an increase in warrant financing expense of approximately $ 939,000 , and increased spending on accounts payable of approximately $ 1,356,000. net cash flows from investing activities : net cash used in investing


 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 company has incurred net losses and negative operating cash flows since inception . for the year ended december 31 , 2020 , the company recorded a net loss of approximately $ 17.8 million and used approximately $ 11.6 million of cash in operating activities . as of december 31 , 2020 , the company had approximately $ 39.6 million in cash and cash equivalents and working capital of approximately $ 27.1 million . from january 2021 through march 24 , 2021 , we have raised an additional $ 102.4 million in cash . we believe we have sufficient cash to fund our projected operating requirements into 2024 depending on the timing and extent of the company 's clinical trials . 39 cash flows as of december 31 , 2020 , we had cash , cash equivalents and restricted cash of $ 39.7 million . net cash flows from operating activities : net cash used in operating activities was approximately $ 12,509,000 for the year ended december 31 , 2020 , an increase of $ 2,442,000 , or 27 % , compared to net cash used in operating activities for the year ended december 31 , 2019 of approximately $ 9,128,000. the increase in the 2020 period as compared to 2019 resulted primarily from a decrease in stock-based compensation of approximately $ 4,083,000 , a decrease of approximately $ 1,742,000 of the fair value of the stock-based compensation liability , an increase in prepaid and other assets of approximately $ 1,235,000 ; offset by the change in the fair value of the common stock warrant liability of approximately $ 2,333,000 , an increase in warrant financing expense of approximately $ 939,000 , and increased spending on accounts payable of approximately $ 1,356,000. net cash flows from investing activities : net cash used in investing
```    
 Suspicious Activity Report : we believe there is a compelling need for therapy with our endoxifen in this neo-adjuvant or “ window of opportunity ” setting . we recently completed a phase 2 study in australia in the window of opportunity which enrolled 7 newly-diagnosed patients with er+ and human epidermal growth factor receptor 2 negative ( `` her2- `` ) stage 1 or 2 invasive breast cancer , requiring mastectomy or lumpectomy . in february 2021 , we concluded that the study produced substantially positive results and that continuing enrollment in the study would not be useful in advancing the program . we have therefore discontinued the study based in part on results from the first six patients which showed a statistically significant ( p=0.031 ) reduction of about 74 % in tumor cell proliferation with a reduction below 25 % in all participants , as measured by ki-67 ( a recognized standard measurement of breast cancer cell proliferation ) . we now plan to seek guidance from the fda on conducting a study in the united states . no assurance can be given that reduction in ki-67 or any other biomarker in the window of opportunity is an approvable indication . compassionate use of endoxifen . we have supplied our oral endoxifen to two patients under the fda 's expanded access , or “ compassionate use , ” pathway . one patient has er+ breast cancer and was not responding to tamoxifen . this patient has taken our endoxifen , both in the window of opportunity and post-surgery for a total of more than 24 months . according to her physician , she has not had a recurrence of breast cancer , has not had treatment-related changes in periodic laboratory blood tests and the treatment has been well tolerated , including an absence of typically seen vasomotor symptoms ( night sweats and hot flashes ) . the other patient has recurrent ovarian cancer . the patient underwent functional molecular genomic testing , using 3d tumor organoid cultures grown in the laboratory from the patient 's tumor . the organoid testing revealed that the combination of endoxifen and alpelisib produced an exceptionally favorable tumor response . if the drug combination shows promise in this patient , we will consider conducting additional clinical studies in patients with ovarian cancer . 36 under the fda expanded access program , the use of our oral endoxifen is restricted to the individual patient in the application . the expanded access studies are being conducted by others ; our involvement is limited to supplying our endoxifen . the results from single-patient expanded access programs does not imply success in a larger patient population . at-301 . there are currently no fda-approved drugs to treat covid-19 at-home . at-301 is our proprietary drug candidate intended for nasal administration in patients immediately following diagnosis of covid-19 but who have not yet exhibited symptoms severe enough to require hospitalization . it is intended for at-home use to reduce symptoms of covid-19 and to slow the infection rate so that a person 's immune system can more effectively fight covid-19 . at-301 is being developed with a nasal spray delivery mechanism because many covid-19 patients are infected via the nasal passage . our nasal spray formulation at-301 is being designed to contain ingredients that can potentially block sars-cov-2 viral entry gene proteins in nasal epithelial cells by interfering with spike protein activation by host proteases , by masking receptor binding domains via electrostatic mechanisms , and by providing a generalized mucoadhesive epithelial barrier . in july 2020 , we completed in vitro testing of at-301 which showed that at-301 inhibits sars-cov-2 infectivity of vero cells in a laboratory culture . in october 2020 , we completed enrollment in a phase 1 study of at-301 which was a double-blinded , randomized , and placebo-controlled safety study of at-301 nasal spray in 32 healthy adult subjects . an evaluation of the data indicated that there were no serious adverse events , no discontinuations , and only one of the subjects in the study experienced adverse events that were considered moderate in severity . we concluded that our at-301 nasal spray was safe and well tolerated in this study . these results support advancing this program into a phase 2 study . we recently received input from the fda on this program and based in part on that input , we are now preparing to conduct an additional pre-clinical study . following that , we expect to apply to the fda to commence a phase 2 study in the united states . we may also develop our at-301 nasal spray to potentially help prevent covid-19 infection — particularly for people in high-risk environments , such as people living with an infected patient , people living and working in healthcare facilities , emergency responders or teachers . at-h201 . at-h201 is a proprietary combination of two drugs previously approved by the fda to treat other diseases . it is intended to improve compromised lung function for moderate to severely ill , hospitalized covid-19 patients by inhalation . in may 2020 , we completed in vitro testing of at-h201 which showed that the components of at-h201 inhibit sars-cov-2 infectivity of vero cells , which is a standard cell type being used to study infectivity of the coronavirus . the at-h201 components were found to be at least four times more potent than remdesivir and at least 20 times more potent than hydroxychloroquine . potency was measured by microscopic examination of the cytopathic effect caused by sars-cov-2 in vero cells . we received input from the fda on potential pathways to develop at-h201 and the fda requested that we provide , among other things , additional pre-clinical and other information on at-h201 . we have also applied to the regulatory authorities to conduct the initial clinical study of at-h201 in australia . story_separator_special_tag the fair value of each option grant is estimated using the black-scholes option-pricing model , which requires assumptions regarding the expected volatility of our stock options , the expected life of the options , an expectation regarding future dividends on our common stock , and estimation of an appropriate risk-free interest rate . our expected common stock price volatility assumption is based upon the volatility of our stock price . the expected life assumption for stock option grants was based upon the simplified method provided for under asc 718-10 , which averages the contractual term of the options of ten years with the average vesting term of one to four years . the dividend yield assumption of zero is based upon the fact that we have never paid cash dividends and presently have no intention of paying cash dividends in the future . the risk-free interest rate used for each grant was based upon prevailing short-term interest rates over the expected life of the options . financial instruments with characteristics of both liabilities and equity during december 2020 , we issued certain financial instruments , including warrants to purchase common stock , which have characteristics of both liability and equity . financial instruments such as warrants that are classified as liabilities are fair valued upon issuance and are remeasured at fair value at subsequent reporting periods with the resulting change in fair value recorded in “ change in fair value of common stock warrants ” . the fair value of warrants is estimated using valuation models that require the input of subjective assumptions including stock price , strike price , stock price volatility , expected life , an expectation regarding future dividends on our common stock , and estimation of an appropriate risk-free interest rate . 38 results of operations comparison of years ended december 31 , 2020 and 2019 revenue and cost of revenue : for the years ended december 31 , 2020 and 2019 , we have no source of sustainable revenue and no associated cost of revenue . operating expenses : total operating expenses were $ 14,607,000 for the year ended december 31 , 2020 , which is a decrease of $ 2,658,000 or 15 % , from the year ended december 31 , 2019. operating expenses for 2020 consisted of research and development ( `` r & d `` ) expenses of $ 6,608,000 and general and administrative ( `` g & a `` ) expenses of $ 7,999,000. operating expenses for 2019 consisted of r & d expenses of $ 6,645,000 , and g & a expenses of $ 10,620,000. the basis for the decreased operating expenses in 2020 is explained below . research and development expenses : r & d expenses for the year ended december 31 , 2020 , were $ 6,608,000 , a decrease of $ 37,000 or 1 % from total r & d expenses in 2019 of $ 6,645,000. the decrease in r & d expense is attributed primarily to a decrease in stock-based compensation of approximately $ 2,214,000 , which is a non-cash charge , offset by an increase in salaries of approximately $ 428,000 , professional fees and clinical trials expenses of approximately $ 1,696,000 , as compared to the same period in 2019. we expect our r & d expenses to increase into 2021 as we seek to commence a study of at-h201 , complete a preclinical and commence a phase 1 study of at-301 , launch a phase 2 clinical trial of endoxifen in women with high breast density , and continue the development of other indications and therapeutics . general and administrative expenses : g & a expenses were $ 7,999,000 for the year ended december 31 , 2020 , a decrease of $ 2,621,000 , or 25 % from the total g & a expenses for the year ended december 31 , 2019 , of $ 10,620,000. the decrease in g & a expenses for the year ended december 31 , 2020 , is mainly attributed to a decrease in stock-based compensation of approximately $ 3,610,000 , which is a non-cash charge , offset by an increase in legal fees of approximately $ 507,000 , professional fees of approximately $ 169,000 and insurance costs of approximately $ 268,000 compared to the same period in 2019. g & a expenses consist primarily of personnel and related benefit costs , facilities , professional services , insurance , and public company related expenses . warrant financing costs and change in fair value of common stock warrants : the december 11 , 2020 financing including the overallotment on december 28 , 2020 , included the issuance of common stock liability warrants . the company incurred financing costs associated with these common stock liability warrants of $ 938,794 upon issuance . the company also recorded changes in the fair value of the liability warrants during the year ended december 31 , 2020 of $ 2,332,567. there were no common stock liability warrants issued during the year ended december 31 , 2019. income taxes : we have incurred net operating losses from inception ; we did not record an income tax benefit for our incurred losses for the years ended december 31 , 2020 and 2019 , due to uncertainty regarding utilization of our net operating carryforwards and due to our history of losses . story_separator_special_tag 36pt ; ' > on january 1 , 2020 , we adopted accounting standards update ( `` asu `` ) no . 2018-13 , fair value measurement ( topic 820 ) : disclosure framework—changes to the disclosure requirements for fair value measurement , to improve the effectiveness of disclosures . the amendments remove , modify , and add certain disclosure requirements in topic 820 , “ fair value measurement . ” the amendments on changes in unrealized gains and losses , the range and weighted average of significant unobservable inputs used to develop level 3 fair value measurements , and the narrative description of

