our lead clinical program , squalamine eye drops ( ohr-102 ) , is being evaluated in multiple clinical trials for the treatment of back-of-the-eye disorders including the wet form of age- related macular degeneration , and we are also developing a recently acquired sustained release ocular drug delivery platform technology . 25 the company will continue to incur ongoing operating losses , which are expected to increase substantially as it funds development and clinical testing of its pharmaceutical compounds . in addition , losses will be incurred in paying ongoing reporting expenses , including legal and accounting expenses , as necessary to maintain the company as a public entity . no projected date for potential revenues can be made , and the company is undercapitalized at present to completely develop , test and market any pharmaceutical product . until the company is able to generate significant revenue from its principal operations , it will remain classified as a development stage company . the company can give no assurance that it will be successful in such efforts or that its limited operating funds will be adequate to support the company 's operations , nor can there be any assurance of any additional funding being available to the company . story_separator_special_tag text-indent : 0in ; background-color : transparent `` > level 1 - inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date . level 2 - inputs are unadjusted quoted prices for similar assets and liabilities in active markets , quoted prices for identical or similar assets and liabilities in markets that are not active , inputs other than quoted prices that are observable , and inputs derived from or corroborated by observable market data . level 3 - unobservable inputs , where there is little or no market activity for the asset or liability . these inputs reflect the reporting entity 's own beliefs about the assumptions that market participants would use in pricing the asset or liability , based on the best information available in the circumstances . derivative financial instruments the company generally does not use derivative financial instruments to hedge exposures to cash-flow risks or market-risks that may affect the fair values of its financial instruments . the company utilizes various types of financing to fund our business needs , including warrants and other instruments not indexed to our stock . the company is required to record its derivative instruments at their fair value . changes in the fair value of derivatives are recognized in earnings in accordance with asc 815. research and development the company follows the policy of expensing its research and development costs in the period in which they are incurred in accordance with asc 730. the company incurred net research and development expenses of $ 8,777,519 , $ 4,369,413 , and $ 2,753,914 during the years ended september 30 , 2015 , 2014 , and 2013 , respectively . share-based compensation the company follows the provisions of asc 718 , “ share-based payments ” which requires all share-based payments to employees , including grants of employee stock options , be recognized in the income statement based on their fair values . the company uses the black-scholes pricing model for determining the fair value of stock based compensation . in accordance with asc 505 , equity instruments issued to non-employees for goods or services are accounted for at fair value and are marked to market until service is complete or a performance commitment date is reached , whichever is earlier . goodwill and intangibles the company evaluates goodwill and other finite-lived intangible assets in accordance with fasb asc topic 350 , “ intangibles — goodwill and other . “ goodwill is recorded at the time of an acquisition and is calculated as the difference between the total consideration paid for an acquisition and the fair value of the net tangible and intangible assets acquired . accounting for acquisitions requires extensive use of accounting estimates and judgments to allocate the purchase price to the fair value of the net tangible and intangible assets acquired , including in-process research and development ( “ ipr & d ” ) . goodwill is deemed to have an indefinite life and is not amortized , but is subject to annual impairment tests . if the assumptions and estimates used to allocate the purchase price are not correct , or if business conditions change , purchase price adjustments or future asset impairment charges could be required . the value of our goodwill could be impacted by future adverse changes such as : ( i ) any future declines in our operating results , ( ii ) a decline in the valuation of technology , including the valuation of our common stock , ( iii ) a significant slowdown in the worldwide economy or ( iv ) any failure to meet the performance projections included in our forecasts of future operating results . in accordance with fasb asc topic 350 , the company tests goodwill for impairment on an annual basis or more frequently if the company believes indicators of impairment exist . impairment evaluations involve management estimates of asset useful lives and future cash flows . significant management judgment is required in the forecasts of future operating results that are used in the evaluations . it is possible , however , that the plans and estimates used may be incorrect . if our actual results , or the plans and estimates used in future impairment analysis , are lower than the original estimates used to assess the recoverability of these assets , we could incur additional impairment charges in a future period . the company performs its annual impairment review of goodwill in september , and when a triggering event occurs between annual impairment tests for both goodwill and other finite-lived intangible assets . the company recorded no impairment loss for the years ended september 30 , 2015 , 2014 , and story_separator_special_tag our lead clinical program , squalamine eye drops ( ohr-102 ) , is being evaluated in multiple clinical trials for the treatment of back-of-the-eye disorders including the wet form of age- related macular degeneration , and we are also developing a recently acquired sustained release ocular drug delivery platform technology . 25 the company will continue to incur ongoing operating losses , which are expected to increase substantially as it funds development and clinical testing of its pharmaceutical compounds . in addition , losses will be incurred in paying ongoing reporting expenses , including legal and accounting expenses , as necessary to maintain the company as a public entity . no projected date for potential revenues can be made , and the company is undercapitalized at present to completely develop , test and market any pharmaceutical product . until the company is able to generate significant revenue from its principal operations , it will remain classified as a development stage company . the company can give no assurance that it will be successful in such efforts or that its limited operating funds will be adequate to support the company 's operations , nor can there be any assurance of any additional funding being available to the company . story_separator_special_tag text-indent : 0in ; background-color : transparent `` > level 1 - inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date . level 2 - inputs are unadjusted quoted prices for similar assets and liabilities in active markets , quoted prices for identical or similar assets and liabilities in markets that are not active , inputs other than quoted prices that are observable , and inputs derived from or corroborated by observable market data . level 3 - unobservable inputs , where there is little or no market activity for the asset or liability . these inputs reflect the reporting entity 's own beliefs about the assumptions that market participants would use in pricing the asset or liability , based on the best information available in the circumstances . derivative financial instruments the company generally does not use derivative financial instruments to hedge exposures to cash-flow risks or market-risks that may affect the fair values of its financial instruments . the company utilizes various types of financing to fund our business needs , including warrants and other instruments not indexed to our stock . the company is required to record its derivative instruments at their fair value . changes in the fair value of derivatives are recognized in earnings in accordance with asc 815. research and development the company follows the policy of expensing its research and development costs in the period in which they are incurred in accordance with asc 730. the company incurred net research and development expenses of $ 8,777,519 , $ 4,369,413 , and $ 2,753,914 during the years ended september 30 , 2015 , 2014 , and 2013 , respectively . share-based compensation the company follows the provisions of asc 718 , “ share-based payments ” which requires all share-based payments to employees , including grants of employee stock options , be recognized in the income statement based on their fair values . the company uses the black-scholes pricing model for determining the fair value of stock based compensation . in accordance with asc 505 , equity instruments issued to non-employees for goods or services are accounted for at fair value and are marked to market until service is complete or a performance commitment date is reached , whichever is earlier . goodwill and intangibles the company evaluates goodwill and other finite-lived intangible assets in accordance with fasb asc topic 350 , “ intangibles — goodwill and other . “ goodwill is recorded at the time of an acquisition and is calculated as the difference between the total consideration paid for an acquisition and the fair value of the net tangible and intangible assets acquired . accounting for acquisitions requires extensive use of accounting estimates and judgments to allocate the purchase price to the fair value of the net tangible and intangible assets acquired , including in-process research and development ( “ ipr & d ” ) . goodwill is deemed to have an indefinite life and is not amortized , but is subject to annual impairment tests . if the assumptions and estimates used to allocate the purchase price are not correct , or if business conditions change , purchase price adjustments or future asset impairment charges could be required . the value of our goodwill could be impacted by future adverse changes such as : ( i ) any future declines in our operating results , ( ii ) a decline in the valuation of technology , including the valuation of our common stock , ( iii ) a significant slowdown in the worldwide economy or ( iv ) any failure to meet the performance projections included in our forecasts of future operating results . in accordance with fasb asc topic 350 , the company tests goodwill for impairment on an annual basis or more frequently if the company believes indicators of impairment exist . impairment evaluations involve management estimates of asset useful lives and future cash flows . significant management judgment is required in the forecasts of future operating results that are used in the evaluations . it is possible , however , that the plans and estimates used may be incorrect . if our actual results , or the plans and estimates used in future impairment analysis , are lower than the original estimates used to assess the recoverability of these assets , we could incur additional impairment charges in a future period . the company performs its annual impairment review of goodwill in september , and when a triggering event occurs between annual impairment tests for both goodwill and other finite-lived intangible assets . the company recorded no impairment loss for the years ended september 30 , 2015 , 2014 , and

liquidity and capital resources the company has limited working capital reserves with which to continue development of its pharmaceutical products and continuing operations . the company is reliant , at present , upon its capital reserves for ongoing operations and has no revenues . net working capital reserves increased from the beginning of the 2015 fiscal year to the end by $ 17,075,123 ( to $ 25,156,022 from $ 8,080,899 ) and increased from the beginning of the 2014 fiscal year to the end by $ 3,392,391 ( to $ 8,080,899 from $ 4,688,508 ) primarily due to capital raised through the sale of common stock . during fiscal 2015 , our quarterly cash burn was approximately $ 2-3mm per quarter , which was higher than in fiscal 2014. we expect our cash burn to significantly increase in fiscal 2016 with the full phase iii clinical program underway and the ongoing development of our sustained release platform technology . at present , the company has no bank line of credit or other fixed source of capital reserves . should it need additional capital in the future , it will be primarily reliant upon private or public placement of its equities , or a transaction with a pharmaceutical partner , for which there can be no warranty or assurance that the company may be successful in such efforts . on february 11 , 2015 , the company sold 4,259,259 shares of common stock in an underwritten public offering resulting in net proceeds of $ 26.6 million .


 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 limited working capital reserves with which to continue development of its pharmaceutical products and continuing operations . the company is reliant , at present , upon its capital reserves for ongoing operations and has no revenues . net working capital reserves increased from the beginning of the 2015 fiscal year to the end by $ 17,075,123 ( to $ 25,156,022 from $ 8,080,899 ) and increased from the beginning of the 2014 fiscal year to the end by $ 3,392,391 ( to $ 8,080,899 from $ 4,688,508 ) primarily due to capital raised through the sale of common stock . during fiscal 2015 , our quarterly cash burn was approximately $ 2-3mm per quarter , which was higher than in fiscal 2014. we expect our cash burn to significantly increase in fiscal 2016 with the full phase iii clinical program underway and the ongoing development of our sustained release platform technology . at present , the company has no bank line of credit or other fixed source of capital reserves . should it need additional capital in the future , it will be primarily reliant upon private or public placement of its equities , or a transaction with a pharmaceutical partner , for which there can be no warranty or assurance that the company may be successful in such efforts . on february 11 , 2015 , the company sold 4,259,259 shares of common stock in an underwritten public offering resulting in net proceeds of $ 26.6 million .
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 Suspicious Activity Report : our lead clinical program , squalamine eye drops ( ohr-102 ) , is being evaluated in multiple clinical trials for the treatment of back-of-the-eye disorders including the wet form of age- related macular degeneration , and we are also developing a recently acquired sustained release ocular drug delivery platform technology . 25 the company will continue to incur ongoing operating losses , which are expected to increase substantially as it funds development and clinical testing of its pharmaceutical compounds . in addition , losses will be incurred in paying ongoing reporting expenses , including legal and accounting expenses , as necessary to maintain the company as a public entity . no projected date for potential revenues can be made , and the company is undercapitalized at present to completely develop , test and market any pharmaceutical product . until the company is able to generate significant revenue from its principal operations , it will remain classified as a development stage company . the company can give no assurance that it will be successful in such efforts or that its limited operating funds will be adequate to support the company 's operations , nor can there be any assurance of any additional funding being available to the company . story_separator_special_tag text-indent : 0in ; background-color : transparent `` > level 1 - inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date . level 2 - inputs are unadjusted quoted prices for similar assets and liabilities in active markets , quoted prices for identical or similar assets and liabilities in markets that are not active , inputs other than quoted prices that are observable , and inputs derived from or corroborated by observable market data . level 3 - unobservable inputs , where there is little or no market activity for the asset or liability . these inputs reflect the reporting entity 's own beliefs about the assumptions that market participants would use in pricing the asset or liability , based on the best information available in the circumstances . derivative financial instruments the company generally does not use derivative financial instruments to hedge exposures to cash-flow risks or market-risks that may affect the fair values of its financial instruments . the company utilizes various types of financing to fund our business needs , including warrants and other instruments not indexed to our stock . the company is required to record its derivative instruments at their fair value . changes in the fair value of derivatives are recognized in earnings in accordance with asc 815. research and development the company follows the policy of expensing its research and development costs in the period in which they are incurred in accordance with asc 730. the company incurred net research and development expenses of $ 8,777,519 , $ 4,369,413 , and $ 2,753,914 during the years ended september 30 , 2015 , 2014 , and 2013 , respectively . share-based compensation the company follows the provisions of asc 718 , “ share-based payments ” which requires all share-based payments to employees , including grants of employee stock options , be recognized in the income statement based on their fair values . the company uses the black-scholes pricing model for determining the fair value of stock based compensation . in accordance with asc 505 , equity instruments issued to non-employees for goods or services are accounted for at fair value and are marked to market until service is complete or a performance commitment date is reached , whichever is earlier . goodwill and intangibles the company evaluates goodwill and other finite-lived intangible assets in accordance with fasb asc topic 350 , “ intangibles — goodwill and other . “ goodwill is recorded at the time of an acquisition and is calculated as the difference between the total consideration paid for an acquisition and the fair value of the net tangible and intangible assets acquired . accounting for acquisitions requires extensive use of accounting estimates and judgments to allocate the purchase price to the fair value of the net tangible and intangible assets acquired , including in-process research and development ( “ ipr & d ” ) . goodwill is deemed to have an indefinite life and is not amortized , but is subject to annual impairment tests . if the assumptions and estimates used to allocate the purchase price are not correct , or if business conditions change , purchase price adjustments or future asset impairment charges could be required . the value of our goodwill could be impacted by future adverse changes such as : ( i ) any future declines in our operating results , ( ii ) a decline in the valuation of technology , including the valuation of our common stock , ( iii ) a significant slowdown in the worldwide economy or ( iv ) any failure to meet the performance projections included in our forecasts of future operating results . in accordance with fasb asc topic 350 , the company tests goodwill for impairment on an annual basis or more frequently if the company believes indicators of impairment exist . impairment evaluations involve management estimates of asset useful lives and future cash flows . significant management judgment is required in the forecasts of future operating results that are used in the evaluations . it is possible , however , that the plans and estimates used may be incorrect . if our actual results , or the plans and estimates used in future impairment analysis , are lower than the original estimates used to assess the recoverability of these assets , we could incur additional impairment charges in a future period . the company performs its annual impairment review of goodwill in september , and when a triggering event occurs between annual impairment tests for both goodwill and other finite-lived intangible assets . the company recorded no impairment loss for the years ended september 30 , 2015 , 2014 , and story_separator_special_tag our lead clinical program , squalamine eye drops ( ohr-102 ) , is being evaluated in multiple clinical trials for the treatment of back-of-the-eye disorders including the wet form of age- related macular degeneration , and we are also developing a recently acquired sustained release ocular drug delivery platform technology . 25 the company will continue to incur ongoing operating losses , which are expected to increase substantially as it funds development and clinical testing of its pharmaceutical compounds . in addition , losses will be incurred in paying ongoing reporting expenses , including legal and accounting expenses , as necessary to maintain the company as a public entity . no projected date for potential revenues can be made , and the company is undercapitalized at present to completely develop , test and market any pharmaceutical product . until the company is able to generate significant revenue from its principal operations , it will remain classified as a development stage company . the company can give no assurance that it will be successful in such efforts or that its limited operating funds will be adequate to support the company 's operations , nor can there be any assurance of any additional funding being available to the company . story_separator_special_tag text-indent : 0in ; background-color : transparent `` > level 1 - inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date . level 2 - inputs are unadjusted quoted prices for similar assets and liabilities in active markets , quoted prices for identical or similar assets and liabilities in markets that are not active , inputs other than quoted prices that are observable , and inputs derived from or corroborated by observable market data . level 3 - unobservable inputs , where there is little or no market activity for the asset or liability . these inputs reflect the reporting entity 's own beliefs about the assumptions that market participants would use in pricing the asset or liability , based on the best information available in the circumstances . derivative financial instruments the company generally does not use derivative financial instruments to hedge exposures to cash-flow risks or market-risks that may affect the fair values of its financial instruments . the company utilizes various types of financing to fund our business needs , including warrants and other instruments not indexed to our stock . the company is required to record its derivative instruments at their fair value . changes in the fair value of derivatives are recognized in earnings in accordance with asc 815. research and development the company follows the policy of expensing its research and development costs in the period in which they are incurred in accordance with asc 730. the company incurred net research and development expenses of $ 8,777,519 , $ 4,369,413 , and $ 2,753,914 during the years ended september 30 , 2015 , 2014 , and 2013 , respectively . share-based compensation the company follows the provisions of asc 718 , “ share-based payments ” which requires all share-based payments to employees , including grants of employee stock options , be recognized in the income statement based on their fair values . the company uses the black-scholes pricing model for determining the fair value of stock based compensation . in accordance with asc 505 , equity instruments issued to non-employees for goods or services are accounted for at fair value and are marked to market until service is complete or a performance commitment date is reached , whichever is earlier . goodwill and intangibles the company evaluates goodwill and other finite-lived intangible assets in accordance with fasb asc topic 350 , “ intangibles — goodwill and other . “ goodwill is recorded at the time of an acquisition and is calculated as the difference between the total consideration paid for an acquisition and the fair value of the net tangible and intangible assets acquired . accounting for acquisitions requires extensive use of accounting estimates and judgments to allocate the purchase price to the fair value of the net tangible and intangible assets acquired , including in-process research and development ( “ ipr & d ” ) . goodwill is deemed to have an indefinite life and is not amortized , but is subject to annual impairment tests . if the assumptions and estimates used to allocate the purchase price are not correct , or if business conditions change , purchase price adjustments or future asset impairment charges could be required . the value of our goodwill could be impacted by future adverse changes such as : ( i ) any future declines in our operating results , ( ii ) a decline in the valuation of technology , including the valuation of our common stock , ( iii ) a significant slowdown in the worldwide economy or ( iv ) any failure to meet the performance projections included in our forecasts of future operating results . in accordance with fasb asc topic 350 , the company tests goodwill for impairment on an annual basis or more frequently if the company believes indicators of impairment exist . impairment evaluations involve management estimates of asset useful lives and future cash flows . significant management judgment is required in the forecasts of future operating results that are used in the evaluations . it is possible , however , that the plans and estimates used may be incorrect . if our actual results , or the plans and estimates used in future impairment analysis , are lower than the original estimates used to assess the recoverability of these assets , we could incur additional impairment charges in a future period . the company performs its annual impairment review of goodwill in september , and when a triggering event occurs between annual impairment tests for both goodwill and other finite-lived intangible assets . the company recorded no impairment loss for the years ended september 30 , 2015 , 2014 , and

