Kite Pharma is a clinical-stage biopharmaceutical company. To date, we have devoted substantially all of our resources to our research and development efforts relating to our product candidates, including funding research and development of our eACT-based product candidates pursuant to our Cooperative Research and Development Agreement, or CRADA, with the U.S. Department of Health and Human Services, as represented by the National Cancer Institute, or NCI. We do not have any products approved for sale and have not generated any revenue from product sales. From our inception through March 31, 2014, we have funded our operations primarily through private placements of convertible preferred stock, convertible notes, and common stock totaling approximately $35.0 million in gross proceeds. In April 2014, we also received $50.0 million in aggregate gross proceeds from the issuance and sale of convertible promissory notes, or the 2014 Notes.