Heat Biologics reported a wider net loss in 2013 that it attributed to an increase in research and development, and clinical and regulatory expenses.
The small Chapel Hill drug-development company has no drugs on the market but is developing treatments for lung cancer and bladder cancer.
Heat Biologics had a net loss of $6.6 million, or $2.42 per share, last year, compared with a loss of $2.47 million, or $1.32 per share, in 2012.
Research and development expenses increased from $903,000 in 2012 to $2.74 million last year. Most of that increase was related to pre-manufacturing costs for two of Heat’s vaccines that will be used in clinical trials. Heat Biologics’ clinical and regulatory expenses increased $1.144 million, and was largely related to the launch of clinical trials for the two vaccines.
The company raised $25 million in an initial public offering of stock in July. Heat Biologics’ shares, which began trading at $10 per share in July, closed Tuesday at $6.57, down 12 cents.
As of the end of last year, Heat Biologics had $21.9 million in cash and cash equivalents. The company estimates that it has enough cash to fund its operations through the second half of 2015.