Heat Biologics reported a larger loss in the first quarter as the Durham drug developer increased spending on clinical trials and costs related to manufacturing its vaccines for trials.
The company had a loss of $3.9 million, or 57 cents per share, compared with a loss of $2.3 million, or 36 cents per share, during the first quarter of 2014. That was a larger loss than analysts had forecast. The consensus among analysts who cover the company was a loss of 49 cents.
Still, investors reacted favorably to the report. Heat Biologics shares rose 27 cents, or 4.6 percent, to close at $6.17 on Thursday. The stock is up 34 percent this year.
Heat Biologics has no drugs on the market but is developing treatments for lung and bladder cancer.
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During the first quarter, the company’s bladder cancer treatment, HS-410, received fast-track status from the Food and Drug Administration. The designation accelerates the review process for the drug. The FDA applies it to drugs that have the potential to offer significant improvement in treatment compared with products already on the market.
The company’s clinical and regulatory costs during the first quarter rose from $800,000 to $2.2 million. Heat Biologics also raised $11.1 million ina public stock sale.
The company had $21.1 million in cash as of the end of March.