Heat Biologics Inc., which is developing drugs designed to activate a patient’s immune system against cancer, reported a third quarter loss that was better than expected on Monday.
The company’s overall net loss for the quarter came to $2.3 million, or 6 cents per share, compared to a net loss of $1.6 million, or 8 cents per share during the third quarter of 2016.
The company’s revenue for the quarter was $471,000, compared to $220,000 in 2016.
The Durham-based company was expected to report a loss of 9 cents per share and revenue of $500,000.
“We had a very productive third quarter, as we achieved a number of important milestones,” said Chief Executive Officer Jeff Wolf in a statement. “We signed a critical manufacturing agreement to further advance our co-stimulatory programs, and we were also granted a Type C meeting with the FDA to review our Phase 2 clinical trial using our HS-110 for the treatment for non-small cell lung cancer.”
Expenses, however, grew.
Research and development expenses increased 8 percent during the third quarter to $1.8 million, and general and administrative expenses increased 45 percent to $1.2 million.
Heat Biologics closed Monday afternoon at 59 cents, down 3.78 percent, or 2 cents.