We have incurred net losses every year since our inception and expect to continue to incur net losses in the future.
We have generated losses since our inception in 2008, during which time we have devoted substantially all of our resources to research and development efforts relating to our SPEAR T-cells and other cell therapies (including the NY-ESO SPEAR T-cell), including engaging in activities to manufacture and supply our cell therapies for clinical trials in compliance with current good manufacturing practice, or cGMP, conducting clinical trials of our cell therapies, providing general and administrative support for these operations, enhancing capabilities to support commercialization plans for ADP-A2M4 and protecting our intellectual property. We do not have any products approved for sale and have not generated any revenue from product supplies or royalties. Based on our current plans, we do not expect to generate product or royalty revenues unless and until we obtain marketing approval for, and commercialize, any of our SPEAR T-cells or other cell therapies.
For the nine months ended September 30, 2020, and the years ended December 31, 2019 and 2018, we incurred net losses of $93.5, $137.2 million and $95.5 million, respectively. As of September 30, 2020, we had accumulated losses of $549.1 million. We expect to continue incurring significant losses as we continue with our research and development programs and to incur general and administrative costs associated with our operations. The extent of funding required to develop our product candidates is difficult to estimate given the novel nature of our cell therapies and their un-proven route to market and the impact of external factors including the COVID-19 pandemic; however, as we move towards commercialisation of our cell therapies the amount of funding required to support the activities enabling such commercialization will increase significantly. Our profitability is dependent upon the successful development, approval, and commercialization of our SPEAR T-cells and other cell therapies, further development of the NY-ESO SPEAR T-cells by GSK (given the NY-ESO program has now been transitioned to GSK), achieving collaboration agreement milestones under the GSK Collaboration and License Agreement and the Astellas Collaboration Agreement, progression of programs under the agreement with Universal Cells Inc. and achieving a level of revenue adequate to support our cost structure. We may never achieve profitability, and unless and until we do, we will continue to need to raise additional cash or alternative funding.
Although our financial statements have been prepared on a going concern basis, if we fail to obtain additional financing in the future, this may raise substantial doubt about our ability to continue as a going concern in future reporting periods
As of September 30, 2020, the Company had cash and cash equivalents of $78.5 million, marketable securities of $321.4 million, and stockholders’ equity of $376.2 million. During the nine months ended September 30, 2020, the Company incurred a net loss of $93.5 million, generated cash of $24.4 million from its operating activities, and generated revenues of $2.5 million. The Company has incurred net losses in most periods since inception and it expects to incur operating losses in future periods. On January 13, 2020, the Company entered into the Astellas Collaboration Agreement. The Company received an upfront payment of $50.0 million in January 2020 under the agreement and is entitled to receive research funding of up to $7.5 million per year on a per collaboration target basis. Additional milestones are possible under the agreement, but these are dependent on the success of the development and commercialization of research and products.
On January 24, 2020, the Company closed an underwritten public offering of 21,000,000 ADSs which, together with the full exercise by the underwriters on February 7, 2020, of their option to purchase an additional 3,150,000 ADSs, generated net proceeds of $90.5 million. In addition, on June 4, 2020, the Company closed an underwritten public offering of 23,575,000 ADSs, which included 3,075,000 ADSs pursuant to the full exercise by the underwriters of their option to purchase additional ADSs and generated net proceeds of $243.8 million.
We believe that our Total Liquidity, combined with the upfront payment and the proceeds from the public offerings of ADSs described above, will be sufficient to fund our operations, based upon our currently anticipated research and development activities and planned capital spending, into 2022. This belief is based on estimates that are subject to risks and uncertainties and may change if actual results differ from management’s estimates.
We have never generated any revenue from sales of our cell therapies and our ability to generate revenue from sales of our cell therapies and become profitable depends significantly on our success in a number of factors.
We have no cell therapies approved for commercial sale, have not generated any revenue from sales of our cell therapies, and do not anticipate generating any revenue from sales of our cell therapies until sometime after we receive regulatory approval, if at all, for the commercial sale of a cell therapy. We intend to fund future operations through milestone payments under the GSK Collaboration and