Heat Biologics reported a net loss in the first quarter as the small Chapel Hill drug-development prepares to begin Phase 2 trails for its lung cancer treatment later this year.
The company had a net loss of $2.3 million, or 36 cents per share, compared with a loss of $3.06 million, or $1.66 per share, in the first quarter of 2013.
Heat Biologics has no drugs on the market but is developing treatments for lung cancer and bladder cancer. Jeff Wolf, the company’s CEO, said in a statement that Heat Biologics share price doesn’t reflect the company’s recent achievements.
“The first quarter was marked by the achievement of significant company milestones,” he said. “Despite this, we believe our current share price, which gives us a total enterprise value of under $10 million, does not reflect this progress, our clinical pipeline or the potential of our immunotherapy platform to treat a variety of different cancers.”
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Heat Biologics’ shares closed Monday at $4.13. The stock began trading at $10 per share in July after the company raised $25 million in an initial public offering.
Wolf said Heat Biologics is on schedule to begin enrolling patients in its Phase 2 lung cancer study in the third quarter.
As of the end of March, Heat Biologics had $19.4 million in cash and cash equivalents. The company estimates that it has enough cash to fund its operations through the second half of 2015.