our pipeline consists of three proprietary product candidates : fx006 , a sustained-release , intra-articular steroid ; fx007 , a trka receptor antagonist for post-operative pain ; and fx005 , a sustained-release intra-articular p38 map kinase inhibitor . we retain the exclusive worldwide rights to our product candidates . we were incorporated in delaware in november 2007 , and to date we have devoted substantially all of our resources to our development efforts relating to our product candidates , including conducting clinical trials with our product candidates , providing general and administrative support for these operations and protecting our intellectual property . we do not have any products approved for sale and have not generated any revenue from product sales . from our inception through december 31 , 2014 , we have funded our operations primarily through the sale of our common stock and convertible preferred stock and , to a lesser extent , debt financing . from our inception through december 31 , 2014 , we have raised $ 244.4 million from such transactions , including from our initial and follow-on public offerings . 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 , government or third-party funding , and licensing or collaboration arrangements . we have incurred net losses in each year since our inception in 2007. our net losses were $ 27.3 million , $ 18.2 million , and $ 15.0 million for the years ended december 31 , 2014 , 2013 and 2012 , respectively . as of december 31 , 2014 , we had an accumulated deficit of $ 93.5 million . substantially all of our net losses resulted from costs incurred in connection with our development programs and from general and administrative expenses associated with our operations . we expect to continue to incur significant expenses and increasing operating losses for the foreseeable future . we anticipate that our expenses will increase substantially in connection with our ongoing activities , as we : continue the development of our lead product candidate , fx006 , including our on-going and future clinical trials ; seek to obtain regulatory approvals for fx006 ; continue to scale-up manufacturing activities including the supply of clinical trial materials and registration batches ; prepare for the potential launch and commercialization of fx006 , if approved ; 68 establish a sales and marketing infrastructure for the commercialization of fx006 , if approved ; expand our development activities and advance additional product candidates ; maintain , expand and protect our intellectual property portfolio ; and add operational , financial and management information systems and personnel , including personnel to support our product development and commercialization efforts and operations as a public company . we do not expect to generate revenue from product sales unless and until we successfully complete development and obtain marketing approval for one or more of our product candidates , which we expect will take a number of years and is subject to significant uncertainty . accordingly , we anticipate that we will need to raise additional capital prior to commercialization of fx006 and completing clinical development of any of our other product candidates . until such time that we can generate substantial revenue from product sales , if ever , we expect to finance our operating activities through a combination of equity offerings , debt financings , government or other third-party funding and collaborations , and licensing arrangements . however , we may be unable to raise additional funds or enter into such arrangements when needed on favorable terms , or at all , which would have a negative impact on our financial condition and could force us to delay , limit , reduce or terminate our development programs or commercialization efforts or grant to others , rights to develop or market product candidates that we would otherwise prefer to develop and market ourselves . failure to receive additional funding could cause us to cease operations , in part or in full . financial overview revenue we have not generated any revenue since our inception . we do not have any products approved for sale , and we do not expect to generate any revenue from the sale of products in the near future . in the future , if our research and development efforts result in clinical success and regulatory approval , we may generate revenue from the sales of our product candidates , or we may generate revenue from grant income or from licensing rights to our product candidates to third parties . if we fail to complete the development of fx006 or our other product candidates , our ability to generate future revenue , and our results of operations and financial position will be adversely affected . operating expenses the majority of our operating expenses to date have been related to in-licensing certain of our product candidates and the development activities of fx006 , fx005 , and fx007 . research and development expenses . since our inception , we have focused our resources on our development activities , including : preclinical studies , clinical trials and chemistry manufacturing and controls , or cmc . our development expenses consist primarily of : expenses incurred under agreements with consultants , contract research organizations , or cros , and investigative sites that conduct our preclinical studies and clinical trials ; costs of acquiring , developing and manufacturing clinical trial materials ; personnel costs , including salaries , benefits , stock-based compensation and travel expenses for employees engaged in scientific research and development functions ; costs related to compliance with regulatory requirements ; expenses related to the in-license of certain technologies from pharmaceutical companies ; and allocated expenses for rent andmaintenance of facilities , insurance and other general overhead . story_separator_special_tag we expect that our research and development and general and administrative expenses will continue to increase and , as a result , we will need additional capital to fund our operations , which we may seek to obtain through one or more equity offerings , debt financings , government or other third-party funding , and licensing or collaboration arrangements . 75 since our inception through february 2014 , we have funded our operations through the receipt of funds from the private placement of $ 80.0 million of equity and debt securities . on february 18 , 2014 , we completed the initial public offering of our common stock , which resulted in net proceeds to us of approximately $ 67.2 million , after deducting underwriting discounts , commissions and offering costs . an additional follow-on offering of our common stock was completed on december 17 , 2014 , which resulted in net proceeds to us of approximately $ 92.2 million after deducting underwriting discounts , commissions , and offering costs paid by the company . as of december 31 , 2014 , we had cash and cash equivalents of $ 103.1 million and marketable securities of $ 48.5 million . we anticipate that our existing cash , cash equivalents and marketable securities will fund our operations for at least the next twelve months . cash in excess of immediate requirements is invested in accordance with our investment policy , primarily with a view to capital preservation . the following table shows a summary of our cash flows for each of the years ended december 31 , 2014 , 2013 and 2012 : replace_table_token_11_th story_separator_special_tag h= `` 4 % `` > ( 2 ) represents the contractually required payments under our operating lease obligations in existence as of december 31 , 2014 in accordance with the required payment schedule . no assumptions were made with respect to renewing the lease terms at the expiration date of their initial terms . ( 3 ) milestone payments of up to $ 184.0 million will become due under our agreements with astrazeneca as we achieve regulatory and commercial milestones . in addition , we will pay tiered royalties on product sales . we have not included these amounts in this table as we can not estimate or predict when , or if , those amounts will become due . the table above reflects only payment obligations that are fixed or determinable . we enter into contracts in the normal course of business with cros for clinical trials , with contract manufacturers for clinical supply manufacturing , and with vendors for preclinical research studies , research supplies and other services and products for operating purposes . these contracts generally provide for termination on notice , and therefore we believe that our non-cancelable obligations under these agreements are not material . off-balance sheet arrangements during the periods presented , we did not have , nor do we currently have , any off-balance sheet arrangements that are reasonably likely to have a current or future material effect on our financial condition , changes in financial condition , revenues or expenses , results of operations , liquidity , capital expenditures or capital resources . recent accounting pronouncements in june 2014 , the financial accounting standard board , or fasb , issued amended accounting guidance for development stage entities . the amendment eliminates certain financial reporting requirements for development stage entities , specifically , the presentation of inception-to-date information , the development stage entity label on the financial statements , the description of the activities in which the entity is engaged , and disclosure in the first year that the entity is no longer a development stage entity that it had been in prior years . in addition , the amendment clarifies guidance regarding entities that have not commenced planned principal operations . the amendment is effective for annual reporting periods beginning after december 15 , 2014 , and interim periods therein with early adoption permitted . the company elected to early adopt this standard in the period ended june 30 , 2014. other than a change in presentation , the adoption of this guidance did not have an impact on the company 's financial statements . in may 2014 , the fasb issued guidance which supersedes all existing revenue recognition requirements , including most industry-specific guidance . the new standard requires a company to recognize revenue when it 78 transfers goods or services to customers in an amount that reflects the consideration that the company expects to receive for those goods or services . this guidance will be effective prospectively for fiscal years , and interim periods within those years , beginning after december 15 , 2016 , and early adoption is not permitted . the company is currently evaluating the potential impact that the adoption of this guidance and the related transition guidance may have on the company 's financial statements . in august 2014 , the fasb issued accounting guidance for the disclosure of uncertainties related to an entity 's ability to continue as a going concern . the new standard requires management to perform an assessment at interim and annual periods as to the entity 's ability to continue as a going concern and provides specific disclosure guidance . this guidance will be effective for fiscal years , and interim periods within those years , beginning after december 15 , 2016 and early adoption is permitted . the company is currently evaluating the potential impact that the adoption of this guidance may have on the company 's financial statements . jobs act on april 5 , 2012 , the jobs act was enacted . section 107 of the jobs act provides that an emerging growth company can take advantage of the extended transition period provided in section 7 ( a ) ( 2 ) ( b ) of the securities act for complying with new or revised accounting standards . in other words , an

net cash used in operating activities operating activities used $ 23.1 million of cash in 2014. the cash used in operating activities resulted primarily from our net loss of $ 27.3 million for the period , offset by non-cash charges of $ 3.0 million and cash provided by changes in our operating assets and liabilities of $ 1.2 million . our non-cash charges consisted of $ 0.5 million related to depreciation expense and amortization of premiums on marketable securities and $ 2.5 million of stock-based compensation expense . net cash provided by changes in our operating assets and liabilities consisted primarily of a $ 0.5 million increase in our accounts payable and a $ 1.0 million increase in accrued expenses and other current liabilities , offset by a $ 0.3 million increase in our prepaid expenses and other current assets . the increase in accounts payable was primarily due to the timing of our payments to manufacturers , cros and legal counsel . the $ 1.0 million increase in accrued expenses and other current liabilities was primarily attributable to higher clinical research and contract manufacturing expenses . the increase in prepaid expenses and other current assets was primarily due to higher prepaid insurance costs due to becoming a publicly-traded company . operating activities used $ 16.2 million of cash in 2013. the cash used in operating activities resulted primarily from our net loss of $ 18.2 million for the period , offset by non-cash charges of $ 1.3 million and cash provided by changes in our operating assets and liabilities of $ 0.7 million . our non-cash charges consisted of $ 0.2 million related to depreciation expense and amortization of premiums on marketable securities and $ 1.0 million of stock-based compensation expense . net cash provided by changes in our operating assets and liabilities consisted primarily of a $ 0.5 million increase in our accounts payable and a $ 0.3 million decrease in our prepaid expenses and other current assets partially offset by a $ 0.1 million decrease in accrued expenses and other current liabilities .


 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.
     ```net cash used in operating activities operating activities used $ 23.1 million of cash in 2014. the cash used in operating activities resulted primarily from our net loss of $ 27.3 million for the period , offset by non-cash charges of $ 3.0 million and cash provided by changes in our operating assets and liabilities of $ 1.2 million . our non-cash charges consisted of $ 0.5 million related to depreciation expense and amortization of premiums on marketable securities and $ 2.5 million of stock-based compensation expense . net cash provided by changes in our operating assets and liabilities consisted primarily of a $ 0.5 million increase in our accounts payable and a $ 1.0 million increase in accrued expenses and other current liabilities , offset by a $ 0.3 million increase in our prepaid expenses and other current assets . the increase in accounts payable was primarily due to the timing of our payments to manufacturers , cros and legal counsel . the $ 1.0 million increase in accrued expenses and other current liabilities was primarily attributable to higher clinical research and contract manufacturing expenses . the increase in prepaid expenses and other current assets was primarily due to higher prepaid insurance costs due to becoming a publicly-traded company . operating activities used $ 16.2 million of cash in 2013. the cash used in operating activities resulted primarily from our net loss of $ 18.2 million for the period , offset by non-cash charges of $ 1.3 million and cash provided by changes in our operating assets and liabilities of $ 0.7 million . our non-cash charges consisted of $ 0.2 million related to depreciation expense and amortization of premiums on marketable securities and $ 1.0 million of stock-based compensation expense . net cash provided by changes in our operating assets and liabilities consisted primarily of a $ 0.5 million increase in our accounts payable and a $ 0.3 million decrease in our prepaid expenses and other current assets partially offset by a $ 0.1 million decrease in accrued expenses and other current liabilities .
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 Suspicious Activity Report : our pipeline consists of three proprietary product candidates : fx006 , a sustained-release , intra-articular steroid ; fx007 , a trka receptor antagonist for post-operative pain ; and fx005 , a sustained-release intra-articular p38 map kinase inhibitor . we retain the exclusive worldwide rights to our product candidates . we were incorporated in delaware in november 2007 , and to date we have devoted substantially all of our resources to our development efforts relating to our product candidates , including conducting clinical trials with our product candidates , providing general and administrative support for these operations and protecting our intellectual property . we do not have any products approved for sale and have not generated any revenue from product sales . from our inception through december 31 , 2014 , we have funded our operations primarily through the sale of our common stock and convertible preferred stock and , to a lesser extent , debt financing . from our inception through december 31 , 2014 , we have raised $ 244.4 million from such transactions , including from our initial and follow-on public offerings . 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 , government or third-party funding , and licensing or collaboration arrangements . we have incurred net losses in each year since our inception in 2007. our net losses were $ 27.3 million , $ 18.2 million , and $ 15.0 million for the years ended december 31 , 2014 , 2013 and 2012 , respectively . as of december 31 , 2014 , we had an accumulated deficit of $ 93.5 million . substantially all of our net losses resulted from costs incurred in connection with our development programs and from general and administrative expenses associated with our operations . we expect to continue to incur significant expenses and increasing operating losses for the foreseeable future . we anticipate that our expenses will increase substantially in connection with our ongoing activities , as we : continue the development of our lead product candidate , fx006 , including our on-going and future clinical trials ; seek to obtain regulatory approvals for fx006 ; continue to scale-up manufacturing activities including the supply of clinical trial materials and registration batches ; prepare for the potential launch and commercialization of fx006 , if approved ; 68 establish a sales and marketing infrastructure for the commercialization of fx006 , if approved ; expand our development activities and advance additional product candidates ; maintain , expand and protect our intellectual property portfolio ; and add operational , financial and management information systems and personnel , including personnel to support our product development and commercialization efforts and operations as a public company . we do not expect to generate revenue from product sales unless and until we successfully complete development and obtain marketing approval for one or more of our product candidates , which we expect will take a number of years and is subject to significant uncertainty . accordingly , we anticipate that we will need to raise additional capital prior to commercialization of fx006 and completing clinical development of any of our other product candidates . until such time that we can generate substantial revenue from product sales , if ever , we expect to finance our operating activities through a combination of equity offerings , debt financings , government or other third-party funding and collaborations , and licensing arrangements . however , we may be unable to raise additional funds or enter into such arrangements when needed on favorable terms , or at all , which would have a negative impact on our financial condition and could force us to delay , limit , reduce or terminate our development programs or commercialization efforts or grant to others , rights to develop or market product candidates that we would otherwise prefer to develop and market ourselves . failure to receive additional funding could cause us to cease operations , in part or in full . financial overview revenue we have not generated any revenue since our inception . we do not have any products approved for sale , and we do not expect to generate any revenue from the sale of products in the near future . in the future , if our research and development efforts result in clinical success and regulatory approval , we may generate revenue from the sales of our product candidates , or we may generate revenue from grant income or from licensing rights to our product candidates to third parties . if we fail to complete the development of fx006 or our other product candidates , our ability to generate future revenue , and our results of operations and financial position will be adversely affected . operating expenses the majority of our operating expenses to date have been related to in-licensing certain of our product candidates and the development activities of fx006 , fx005 , and fx007 . research and development expenses . since our inception , we have focused our resources on our development activities , including : preclinical studies , clinical trials and chemistry manufacturing and controls , or cmc . our development expenses consist primarily of : expenses incurred under agreements with consultants , contract research organizations , or cros , and investigative sites that conduct our preclinical studies and clinical trials ; costs of acquiring , developing and manufacturing clinical trial materials ; personnel costs , including salaries , benefits , stock-based compensation and travel expenses for employees engaged in scientific research and development functions ; costs related to compliance with regulatory requirements ; expenses related to the in-license of certain technologies from pharmaceutical companies ; and allocated expenses for rent andmaintenance of facilities , insurance and other general overhead . story_separator_special_tag we expect that our research and development and general and administrative expenses will continue to increase and , as a result , we will need additional capital to fund our operations , which we may seek to obtain through one or more equity offerings , debt financings , government or other third-party funding , and licensing or collaboration arrangements . 75 since our inception through february 2014 , we have funded our operations through the receipt of funds from the private placement of $ 80.0 million of equity and debt securities . on february 18 , 2014 , we completed the initial public offering of our common stock , which resulted in net proceeds to us of approximately $ 67.2 million , after deducting underwriting discounts , commissions and offering costs . an additional follow-on offering of our common stock was completed on december 17 , 2014 , which resulted in net proceeds to us of approximately $ 92.2 million after deducting underwriting discounts , commissions , and offering costs paid by the company . as of december 31 , 2014 , we had cash and cash equivalents of $ 103.1 million and marketable securities of $ 48.5 million . we anticipate that our existing cash , cash equivalents and marketable securities will fund our operations for at least the next twelve months . cash in excess of immediate requirements is invested in accordance with our investment policy , primarily with a view to capital preservation . the following table shows a summary of our cash flows for each of the years ended december 31 , 2014 , 2013 and 2012 : replace_table_token_11_th story_separator_special_tag h= `` 4 % `` > ( 2 ) represents the contractually required payments under our operating lease obligations in existence as of december 31 , 2014 in accordance with the required payment schedule . no assumptions were made with respect to renewing the lease terms at the expiration date of their initial terms . ( 3 ) milestone payments of up to $ 184.0 million will become due under our agreements with astrazeneca as we achieve regulatory and commercial milestones . in addition , we will pay tiered royalties on product sales . we have not included these amounts in this table as we can not estimate or predict when , or if , those amounts will become due . the table above reflects only payment obligations that are fixed or determinable . we enter into contracts in the normal course of business with cros for clinical trials , with contract manufacturers for clinical supply manufacturing , and with vendors for preclinical research studies , research supplies and other services and products for operating purposes . these contracts generally provide for termination on notice , and therefore we believe that our non-cancelable obligations under these agreements are not material . off-balance sheet arrangements during the periods presented , we did not have , nor do we currently have , any off-balance sheet arrangements that are reasonably likely to have a current or future material effect on our financial condition , changes in financial condition , revenues or expenses , results of operations , liquidity , capital expenditures or capital resources . recent accounting pronouncements in june 2014 , the financial accounting standard board , or fasb , issued amended accounting guidance for development stage entities . the amendment eliminates certain financial reporting requirements for development stage entities , specifically , the presentation of inception-to-date information , the development stage entity label on the financial statements , the description of the activities in which the entity is engaged , and disclosure in the first year that the entity is no longer a development stage entity that it had been in prior years . in addition , the amendment clarifies guidance regarding entities that have not commenced planned principal operations . the amendment is effective for annual reporting periods beginning after december 15 , 2014 , and interim periods therein with early adoption permitted . the company elected to early adopt this standard in the period ended june 30 , 2014. other than a change in presentation , the adoption of this guidance did not have an impact on the company 's financial statements . in may 2014 , the fasb issued guidance which supersedes all existing revenue recognition requirements , including most industry-specific guidance . the new standard requires a company to recognize revenue when it 78 transfers goods or services to customers in an amount that reflects the consideration that the company expects to receive for those goods or services . this guidance will be effective prospectively for fiscal years , and interim periods within those years , beginning after december 15 , 2016 , and early adoption is not permitted . the company is currently evaluating the potential impact that the adoption of this guidance and the related transition guidance may have on the company 's financial statements . in august 2014 , the fasb issued accounting guidance for the disclosure of uncertainties related to an entity 's ability to continue as a going concern . the new standard requires management to perform an assessment at interim and annual periods as to the entity 's ability to continue as a going concern and provides specific disclosure guidance . this guidance will be effective for fiscal years , and interim periods within those years , beginning after december 15 , 2016 and early adoption is permitted . the company is currently evaluating the potential impact that the adoption of this guidance may have on the company 's financial statements . jobs act on april 5 , 2012 , the jobs act was enacted . section 107 of the jobs act provides that an emerging growth company can take advantage of the extended transition period provided in section 7 ( a ) ( 2 ) ( b ) of the securities act for complying with new or revised accounting standards . in other words , an

