we subsequently reported that these responses were durable , lasting six or more months and that all responders , as determined by investigator assessments , remained on study for more than one year . iconic also includes an on-going dose-escalation phase 1 portion to assess vopratelimab in combination with pembrolizumab , an anti-pd-1 antibody , and in combination with ipilimumab , an antibody that binds to ctla-4 on certain t cells . this phase 1 portion established the safety of vopratelimab in combination with each of ipilimumab and pembrolizumab . we plan to initiate additional phase 2 clinical studies , including one or more new dosing schedules and combination sequences , in 2019 and expect to report preliminary efficacy data from these additional clinical studies in 2020. these anticipated phase 2 clinical studies will evaluate vopratelimab in combination with ipilimumab , and , separately , using a predictive biomarker approach , will evaluate vopratelimab alone and or in combination with a pd-1 inhibitor . these additional clinical studies are designed to determine whether vopratelimab can offer a treatment alternative to patients who otherwise do not display an effective response to currently approved therapies , and or whether it can enhance the therapeutic benefit of currently approved therapies . our second product candidate , jtx-4014 , is a clinical-stage anti-pd-1 antibody that we are developing primarily for potential use in combination with future product candidates , as we believe that combination therapy has the potential to be a mainstay of cancer immunotherapy . in december 2018 , we commenced enrollment in a phase 1 clinical trial of jtx ‑ 4014 monotherapy and completed enrollment in the first cohort in the fourth quarter of 2018. this phase 1 clinical trial is designed to assess safety and to determine the recommended phase 2 dose . we expect to identify the recommended phase 2 dose in 2019. jtx-8064 , our third product candidate , is an antibody that binds to lilrb2 , which is a cell surface receptor expressed on macrophages . jtx-8064 is the first tumor-associated macrophage candidate to emerge from our translational science platform . we believe therapies targeting these innate immune cells may have the potential to benefit patients with tumors that are less likely to respond to existing t cell-focused approaches . we are currently conducting ind-enabling activities for jtx-8064 , with the goal of filing an investigational new drug application , or ind , and initiating a phase 1 clinical trial in 2019. beyond our product candidates , we are discovering and developing immunotherapies by leveraging our translational science platform to systematically and comprehensively interrogate cell types within the tme . this enables us to develop therapies with the potential to benefit patients with tumors across the spectrum from hot to 59 cold tumor characteristics , including focusing on adaptive and innate immune cells . therapies targeting these cell types and cell subsets may have the potential to complement existing approaches that focus on t effector cells and thereby benefit many patients who do not respond to the currently approved t effector cell-focused immunotherapies . in addition , we are discovering and developing multiple approaches , including targeting stromal cells , with the potential to convert cold tumors to hot tumors , thereby making the tumors more amenable to immunotherapy , perhaps in combination approaches . in july 2016 , we entered into a master research and collaboration agreement , or the celgene collaboration agreement , and a series b-1 preferred stock purchase agreement with celgene corporation , or celgene . under the terms of these agreements , we received a $ 225.0 million upfront cash payment and $ 36.1 million from the sale of 10,448,100 shares of our series b-1 convertible preferred stock , which shares converted into 2,831,463 shares of common stock upon the completion of our initial public offering , or ipo , in 2017. under the celgene collaboration agreement , we granted celgene exclusive options to develop and commercialize our lead product candidate , vopratelimab , and up to four early-stage programs , or the lead program and other programs , consisting of targets to be selected from a pool of certain b cell , t regulatory cell and tumor-associated macrophage targets . additionally , celgene has an exclusive option to develop and commercialize our product candidate jtx-4014 , which , upon exercise of such option , will be a shared program that may be used by both parties in and outside of the collaboration . prior to celgene exercising any of its options , we are responsible for all research and development activities under the celgene collaboration agreement . upon the exercise of each program option , the parties will enter into a co-development and co-commercialization agreement , or the co-co agreements , or , in the case of jtx-4014 , a license agreement , or the jtx-4014 license agreement , that governs the development and commercialization of the applicable program . although the agreements will not be executed unless and until celgene exercises an option , the parties have agreed to the terms of the co-co agreements and the jtx-4014 license agreement as part of the celgene collaboration agreement . under the co-co agreements and the jtx-4014 license agreement , we will share with celgene the united states profits or losses and development costs on such collaboration program . if celgene exercises its option for a program other than jtx-4014 , we will enter into a co-co agreement pursuant to which celgene will have the exclusive right to develop and commercialize the products arising out of such collaboration program outside of the united states , and we will be eligible to receive tiered royalties ranging from a high single digit to mid-teen percentage rate on net product sales outside of the united states . story_separator_special_tag non-refundable advance payments for goods and services that will be used in future research and development activities are expensed when the activity has been performed or when the goods have been received rather than when the payment is made . although we do not expect our estimates to be materially different from amounts actually incurred , if our estimates of the status and timing of services performed differ from the actual status and timing of services performed , it could result in us reporting amounts that are too high or too low in any particular period . to date , there have been no material differences between our estimates of such expenses and the amounts actually incurred . stock-based compensation we account for share-based payments in accordance with asc 718 , compensation—stock compensation . asc 718 requires all share-based payments to employees , including grants of employee stock options , restricted stock awards and restricted stock units , to be recognized as expense in the consolidated statements of operations based on their grant date fair values . for stock options granted to employees and to members of our board of directors for their services on the board of directors , we estimate the grant date fair value of each stock option using the black-scholes option-pricing model . for restricted stock awards and restricted stock units granted to employees , we estimate the grant date fair value of each award using intrinsic value , which is based on the value of the underlying common stock less any purchase price . for share-based payments subject to service-based vesting conditions , we recognize stock-based compensation expense equal to the grant date fair value of share-based payment on a straight-line basis over the requisite service period . the black‑scholes option pricing model requires the input of certain subjective assumptions , including ( i ) the calculation of expected term of the share-based payment , ( ii ) the risk‑free interest rate , ( iii ) the expected stock price volatility and ( iv ) the expected dividend yield . we use the simplified method as prescribed by sec staff accounting bulletin no . 107 to calculate the expected term for stock options granted to employees as we do not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term . we determine the risk‑free interest rate based on a treasury instrument whose term is consistent with the expected term of the stock options . because there had been no public market for our common stock prior to the ipo , there is a lack of historical and implied volatility data . accordingly , we base our estimates of expected volatility on the historical volatility of a group of publicly-traded companies with similar characteristics to us , including stage of product development and therapeutic focus within the life sciences industry . historical volatility is calculated over a period of time commensurate with the expected term of the share-based payment . we use an assumed dividend yield of zero as we have never paid dividends on our common stock , nor do we expect to pay dividends on our common stock in the foreseeable future . we account for forfeitures of all share-based payments when such forfeitures occur . 64 income taxes income taxes are recorded in accordance with asc 740 , income taxes , which provides for deferred taxes using an asset and liability approach . we recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns . deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse . a valuation allowance against deferred tax assets is recorded if , based on the weight of the available evidence , it is more likely than not that some or all of the deferred tax assets will not be realized . we account for uncertain tax positions using a more-likely-than-not threshold for recognizing and resolving uncertain tax positions . the evaluation of uncertain tax positions is based on factors , including , but not limited to , changes in the law , the measurement of tax positions taken or expected to be taken in tax returns , the effective settlement of matters subject to audit , new audit activity and changes in facts or circumstances related to a tax position . recent accounting pronouncements see note 2 to our consolidated financial statements included within part iv , item 15 of this annual report on form 10-k for a description of recent accounting pronouncements applicable to our business . results of operations comparison of the years ended december 31 , 2018 and 2017 the following table summarizes our results of operations for the years ended december 31 , 2018 and 2017 : replace_table_token_2_th collaboration revenue collaboration revenue for the years ended december 31 , 2018 and 2017 was solely related to the recognition of the upfront payment we received under our celgene collaboration agreement that was executed in july 2016 . effective january 1 , 2018 , we adopted asc 606. under asc 606 , we have transitioned from recognizing revenue on a straight-line basis over the estimated performance period for each unit of accounting , which was a permitted method of revenue recognition under previous accounting guidance , to recognizing revenue based on our pattern of performance for each performance obligation . as we adopted asc 606 using the modified retrospective method , collaboration revenue for the year ended december 31 , 2017 continues to be presented under previous accounting guidance . 65 research and development expenses the following table summarizes our research and development expenses for years ended december 31 , 2018 and 2017 : replace_table_token_3_th research and development expenses increase d by $

sources of liquidity we have funded our operations through december 31 , 2018 primarily through net proceeds from our ipo of $ 106.4 million , a non-refundable upfront payment of $ 225.0 million received in connection with the celgene collaboration agreement and gross proceeds from private placements of our convertible preferred stock of $ 139.1 million . as of december 31 , 2018 , we had cash , cash equivalents and investments of $ 195.9 million . funding requirements our plan of operation is to continue implementing our business strategy , the research and development of our product candidates vopratelimab , jtx-4014 and jtx-8064 , our preclinical development activities , the expansion of our research pipeline and the enhancement of our internal research and development capabilities . due to the inherently unpredictable nature of preclinical and clinical development and given the early stage of our programs and product candidates , we can not reasonably estimate the costs we will incur and the timelines that will be required to complete development , obtain marketing approval , and commercialize our products , if and when approved . for the same reasons , we are also unable to predict when , if ever , we will generate revenue from product sales or whether , or when , if ever , we may achieve profitability . clinical and preclinical development timelines , the probability of success , and development costs can differ materially from expectations . in addition , we can not forecast which products , if and when approved , may be subject to future collaborations , when such arrangements will be secured , if at all , and to what degree such arrangements would affect our development plans and capital requirements . due to our significant research and development expenditures , we have generated substantial operating losses since inception . we have incurred an accumulated deficit of $ 163.9 million through december 31 , 2018 . we expect to incur substantial additional losses in the future as we expand our research and development activities and continue to advance our programs .


 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.
     ```sources of liquidity we have funded our operations through december 31 , 2018 primarily through net proceeds from our ipo of $ 106.4 million , a non-refundable upfront payment of $ 225.0 million received in connection with the celgene collaboration agreement and gross proceeds from private placements of our convertible preferred stock of $ 139.1 million . as of december 31 , 2018 , we had cash , cash equivalents and investments of $ 195.9 million . funding requirements our plan of operation is to continue implementing our business strategy , the research and development of our product candidates vopratelimab , jtx-4014 and jtx-8064 , our preclinical development activities , the expansion of our research pipeline and the enhancement of our internal research and development capabilities . due to the inherently unpredictable nature of preclinical and clinical development and given the early stage of our programs and product candidates , we can not reasonably estimate the costs we will incur and the timelines that will be required to complete development , obtain marketing approval , and commercialize our products , if and when approved . for the same reasons , we are also unable to predict when , if ever , we will generate revenue from product sales or whether , or when , if ever , we may achieve profitability . clinical and preclinical development timelines , the probability of success , and development costs can differ materially from expectations . in addition , we can not forecast which products , if and when approved , may be subject to future collaborations , when such arrangements will be secured , if at all , and to what degree such arrangements would affect our development plans and capital requirements . due to our significant research and development expenditures , we have generated substantial operating losses since inception . we have incurred an accumulated deficit of $ 163.9 million through december 31 , 2018 . we expect to incur substantial additional losses in the future as we expand our research and development activities and continue to advance our programs .
```    
 Suspicious Activity Report : we subsequently reported that these responses were durable , lasting six or more months and that all responders , as determined by investigator assessments , remained on study for more than one year . iconic also includes an on-going dose-escalation phase 1 portion to assess vopratelimab in combination with pembrolizumab , an anti-pd-1 antibody , and in combination with ipilimumab , an antibody that binds to ctla-4 on certain t cells . this phase 1 portion established the safety of vopratelimab in combination with each of ipilimumab and pembrolizumab . we plan to initiate additional phase 2 clinical studies , including one or more new dosing schedules and combination sequences , in 2019 and expect to report preliminary efficacy data from these additional clinical studies in 2020. these anticipated phase 2 clinical studies will evaluate vopratelimab in combination with ipilimumab , and , separately , using a predictive biomarker approach , will evaluate vopratelimab alone and or in combination with a pd-1 inhibitor . these additional clinical studies are designed to determine whether vopratelimab can offer a treatment alternative to patients who otherwise do not display an effective response to currently approved therapies , and or whether it can enhance the therapeutic benefit of currently approved therapies . our second product candidate , jtx-4014 , is a clinical-stage anti-pd-1 antibody that we are developing primarily for potential use in combination with future product candidates , as we believe that combination therapy has the potential to be a mainstay of cancer immunotherapy . in december 2018 , we commenced enrollment in a phase 1 clinical trial of jtx ‑ 4014 monotherapy and completed enrollment in the first cohort in the fourth quarter of 2018. this phase 1 clinical trial is designed to assess safety and to determine the recommended phase 2 dose . we expect to identify the recommended phase 2 dose in 2019. jtx-8064 , our third product candidate , is an antibody that binds to lilrb2 , which is a cell surface receptor expressed on macrophages . jtx-8064 is the first tumor-associated macrophage candidate to emerge from our translational science platform . we believe therapies targeting these innate immune cells may have the potential to benefit patients with tumors that are less likely to respond to existing t cell-focused approaches . we are currently conducting ind-enabling activities for jtx-8064 , with the goal of filing an investigational new drug application , or ind , and initiating a phase 1 clinical trial in 2019. beyond our product candidates , we are discovering and developing immunotherapies by leveraging our translational science platform to systematically and comprehensively interrogate cell types within the tme . this enables us to develop therapies with the potential to benefit patients with tumors across the spectrum from hot to 59 cold tumor characteristics , including focusing on adaptive and innate immune cells . therapies targeting these cell types and cell subsets may have the potential to complement existing approaches that focus on t effector cells and thereby benefit many patients who do not respond to the currently approved t effector cell-focused immunotherapies . in addition , we are discovering and developing multiple approaches , including targeting stromal cells , with the potential to convert cold tumors to hot tumors , thereby making the tumors more amenable to immunotherapy , perhaps in combination approaches . in july 2016 , we entered into a master research and collaboration agreement , or the celgene collaboration agreement , and a series b-1 preferred stock purchase agreement with celgene corporation , or celgene . under the terms of these agreements , we received a $ 225.0 million upfront cash payment and $ 36.1 million from the sale of 10,448,100 shares of our series b-1 convertible preferred stock , which shares converted into 2,831,463 shares of common stock upon the completion of our initial public offering , or ipo , in 2017. under the celgene collaboration agreement , we granted celgene exclusive options to develop and commercialize our lead product candidate , vopratelimab , and up to four early-stage programs , or the lead program and other programs , consisting of targets to be selected from a pool of certain b cell , t regulatory cell and tumor-associated macrophage targets . additionally , celgene has an exclusive option to develop and commercialize our product candidate jtx-4014 , which , upon exercise of such option , will be a shared program that may be used by both parties in and outside of the collaboration . prior to celgene exercising any of its options , we are responsible for all research and development activities under the celgene collaboration agreement . upon the exercise of each program option , the parties will enter into a co-development and co-commercialization agreement , or the co-co agreements , or , in the case of jtx-4014 , a license agreement , or the jtx-4014 license agreement , that governs the development and commercialization of the applicable program . although the agreements will not be executed unless and until celgene exercises an option , the parties have agreed to the terms of the co-co agreements and the jtx-4014 license agreement as part of the celgene collaboration agreement . under the co-co agreements and the jtx-4014 license agreement , we will share with celgene the united states profits or losses and development costs on such collaboration program . if celgene exercises its option for a program other than jtx-4014 , we will enter into a co-co agreement pursuant to which celgene will have the exclusive right to develop and commercialize the products arising out of such collaboration program outside of the united states , and we will be eligible to receive tiered royalties ranging from a high single digit to mid-teen percentage rate on net product sales outside of the united states . story_separator_special_tag non-refundable advance payments for goods and services that will be used in future research and development activities are expensed when the activity has been performed or when the goods have been received rather than when the payment is made . although we do not expect our estimates to be materially different from amounts actually incurred , if our estimates of the status and timing of services performed differ from the actual status and timing of services performed , it could result in us reporting amounts that are too high or too low in any particular period . to date , there have been no material differences between our estimates of such expenses and the amounts actually incurred . stock-based compensation we account for share-based payments in accordance with asc 718 , compensation—stock compensation . asc 718 requires all share-based payments to employees , including grants of employee stock options , restricted stock awards and restricted stock units , to be recognized as expense in the consolidated statements of operations based on their grant date fair values . for stock options granted to employees and to members of our board of directors for their services on the board of directors , we estimate the grant date fair value of each stock option using the black-scholes option-pricing model . for restricted stock awards and restricted stock units granted to employees , we estimate the grant date fair value of each award using intrinsic value , which is based on the value of the underlying common stock less any purchase price . for share-based payments subject to service-based vesting conditions , we recognize stock-based compensation expense equal to the grant date fair value of share-based payment on a straight-line basis over the requisite service period . the black‑scholes option pricing model requires the input of certain subjective assumptions , including ( i ) the calculation of expected term of the share-based payment , ( ii ) the risk‑free interest rate , ( iii ) the expected stock price volatility and ( iv ) the expected dividend yield . we use the simplified method as prescribed by sec staff accounting bulletin no . 107 to calculate the expected term for stock options granted to employees as we do not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term . we determine the risk‑free interest rate based on a treasury instrument whose term is consistent with the expected term of the stock options . because there had been no public market for our common stock prior to the ipo , there is a lack of historical and implied volatility data . accordingly , we base our estimates of expected volatility on the historical volatility of a group of publicly-traded companies with similar characteristics to us , including stage of product development and therapeutic focus within the life sciences industry . historical volatility is calculated over a period of time commensurate with the expected term of the share-based payment . we use an assumed dividend yield of zero as we have never paid dividends on our common stock , nor do we expect to pay dividends on our common stock in the foreseeable future . we account for forfeitures of all share-based payments when such forfeitures occur . 64 income taxes income taxes are recorded in accordance with asc 740 , income taxes , which provides for deferred taxes using an asset and liability approach . we recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns . deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse . a valuation allowance against deferred tax assets is recorded if , based on the weight of the available evidence , it is more likely than not that some or all of the deferred tax assets will not be realized . we account for uncertain tax positions using a more-likely-than-not threshold for recognizing and resolving uncertain tax positions . the evaluation of uncertain tax positions is based on factors , including , but not limited to , changes in the law , the measurement of tax positions taken or expected to be taken in tax returns , the effective settlement of matters subject to audit , new audit activity and changes in facts or circumstances related to a tax position . recent accounting pronouncements see note 2 to our consolidated financial statements included within part iv , item 15 of this annual report on form 10-k for a description of recent accounting pronouncements applicable to our business . results of operations comparison of the years ended december 31 , 2018 and 2017 the following table summarizes our results of operations for the years ended december 31 , 2018 and 2017 : replace_table_token_2_th collaboration revenue collaboration revenue for the years ended december 31 , 2018 and 2017 was solely related to the recognition of the upfront payment we received under our celgene collaboration agreement that was executed in july 2016 . effective january 1 , 2018 , we adopted asc 606. under asc 606 , we have transitioned from recognizing revenue on a straight-line basis over the estimated performance period for each unit of accounting , which was a permitted method of revenue recognition under previous accounting guidance , to recognizing revenue based on our pattern of performance for each performance obligation . as we adopted asc 606 using the modified retrospective method , collaboration revenue for the year ended december 31 , 2017 continues to be presented under previous accounting guidance . 65 research and development expenses the following table summarizes our research and development expenses for years ended december 31 , 2018 and 2017 : replace_table_token_3_th research and development expenses increase d by $

