Heat Biologics Inc. reported on Thursday a net loss for the third quarter of $1.7 million, or 8 cents per share, which beat Wall Street expectations as the company cut its expenses.

The Durham-based company reported a third quarter loss in the same quarter a year ago of $5.4 million, according to the Nov. 10 filing, which can be found here. Analysts were expecting a loss of 16 cents per share.

The Durham-based company credited the decrease to reductions in consultant fees, clinical trial costs and workforce.

In addition, research and development expenses decreased to $600,000 million, clinical and regulatory expenses decreased $2.6 million to $1.1 million, and general and administrative expenses decreased by $100,000 to $800,000.

“During the third quarter, we strengthened our balance sheet and benefitted from the exercise of warrants and substantial pay down of our existing debt,” Jeff Wolf, CEO of Heat Biologics, said in a release. “We continue to carefully manage our expenses as we await important top-line data this quarter.”

Wolf also said the company ended the quarter with approximately $8.5 million of cash on hand.

“This year through Nov. 10, 2016, we have generated over $3.1 million in cash from the exercise of our March 23, 2016 warrants,” he said.

Founded in 2008, Heat Biologics is a biotechnology company focused on the field of cancer immunotherapy.

In October, however, the company announced a new Zika vaccine collaboration with the University of Miami. In addition, the formation of a wholly-owned subsidiary, Zolovax Inc. was announced at the same time, which will work on developing gp96-based vaccines for the treatment of infectious diseases.

Heat Biologic’s stock was trading slightly down the following day, at $1.34 as of Friday at noon, down 8 cents from Thursday’s open of $1.42 per share and down 2 cents from Friday’s open of $1.36 per share.