in particular , we implemented a work-from-home policy for all employees and have restricted on-site activities to certain chemical , manufacturing and control ( “ cmc ” ) and clinical trial activities . we continue to assess the impact of the covid-19 pandemic to best mitigate risk and continue the operations of our business . beginning late in the second quarter of 2020 , we began to slowly bring our staff , in very limited numbers , back to our office . this modified return-to-work approach is expected to continue into 2021. we have taken steps to protect our workforce and have instituted strict work rules to protect our employees . we continue to work closely with our clinical sites to monitor the potential impact of the evolving covid-19 pandemic . we remain committed to our clinical programs and development plans . through december 31 , 2020 , we have not experienced any significant delays to our ongoing or planned clinical trials , except for challenges in accessing elderly care facilities ; however , this could rapidly change . 87 our clinical programs the following is a summary of the status of our clinical development programs as of the date of this annual report on form 10-k : ​ ​ our novel drug re-innovation approach our ai-based discovery and development process is the foundation of our drug re-innovation model for identifying the next wave of medicines . our therapeutic area experts have over 60 years of experience across the drug discovery and development value chain . we believe evolverai is a novel method of finding potential product candidates because it combines the comprehensiveness and efficiency of machine learning and big data analytics with the expertise and intuition of human experience in drug development . we believe the combination of our therapeutic area expertise and our ability to generate therapeutic candidates in neuroscience and immuno-oncology through our exclusive collaborative relationship in those areas with bioxcel gives us a significant competitive advantage . the pharmacological space spans more than 27,000 active pharmaceutical agents , and only approximately 4,000 are approved and marketed drugs benefiting patients . these marketed drugs may be applied to other indications , including rare diseases , and represent an untapped potential for meeting significant unmet medical need and recoupment of research and development investments . a large number of the remaining agents are clinical candidates that are active , shelved , or have failed for reasons other than toxicity and can potentially be re-engineered for different indications or patient segments . they potentially represent an unrealized investment of billions of research and development dollars by the private and public sectors , resulting in an immeasurable amount of patient suffering and sacrificing during clinical development . traditional drug development is plagued with low success rates ( 13.8 % , according to an mit study of 186,000 trials from january 2000 to october 2015 ) , long drug development cycles ( 10-15 years , according to phrma key facts 2016 ) , and exorbitant development costs ( $ 2.6 billion per drug , according to phrma key facts ) . furthermore , many serious diseases continue to go unaddressed due to limitations of the current drug discovery paradigm . the recent advent of numerous ‘ omics ' technologies ( genomics , proteomics ) and rapid advances in science and medicine are generating terabytes of valuable unexploited knowledge that is widely distributed in multiple big data lakes with several orders of complexity and variety . much of this data is not being systematically applied to the development of next generation therapeutics , thus preventing the optimization of drug development utilizing the understanding of technology , science , medicine , markets , and commercial opportunities . the efficient and intuitive use of big data remains a bottleneck and a challenge to the pharmaceutical industry . taken together , these factors underscore the need for fundamental new 88 approaches to drug discovery and development . the market opportunity to identify new uses for existing pharmacological agents remains substantial due to the lack of technology driven insights . our parent , bioxcel , has created a proprietary r & d engine , evolverai , for drug re-innovation that provides a proprietary systems-based approach designed to unlock the hidden value in drugs . the combination of our therapeutic area expertise and our exclusive collaborative relationship with bioxcel enables us to screen , analyze , and identify the product candidates that we believe have a high likelihood of benefiting patients . the compounds in our pipeline have been identified using this proprietary platform . evolverai is designed to eliminate human bias by scanning millions of data points from disparate data sources to create network maps . the nodes and connections in the network map are weighted and ranked based on the validity of supporting evidence using disease specific algorithms . they are then further analyzed using artificial intelligence and machine learning approaches supplemented by human domain-based expertise to uncover novel connections between disease parameters , molecular targets , mechanisms of actions and product candidates . this drug re-innovation model has been exemplified by the successful development and commercialization of drugs such as tecfidera ( biogen , inc. ) , thalomid ( celgene corporation ) and viagra ( pfizer , inc. , or pfizer ) . all of these drugs were identified by insights in biology and disease pathophysiology . the successful business models of biotech companies like axsome-therapeutics , inc. and karuna therapeutics , inc. are based on the re-innovation and combination of existing clinical candidates or marketed drugs to provide novel solutions for patients . unfortunately , such discoveries have been severely limited in scope due to the lack of a genuinely integrated big data analytics-based approach . we believe that only evolverai allows a comprehensive and unbiased evaluation of the complete pharmacological space . story_separator_special_tag if we are unable to raise capital when needed or on attractive terms , we could be forced to significantly delay , scale back or discontinue the development or commercialization of bxcl501 , bxcl701 or other product candidates , seek collaborators at an earlier stage than otherwise would be desirable or on terms that are less favorable than might otherwise be available , and relinquish or license , potentially on unfavorable terms , our rights to bxcl501 , bxcl701 or other product candidates that we otherwise would seek to develop or commercialize ourselves . critical accounting policies and estimates the preparation of our financial statements in conformity with gaap requires management to exercise its judgment . we exercise considerable judgment with respect to establishing sound accounting policies and in making estimates and assumptions that affect the reported amounts of our assets and liabilities , our recognition of revenues and expenses , and disclosure of commitments and contingencies at the date of the financial statements . on an ongoing basis , we evaluate our estimates and judgments . we base our estimates and judgments on a variety of factors including our historical experience , knowledge of our business and industry , current and expected economic conditions , the attributes of our products , the regulatory environment , and in certain cases , the results of outside appraisals . we periodically re-evaluate our estimates and assumptions with respect to these judgments and modify our approach when circumstances indicate that modifications are necessary . while we believe that the factors we evaluate provide us with a meaningful basis for establishing and applying sound accounting policies , we can not guarantee that the results will always be accurate . since the determination of these estimates requires the exercise of judgment , actual results could differ from such estimates . 95 a description of significant accounting policies that require us to make estimates and assumptions in the preparation of our financial statements is as follows : stock-based compensation the company accounts for stock-based compensation in accordance with asc 718 , “ compensation—stock compensation , ” which requires the measurement and recognition of compensation expense based on estimated fair market values for all share-based awards made to employees and non-employee service providers , including stock options . the company 's 2017 equity incentive plan ( the “ 2017 plan ” ) became effective in august 2017. the company 's 2020 incentive award plan ( the “ 2020 plan ” ) became effective in may 2020. following the effective date of the company 's 2020 plan , the company ceased granting awards under the 2017 plan ; however the terms and conditions of the 2017 plan continue to govern any outstanding awards granted thereunder . the company 's stock option awards are valued at fair value on the date of grant and that fair value is recognized over the requisite service period . the company utilizes the black-scholes option pricing model for determining the estimated fair value for stock-based awards . the black-scholes model requires the use of assumptions which determine the fair value of the stock-based awards . determining the fair value of stock-based awards at the grant date requires significant judgment , including estimating the expected term of the stock options , the expected volatility of our stock and expected dividends . prior to the ipo , significant judgement and estimates were used to estimate the fair value of these awards , as the shares of common stock underlying these awards were not then publicly traded . stock awards granted by the company subsequent to its ipo are valued using market prices at the date of grant . the company has elected to account for forfeitures as they occur , by reversing compensation cost when the award is forfeited . the company adopted fasb asu 2018-07 as of january 1 , 2019 which allowed non-employee options to be expensed using the adoption date fair value . accrued expenses ​ as part of the process of preparing our financial statements , we are required to estimate our accrued expenses . this process involves reviewing open contracts and purchase orders , communicating with our applicable personnel to identify services that have been performed on our behalf and estimating the level of service performed and the associated cost incurred for the service when we have not yet been invoiced or otherwise notified of actual cost . the majority of our service providers invoice us monthly in arrears for services performed . we make estimates of our accrued expenses as of each balance sheet date in our financial statements based on facts and circumstances known to us at that time . we periodically confirm the accuracy of our estimates with the service providers and make adjustments if necessary . ​ we base our expenses on our estimates of the services received and level of effort in each period . the financial terms of these agreements are subject to negotiation , vary from contract to contract and may result in uneven payment flows . payments under some of these contracts depend on factors such as the successful enrollment of patients and the completion of clinical trial milestones . ​ in accruing expenses , we estimate the time period over which services will be performed and the level of effort to be expended in each period . the date on which some services commence , the level of services performed on or before a given dates and the cost of such services are often subjective determinations . if the actual timing of the performance of services or the level of effort varies from our estimate , we adjust the accrual accordingly . although we do not expect our estimates to be materially different from amounts actually incurred , our understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and may result in us reporting amounts that are too high

liquidity and capital resources as of december 31 , 2020 , we had cash and cash equivalents of $ 213,119 , working capital of $ 205,223 and stockholders ' equity of $ 206,696. net cash used in operating activities was $ 66,350 and $ 27,101 for the years ended december 31 , 2020 and 2019. we incurred losses of approximately $ 82,169 and $ 32,968 for the years ended december 31 , 2020 and 2019. we have not yet generated any revenues and we have not yet achieved profitability . we expect that our research and development and general and administrative expenses will continue to increase and , as a result , we will need to generate significant product revenues to achieve profitability . we believe that our existing cash and cash equivalents as of december 31 , 2020 will enable us to fund our operating expenses and capital expenditure requirements for at least one year from the date of this annual report on form 10-k. 92 we may obtain additional financing through sales of the company 's equity securities , entering into strategic partnership arrangements and or short-term borrowings from banks , stockholders or other related parties , if needed , or a combination of any of the foregoing . there are no assurances that we will be successful in obtaining an adequate level of financing as and when needed to finance our operations on terms acceptable to us or at all , particularly in light of the economic downturn and ongoing uncertainty related to the covid-19 pandemic . if we are unable to secure adequate additional funding as and when needed , we may have to significantly delay , scale back or discontinue the development and commercialization of one or more product candidates . in addition , the magnitude and duration of the covid-19 pandemic and its impact on our liquidity and future funding requirements is uncertain as of the filing date of this annual report on form 10-k , as the pandemic continues to evolve globally .


 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 as of december 31 , 2020 , we had cash and cash equivalents of $ 213,119 , working capital of $ 205,223 and stockholders ' equity of $ 206,696. net cash used in operating activities was $ 66,350 and $ 27,101 for the years ended december 31 , 2020 and 2019. we incurred losses of approximately $ 82,169 and $ 32,968 for the years ended december 31 , 2020 and 2019. we have not yet generated any revenues and we have not yet achieved profitability . we expect that our research and development and general and administrative expenses will continue to increase and , as a result , we will need to generate significant product revenues to achieve profitability . we believe that our existing cash and cash equivalents as of december 31 , 2020 will enable us to fund our operating expenses and capital expenditure requirements for at least one year from the date of this annual report on form 10-k. 92 we may obtain additional financing through sales of the company 's equity securities , entering into strategic partnership arrangements and or short-term borrowings from banks , stockholders or other related parties , if needed , or a combination of any of the foregoing . there are no assurances that we will be successful in obtaining an adequate level of financing as and when needed to finance our operations on terms acceptable to us or at all , particularly in light of the economic downturn and ongoing uncertainty related to the covid-19 pandemic . if we are unable to secure adequate additional funding as and when needed , we may have to significantly delay , scale back or discontinue the development and commercialization of one or more product candidates . in addition , the magnitude and duration of the covid-19 pandemic and its impact on our liquidity and future funding requirements is uncertain as of the filing date of this annual report on form 10-k , as the pandemic continues to evolve globally .
```    
 Suspicious Activity Report : in particular , we implemented a work-from-home policy for all employees and have restricted on-site activities to certain chemical , manufacturing and control ( “ cmc ” ) and clinical trial activities . we continue to assess the impact of the covid-19 pandemic to best mitigate risk and continue the operations of our business . beginning late in the second quarter of 2020 , we began to slowly bring our staff , in very limited numbers , back to our office . this modified return-to-work approach is expected to continue into 2021. we have taken steps to protect our workforce and have instituted strict work rules to protect our employees . we continue to work closely with our clinical sites to monitor the potential impact of the evolving covid-19 pandemic . we remain committed to our clinical programs and development plans . through december 31 , 2020 , we have not experienced any significant delays to our ongoing or planned clinical trials , except for challenges in accessing elderly care facilities ; however , this could rapidly change . 87 our clinical programs the following is a summary of the status of our clinical development programs as of the date of this annual report on form 10-k : ​ ​ our novel drug re-innovation approach our ai-based discovery and development process is the foundation of our drug re-innovation model for identifying the next wave of medicines . our therapeutic area experts have over 60 years of experience across the drug discovery and development value chain . we believe evolverai is a novel method of finding potential product candidates because it combines the comprehensiveness and efficiency of machine learning and big data analytics with the expertise and intuition of human experience in drug development . we believe the combination of our therapeutic area expertise and our ability to generate therapeutic candidates in neuroscience and immuno-oncology through our exclusive collaborative relationship in those areas with bioxcel gives us a significant competitive advantage . the pharmacological space spans more than 27,000 active pharmaceutical agents , and only approximately 4,000 are approved and marketed drugs benefiting patients . these marketed drugs may be applied to other indications , including rare diseases , and represent an untapped potential for meeting significant unmet medical need and recoupment of research and development investments . a large number of the remaining agents are clinical candidates that are active , shelved , or have failed for reasons other than toxicity and can potentially be re-engineered for different indications or patient segments . they potentially represent an unrealized investment of billions of research and development dollars by the private and public sectors , resulting in an immeasurable amount of patient suffering and sacrificing during clinical development . traditional drug development is plagued with low success rates ( 13.8 % , according to an mit study of 186,000 trials from january 2000 to october 2015 ) , long drug development cycles ( 10-15 years , according to phrma key facts 2016 ) , and exorbitant development costs ( $ 2.6 billion per drug , according to phrma key facts ) . furthermore , many serious diseases continue to go unaddressed due to limitations of the current drug discovery paradigm . the recent advent of numerous ‘ omics ' technologies ( genomics , proteomics ) and rapid advances in science and medicine are generating terabytes of valuable unexploited knowledge that is widely distributed in multiple big data lakes with several orders of complexity and variety . much of this data is not being systematically applied to the development of next generation therapeutics , thus preventing the optimization of drug development utilizing the understanding of technology , science , medicine , markets , and commercial opportunities . the efficient and intuitive use of big data remains a bottleneck and a challenge to the pharmaceutical industry . taken together , these factors underscore the need for fundamental new 88 approaches to drug discovery and development . the market opportunity to identify new uses for existing pharmacological agents remains substantial due to the lack of technology driven insights . our parent , bioxcel , has created a proprietary r & d engine , evolverai , for drug re-innovation that provides a proprietary systems-based approach designed to unlock the hidden value in drugs . the combination of our therapeutic area expertise and our exclusive collaborative relationship with bioxcel enables us to screen , analyze , and identify the product candidates that we believe have a high likelihood of benefiting patients . the compounds in our pipeline have been identified using this proprietary platform . evolverai is designed to eliminate human bias by scanning millions of data points from disparate data sources to create network maps . the nodes and connections in the network map are weighted and ranked based on the validity of supporting evidence using disease specific algorithms . they are then further analyzed using artificial intelligence and machine learning approaches supplemented by human domain-based expertise to uncover novel connections between disease parameters , molecular targets , mechanisms of actions and product candidates . this drug re-innovation model has been exemplified by the successful development and commercialization of drugs such as tecfidera ( biogen , inc. ) , thalomid ( celgene corporation ) and viagra ( pfizer , inc. , or pfizer ) . all of these drugs were identified by insights in biology and disease pathophysiology . the successful business models of biotech companies like axsome-therapeutics , inc. and karuna therapeutics , inc. are based on the re-innovation and combination of existing clinical candidates or marketed drugs to provide novel solutions for patients . unfortunately , such discoveries have been severely limited in scope due to the lack of a genuinely integrated big data analytics-based approach . we believe that only evolverai allows a comprehensive and unbiased evaluation of the complete pharmacological space . story_separator_special_tag if we are unable to raise capital when needed or on attractive terms , we could be forced to significantly delay , scale back or discontinue the development or commercialization of bxcl501 , bxcl701 or other product candidates , seek collaborators at an earlier stage than otherwise would be desirable or on terms that are less favorable than might otherwise be available , and relinquish or license , potentially on unfavorable terms , our rights to bxcl501 , bxcl701 or other product candidates that we otherwise would seek to develop or commercialize ourselves . critical accounting policies and estimates the preparation of our financial statements in conformity with gaap requires management to exercise its judgment . we exercise considerable judgment with respect to establishing sound accounting policies and in making estimates and assumptions that affect the reported amounts of our assets and liabilities , our recognition of revenues and expenses , and disclosure of commitments and contingencies at the date of the financial statements . on an ongoing basis , we evaluate our estimates and judgments . we base our estimates and judgments on a variety of factors including our historical experience , knowledge of our business and industry , current and expected economic conditions , the attributes of our products , the regulatory environment , and in certain cases , the results of outside appraisals . we periodically re-evaluate our estimates and assumptions with respect to these judgments and modify our approach when circumstances indicate that modifications are necessary . while we believe that the factors we evaluate provide us with a meaningful basis for establishing and applying sound accounting policies , we can not guarantee that the results will always be accurate . since the determination of these estimates requires the exercise of judgment , actual results could differ from such estimates . 95 a description of significant accounting policies that require us to make estimates and assumptions in the preparation of our financial statements is as follows : stock-based compensation the company accounts for stock-based compensation in accordance with asc 718 , “ compensation—stock compensation , ” which requires the measurement and recognition of compensation expense based on estimated fair market values for all share-based awards made to employees and non-employee service providers , including stock options . the company 's 2017 equity incentive plan ( the “ 2017 plan ” ) became effective in august 2017. the company 's 2020 incentive award plan ( the “ 2020 plan ” ) became effective in may 2020. following the effective date of the company 's 2020 plan , the company ceased granting awards under the 2017 plan ; however the terms and conditions of the 2017 plan continue to govern any outstanding awards granted thereunder . the company 's stock option awards are valued at fair value on the date of grant and that fair value is recognized over the requisite service period . the company utilizes the black-scholes option pricing model for determining the estimated fair value for stock-based awards . the black-scholes model requires the use of assumptions which determine the fair value of the stock-based awards . determining the fair value of stock-based awards at the grant date requires significant judgment , including estimating the expected term of the stock options , the expected volatility of our stock and expected dividends . prior to the ipo , significant judgement and estimates were used to estimate the fair value of these awards , as the shares of common stock underlying these awards were not then publicly traded . stock awards granted by the company subsequent to its ipo are valued using market prices at the date of grant . the company has elected to account for forfeitures as they occur , by reversing compensation cost when the award is forfeited . the company adopted fasb asu 2018-07 as of january 1 , 2019 which allowed non-employee options to be expensed using the adoption date fair value . accrued expenses ​ as part of the process of preparing our financial statements , we are required to estimate our accrued expenses . this process involves reviewing open contracts and purchase orders , communicating with our applicable personnel to identify services that have been performed on our behalf and estimating the level of service performed and the associated cost incurred for the service when we have not yet been invoiced or otherwise notified of actual cost . the majority of our service providers invoice us monthly in arrears for services performed . we make estimates of our accrued expenses as of each balance sheet date in our financial statements based on facts and circumstances known to us at that time . we periodically confirm the accuracy of our estimates with the service providers and make adjustments if necessary . ​ we base our expenses on our estimates of the services received and level of effort in each period . the financial terms of these agreements are subject to negotiation , vary from contract to contract and may result in uneven payment flows . payments under some of these contracts depend on factors such as the successful enrollment of patients and the completion of clinical trial milestones . ​ in accruing expenses , we estimate the time period over which services will be performed and the level of effort to be expended in each period . the date on which some services commence , the level of services performed on or before a given dates and the cost of such services are often subjective determinations . if the actual timing of the performance of services or the level of effort varies from our estimate , we adjust the accrual accordingly . although we do not expect our estimates to be materially different from amounts actually incurred , our understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and may result in us reporting amounts that are too high

