Dova Pharmaceuticals Inc. reported earnings Thursday missed Wall Street expectations, according to a filing with the Securities and Exchange Commission.
The developmental drug company reported a net loss of 38 cents per share, or $9.7 million. Analysts were predicting the loss to be smaller at 32 cents per share with the lowest estimates coming in at 35 cents per share.
“The highlight of the third quarter was the submission of our NDA for avatrombopag to the FDA,” said Chief Executive Officer Alex Sapir in a statement.
He continued, “This submission represents a significant milestone in the advancement of this novel therapy to become a treatment option for the more than 70,000 CLD patients with severe thrombocytopenia in the U.S.”
Research and development expenses were $5.4 million this quarter compared to $6.8 million during the same period last year. The decrease resulted from the conclusion of ADAPT-1 and ADAPT-2 phase 3 clinical trials in January.
Dova is focused on developing treatments for rare diseases with unmet medical needs. The company was formed in March 2016 and went public in June, but it has not produced any revenue to date.
Avatrombopag, the drug submitted for FDA approval in September, was developed to be used as a treatment of patients with chronic liver disease suffering from thrombocytopenia, or low platelet count.
Dova share price2 went up as much as 0.8 percent to $24.49, but closed down 37 cents to $23.82 on Thursday.