75 We are focusing substantially all of our resources and development efforts on the development of our product candidates, in particular tarcocimab. We expect our research and development expenses to increase substantially during the next few years as we conduct our Phase 3 clinical studies, complete our clinical program, pursue regulatory approval of our drug candidates and prepare for a possible commercial launch. Predicting the timing or the final cost to complete our clinical program or validation of our commercial manufacturing and supply processes is difficult and delays may occur because of many factors, including factors outside of our control. For example, if the FDA or other regulatory authorities were to require us to conduct clinical trials beyond those that we currently anticipate, or if we experience significant delays in enrollment in any of our clinical trials, we could be required to expend significant additional financial resources and time on the completion of clinical development. Furthermore, we are unable to predict when or if our drug candidates will receive regulatory approval with any certainty. General and Administrative Expenses General and administrative expenses consist principally of payroll and personnel expenses, including stock-based compensation; professional fees for legal, consulting, accounting and tax services; allocated overhead, including rent, equipment, depreciation and utilities; and other general operating expenses not otherwise classified as research and development expenses. We anticipate that our general and administrative expenses will increase as a result of increased personnel costs, including stock-based compensation, expanded infrastructure and higher consulting, legal and accounting services associated with maintaining compliance with requirements of the stock exchange listing and Securities and Exchange Commission, or SEC, investor relations costs and director and officer insurance premiums associated with being a public company. Interest Income Interest income consists primarily of interest income earned on our cash, cash equivalents and marketable securities. Other Income (Expense), Net Other income (expense), net consists primarily of settlement of derivative contracts, net of tax provisions and amortized issuance costs from the liability related to the future sale of royalties to BBA in 2019. Results of Operations The following table summarizes our results of operations for the periods indicated (in thousands, except percentages): Year Ended December 31, 2022 vs 2021 Change 2022 2021 2020 Dollar Percent Operating expenses Research and development......................... $ 267,591 $ 217,340 $ 107,389 $ 50,251 23% General and administrative ........................ 73,788 49,711 28,618 24,077 48% Loss from operations.................................... (341,379) (267,051) (136,007) (74,328) 28% Interest income........................................... 7,071 298 2,966 6,773 * Interest expense.......................................... (18) (47) (25) 29 * Other income (expense), net ...................... 503 (190) (30) 693 * Net loss......................................................... $ (333,823) $ (266,990) $ (133,096) $ (66,833) 25% * Change is not meaningful