results from a preclinical proof-of-concept study showed that in rabbit models for vax-xp compared to more than 30 different pneumococcal serotypes , including all of those contained in prevnar 13 , the vax-xp igg immune responses were superior to polysaccharide-only serotypes and comparable to prevnar 13 in the common 13 strains . advanced and published data for vax-a1 program . we advanced vax-a1 , our novel conjugate vaccine candidate designed to prevent infections from group a strep , a human pathogen causing pharyngitis , or strep throat , and certain severe invasive infections such as sepsis , toxic shock syndrome and necrotizing fasciitis . based on the progress of the program , and consistent with 99 target timelines , we nominated the final vax-a1 vaccine candidate in the first quarter of 2021. in january 2021 , we announced the publication of preclinical data in the journal infectious microbes & diseases , which showed that vax-a1 demonstrated meaningful protection against systemic and soft tissue infection after challenge with no evidence of cross-reactivity with human tissue . additionally , at the end of 2020 , we completed the initial funding period under our agreement with carb-x and are now in the process of submitting our proposal to carb-x for the next funding period of the agreement . completed initial public offering ( ipo ) and series d financing . in june 2020 , we completed our ipo of 17,968,750 shares of common stock , which included the full exercise of the underwriters ' option to purchase 2,343,750 additional shares , at a public offering price of $ 16.00 per share , resulting in aggregate net proceeds of $ 264.0 million . in march 2020 , we completed our series d convertible preferred stock financing , raising aggregate net proceeds of $ 109.9 million . strengthened leadership team and advisory board with key appointments . during 2020 , we added several key leaders , including andrew guggenhime , president and chief financial officer , and appointed halley gilbert to our board of directors , each bringing over 20 years of biotechnology leadership experience . in 2021 , we added william hausdorff , phd to our scientific advisory board . dr. hausdorff has worked on the development , clinical evaluation , registration , implementation and post-marketing assessment of a variety of vaccines over the past 30 years . since 2018 , dr. hausdorff has served as the lead , public health value propositions for vaccines at path , a global organization that works to accelerate health equity by bringing together public institutions , businesses , social enterprises , and investors to solve the world 's most pressing health challenges . prior to joining path , he worked for 12 years at glaxosmithkline ( gsk ) vaccines , eight years at wyeth vaccines and was previously at the centers for disease control and prevention . in his roles at gsk vaccines and wyeth vaccines , he was involved in the development of synflorix ® and prevnar 13 ® , respectively . dr. hausdorff received his phd in biology from the johns hopkins university and his ba in biology from carleton college . since our inception in november 2013 , we have devoted substantially all of our resources to performing research and development , undertaking preclinical studies and enabling manufacturing activities in support of our product development efforts , acquiring and developing our technology and vaccine candidates , organizing and staffing our company , performing business planning , establishing our intellectual property portfolio and raising capital to support and expand such activities . we do not have any products approved for sale and have not generated any revenue from product sales . to date , we have financed our operations primarily with proceeds from the sales of our redeemable convertible preferred stock and our ipo . through december 31 , 2020 , we have raised approximately $ 569.5 million in gross proceeds from the sale of our capital stock . we will continue to require additional capital to develop our vaccine candidates and fund operations for the foreseeable future . accordingly , until such time as we can generate significant revenue from sales of our vaccine candidates , if ever , we expect to finance our cash needs through public or private equity or debt financings , third-party ( including government ) funding and marketing and distribution arrangements , as well as other collaborations , strategic alliances and licensing arrangements , or any combination of these approaches . we have incurred net losses in each year since inception and expect to continue to incur net losses in the foreseeable future . our net losses may fluctuate significantly from quarter-to-quarter and year-to-year , depending in large part on the timing of our preclinical studies , clinical trials and manufacturing activities , and our expenditures on other research and development activities . our net losses were $ 89.2 million and $ 50.3 million for the years ended december 31 , 2020 and 2019 , respectively . as of december 31 , 2020 , we had an accumulated deficit of $ 198.6 million . as of december 31 , 2020 , we had cash and cash equivalents of $ 386.2 million , which we believe will be sufficient to fund our operating expenses and capital expenditure requirements through at least the completion and announcement of the topline data from our phase 1/2 clinical proof-of-concept study of vax-24 in adults , which we expect between late 2022 and early 2023 , and to continue to advance our pipeline of other vaccine candidates . we do not expect to generate any revenue from commercial product sales unless and until we successfully complete development and obtain regulatory approval for one or more of our vaccine candidates , which 100 we expect will take a number of years . story_separator_special_tag grant income in july 2019 , carb-x awarded us up to $ 1.6 million in initial funding to advance the development of a universal vaccine to prevent infections caused by group a strep bacteria . in july 2020 , the carb-x agreement was amended to increase the funding percentage for reimbursable expenses during the initial funding period from 50 % to 90 % . as a result , the initial funding amount increased from $ 1.6 million to $ 2.7 million . income is recognized as we incur and pay qualifying expenses over a period that ends on december 31 , 2020. qualifying expenses under this funding arrangement are recorded as a receivable when we have both incurred and paid the expenses . we recognized $ 2.5 million and $ 0.2 million in grant income for funding research and development under this award during the years ended december 31 , 2020 and 2019 , respectively . no grant income was recognized for the year ended december 31 , 2018 because the grant was not awarded until 2019. grant income is included as a component of other income ( expense ) , net in the statements of operations and comprehensive loss . 105 results of operations comparison of the years ended december 31 , 2020 and 2019 the following table summarizes our results of operations for the periods presented : replace_table_token_1_th * not meaningful operating expenses research and development expenses the following table summarizes our research and development expenses for the periods presented : replace_table_token_2_th ( 1 ) includes expenses for third-party manufacturing and outsourced contract services , including preclinical studies and outsourced assays . ( 2 ) includes travel-related expenses , warrant expense and other miscellaneous office expenses . research and development expenses increased by $ 28.0 million , or 61.3 % , in 2020 compared to 2019. the increase was primarily attributable to an increase of $ 23.1 million in product and clinical development expenses mainly related to our lead vaccine candidate , vax-24 , driven by increases of $ 18.6 million in outsourced manufacturing activities and $ 4.5 million in outsourced research services due to the ramp-up of the ecrm and polysaccharide gmp campaigns and conjugation and drug product activities in preparation for our anticipated ind application submission between january and june 2022 and phase 1/2 clinical study initiation thereafter . the increase in personnel-related expenses of $ 4.0 million was primarily related to the increase in the number of 106 employees to support our expan sion in research and development activities and higher stock-based compensation expense resulting from an increase in the number of options granted during the year and an increase in the fair value of our common stock affecting the valuation of new option grants . general and administrative expenses general and administrative expenses increased by $ 7.5 million , or 87.4 % , in 2020 compared to 2019. the increase was mainly due to increases of $ 3.9 million in personnel-related costs related to higher stock-based compensation expense resulting from an increase in the number of options granted during the year and an increase in the fair value of our common stock affecting the valuation of new option grants , as well as growth in the number of employees in our general and administrative functions , $ 1.6 million in professional and consulting services resulting from increased legal expenses and consulting costs , and $ 1.7 million in other expenses primarily due to an increase in directors and officers insurance expense as a result of being a public company . other income ( expense ) , net other income ( expense ) , net decreased by $ 3.5 million , or 90.6 % , in 2020 compared to 2019. during 2019 , we recognized a $ 3.2 million gain resulting from a change in the fair value of the redeemable convertible preferred stock tranche liability , which was settled in december 2019 , and there was no such gain recognized during 2020. other income ( expense ) , net also decreased due to an increase in foreign currency losses of $ 2.2 million resulting from the depreciation of the u.s. dollar against the swiss franc . these decreases were partially offset by an increase of $ 2.2 million in grant income from the carb-x program , which commenced in july 2019. comparison of the years ended december 31 , 2019 and 2018 the following table summarizes our results of operations for the periods presented : replace_table_token_3_th * not meaningful 107 research and development expenses the following table summarizes our research and development expenses for the periods presented : replace_table_token_4_th ( 1 ) includes expenses for third-party manufacturing and outsourced contract services , including preclinical studies and outsourced assays . ( 2 ) includes travel-related expenses , warrant expense and other miscellaneous office expenses . research and development expenses increased by $ 15.5 million , or 51.3 % , in 2019 compared to 2018. the increase was primarily attributable to an increase of $ 13.2 million in product and clinical development expenses mainly related to our lead vaccine candidate , vax-24 , driven by an $ 11.5 million increase in costs related to outsourced manufacturing activities and an $ 1.8 million increase in contracted research services . general and administrative expenses general and administrative expenses increased by $ 3.2 million , or 58.6 % , in 2019 compared to 2018. the increase was primarily attributable to increases in personnel-related costs of $ 1.7 million due to increase in the number of employees in our general and administrative functions , employee development and stock-based compensation expenses , and audit , tax and legal fees of $ 1.3 million . other income ( expense ) , net other income ( expense ) , net decreased by $ 2.2 million , or 35.9 % , in 2019 compared to 2018. the decrease was primarily attributable to a decrease in income resulting from a change in the fair value

cash flows the following table summarizes our cash flows for the periods indicated : replace_table_token_5_th cash flows from operating activities net cash used in operating activities for the year ended december 31 , 2020 was $ 46.6 million , which primarily resulted from a net loss of $ 89.2 million , partially offset by a net change in operating assets and liabilities of $ 35.3 million and non-cash charges of $ 7.3 million . the net change in operating assets and liabilities of $ 35.3 million was primarily due to increases in accounts payable of $ 26.1 million resulting from the deferral of completion payments until april 2021 in accordance with our contract with lonza , accrued manufacturing expenses of $ 7.2 million related to outsourced manufacturing activities and accrued expenses of $ 2.2 million related primarily to increases in contract research services related to the vax-24 program . non-cash charges primarily consisted of $ 5.4 million in stock-based compensation expense , $ 1.4 million in depreciation and amortization and $ 0.3 million in asset impairment charges . net cash used in operating activities for the year ended december 31 , 2019 was $ 47.1 million , which primarily resulted from a net loss of $ 50.3 million and net non-cash charges of $ 0.8 million , partially offset by a net change in operating assets and liabilities of $ 3.9 million . non-cash charges primarily consisted of a $ 3.2 million decrease in the fair value of our redeemable convertible preferred stock tranche liabilities primarily related to a reduction in the time to maturity during the year and the settlement of the series c tranche liability in december 2019 , partially offset by $ 1.2 million of depreciation and amortization expense and $ 1.2 million of stock-based compensation expense .


 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.
     ```cash flows the following table summarizes our cash flows for the periods indicated : replace_table_token_5_th cash flows from operating activities net cash used in operating activities for the year ended december 31 , 2020 was $ 46.6 million , which primarily resulted from a net loss of $ 89.2 million , partially offset by a net change in operating assets and liabilities of $ 35.3 million and non-cash charges of $ 7.3 million . the net change in operating assets and liabilities of $ 35.3 million was primarily due to increases in accounts payable of $ 26.1 million resulting from the deferral of completion payments until april 2021 in accordance with our contract with lonza , accrued manufacturing expenses of $ 7.2 million related to outsourced manufacturing activities and accrued expenses of $ 2.2 million related primarily to increases in contract research services related to the vax-24 program . non-cash charges primarily consisted of $ 5.4 million in stock-based compensation expense , $ 1.4 million in depreciation and amortization and $ 0.3 million in asset impairment charges . net cash used in operating activities for the year ended december 31 , 2019 was $ 47.1 million , which primarily resulted from a net loss of $ 50.3 million and net non-cash charges of $ 0.8 million , partially offset by a net change in operating assets and liabilities of $ 3.9 million . non-cash charges primarily consisted of a $ 3.2 million decrease in the fair value of our redeemable convertible preferred stock tranche liabilities primarily related to a reduction in the time to maturity during the year and the settlement of the series c tranche liability in december 2019 , partially offset by $ 1.2 million of depreciation and amortization expense and $ 1.2 million of stock-based compensation expense .
```    
 Suspicious Activity Report : results from a preclinical proof-of-concept study showed that in rabbit models for vax-xp compared to more than 30 different pneumococcal serotypes , including all of those contained in prevnar 13 , the vax-xp igg immune responses were superior to polysaccharide-only serotypes and comparable to prevnar 13 in the common 13 strains . advanced and published data for vax-a1 program . we advanced vax-a1 , our novel conjugate vaccine candidate designed to prevent infections from group a strep , a human pathogen causing pharyngitis , or strep throat , and certain severe invasive infections such as sepsis , toxic shock syndrome and necrotizing fasciitis . based on the progress of the program , and consistent with 99 target timelines , we nominated the final vax-a1 vaccine candidate in the first quarter of 2021. in january 2021 , we announced the publication of preclinical data in the journal infectious microbes & diseases , which showed that vax-a1 demonstrated meaningful protection against systemic and soft tissue infection after challenge with no evidence of cross-reactivity with human tissue . additionally , at the end of 2020 , we completed the initial funding period under our agreement with carb-x and are now in the process of submitting our proposal to carb-x for the next funding period of the agreement . completed initial public offering ( ipo ) and series d financing . in june 2020 , we completed our ipo of 17,968,750 shares of common stock , which included the full exercise of the underwriters ' option to purchase 2,343,750 additional shares , at a public offering price of $ 16.00 per share , resulting in aggregate net proceeds of $ 264.0 million . in march 2020 , we completed our series d convertible preferred stock financing , raising aggregate net proceeds of $ 109.9 million . strengthened leadership team and advisory board with key appointments . during 2020 , we added several key leaders , including andrew guggenhime , president and chief financial officer , and appointed halley gilbert to our board of directors , each bringing over 20 years of biotechnology leadership experience . in 2021 , we added william hausdorff , phd to our scientific advisory board . dr. hausdorff has worked on the development , clinical evaluation , registration , implementation and post-marketing assessment of a variety of vaccines over the past 30 years . since 2018 , dr. hausdorff has served as the lead , public health value propositions for vaccines at path , a global organization that works to accelerate health equity by bringing together public institutions , businesses , social enterprises , and investors to solve the world 's most pressing health challenges . prior to joining path , he worked for 12 years at glaxosmithkline ( gsk ) vaccines , eight years at wyeth vaccines and was previously at the centers for disease control and prevention . in his roles at gsk vaccines and wyeth vaccines , he was involved in the development of synflorix ® and prevnar 13 ® , respectively . dr. hausdorff received his phd in biology from the johns hopkins university and his ba in biology from carleton college . since our inception in november 2013 , we have devoted substantially all of our resources to performing research and development , undertaking preclinical studies and enabling manufacturing activities in support of our product development efforts , acquiring and developing our technology and vaccine candidates , organizing and staffing our company , performing business planning , establishing our intellectual property portfolio and raising capital to support and expand such activities . we do not have any products approved for sale and have not generated any revenue from product sales . to date , we have financed our operations primarily with proceeds from the sales of our redeemable convertible preferred stock and our ipo . through december 31 , 2020 , we have raised approximately $ 569.5 million in gross proceeds from the sale of our capital stock . we will continue to require additional capital to develop our vaccine candidates and fund operations for the foreseeable future . accordingly , until such time as we can generate significant revenue from sales of our vaccine candidates , if ever , we expect to finance our cash needs through public or private equity or debt financings , third-party ( including government ) funding and marketing and distribution arrangements , as well as other collaborations , strategic alliances and licensing arrangements , or any combination of these approaches . we have incurred net losses in each year since inception and expect to continue to incur net losses in the foreseeable future . our net losses may fluctuate significantly from quarter-to-quarter and year-to-year , depending in large part on the timing of our preclinical studies , clinical trials and manufacturing activities , and our expenditures on other research and development activities . our net losses were $ 89.2 million and $ 50.3 million for the years ended december 31 , 2020 and 2019 , respectively . as of december 31 , 2020 , we had an accumulated deficit of $ 198.6 million . as of december 31 , 2020 , we had cash and cash equivalents of $ 386.2 million , which we believe will be sufficient to fund our operating expenses and capital expenditure requirements through at least the completion and announcement of the topline data from our phase 1/2 clinical proof-of-concept study of vax-24 in adults , which we expect between late 2022 and early 2023 , and to continue to advance our pipeline of other vaccine candidates . we do not expect to generate any revenue from commercial product sales unless and until we successfully complete development and obtain regulatory approval for one or more of our vaccine candidates , which 100 we expect will take a number of years . story_separator_special_tag grant income in july 2019 , carb-x awarded us up to $ 1.6 million in initial funding to advance the development of a universal vaccine to prevent infections caused by group a strep bacteria . in july 2020 , the carb-x agreement was amended to increase the funding percentage for reimbursable expenses during the initial funding period from 50 % to 90 % . as a result , the initial funding amount increased from $ 1.6 million to $ 2.7 million . income is recognized as we incur and pay qualifying expenses over a period that ends on december 31 , 2020. qualifying expenses under this funding arrangement are recorded as a receivable when we have both incurred and paid the expenses . we recognized $ 2.5 million and $ 0.2 million in grant income for funding research and development under this award during the years ended december 31 , 2020 and 2019 , respectively . no grant income was recognized for the year ended december 31 , 2018 because the grant was not awarded until 2019. grant income is included as a component of other income ( expense ) , net in the statements of operations and comprehensive loss . 105 results of operations comparison of the years ended december 31 , 2020 and 2019 the following table summarizes our results of operations for the periods presented : replace_table_token_1_th * not meaningful operating expenses research and development expenses the following table summarizes our research and development expenses for the periods presented : replace_table_token_2_th ( 1 ) includes expenses for third-party manufacturing and outsourced contract services , including preclinical studies and outsourced assays . ( 2 ) includes travel-related expenses , warrant expense and other miscellaneous office expenses . research and development expenses increased by $ 28.0 million , or 61.3 % , in 2020 compared to 2019. the increase was primarily attributable to an increase of $ 23.1 million in product and clinical development expenses mainly related to our lead vaccine candidate , vax-24 , driven by increases of $ 18.6 million in outsourced manufacturing activities and $ 4.5 million in outsourced research services due to the ramp-up of the ecrm and polysaccharide gmp campaigns and conjugation and drug product activities in preparation for our anticipated ind application submission between january and june 2022 and phase 1/2 clinical study initiation thereafter . the increase in personnel-related expenses of $ 4.0 million was primarily related to the increase in the number of 106 employees to support our expan sion in research and development activities and higher stock-based compensation expense resulting from an increase in the number of options granted during the year and an increase in the fair value of our common stock affecting the valuation of new option grants . general and administrative expenses general and administrative expenses increased by $ 7.5 million , or 87.4 % , in 2020 compared to 2019. the increase was mainly due to increases of $ 3.9 million in personnel-related costs related to higher stock-based compensation expense resulting from an increase in the number of options granted during the year and an increase in the fair value of our common stock affecting the valuation of new option grants , as well as growth in the number of employees in our general and administrative functions , $ 1.6 million in professional and consulting services resulting from increased legal expenses and consulting costs , and $ 1.7 million in other expenses primarily due to an increase in directors and officers insurance expense as a result of being a public company . other income ( expense ) , net other income ( expense ) , net decreased by $ 3.5 million , or 90.6 % , in 2020 compared to 2019. during 2019 , we recognized a $ 3.2 million gain resulting from a change in the fair value of the redeemable convertible preferred stock tranche liability , which was settled in december 2019 , and there was no such gain recognized during 2020. other income ( expense ) , net also decreased due to an increase in foreign currency losses of $ 2.2 million resulting from the depreciation of the u.s. dollar against the swiss franc . these decreases were partially offset by an increase of $ 2.2 million in grant income from the carb-x program , which commenced in july 2019. comparison of the years ended december 31 , 2019 and 2018 the following table summarizes our results of operations for the periods presented : replace_table_token_3_th * not meaningful 107 research and development expenses the following table summarizes our research and development expenses for the periods presented : replace_table_token_4_th ( 1 ) includes expenses for third-party manufacturing and outsourced contract services , including preclinical studies and outsourced assays . ( 2 ) includes travel-related expenses , warrant expense and other miscellaneous office expenses . research and development expenses increased by $ 15.5 million , or 51.3 % , in 2019 compared to 2018. the increase was primarily attributable to an increase of $ 13.2 million in product and clinical development expenses mainly related to our lead vaccine candidate , vax-24 , driven by an $ 11.5 million increase in costs related to outsourced manufacturing activities and an $ 1.8 million increase in contracted research services . general and administrative expenses general and administrative expenses increased by $ 3.2 million , or 58.6 % , in 2019 compared to 2018. the increase was primarily attributable to increases in personnel-related costs of $ 1.7 million due to increase in the number of employees in our general and administrative functions , employee development and stock-based compensation expenses , and audit , tax and legal fees of $ 1.3 million . other income ( expense ) , net other income ( expense ) , net decreased by $ 2.2 million , or 35.9 % , in 2019 compared to 2018. the decrease was primarily attributable to a decrease in income resulting from a change in the fair value

