Heat Biologics reported a slightly larger loss in 2014 as the Durham drug development company increased spending on clinical and regulatory expenses related to its bladder cancer treatment.
For the year, Heat reported a loss of $11.8 million, or $1.83 per share, compared with a loss of $9.1 million, or $2.42 per share, in 2013.
The company’s clinical and regulatory expenses increased from $1.4 million to $5.3 million. Heat completed the first phase of enrollment for its Phase 2 study of its treatment, HS-410, and has begun dosing patients.
The company expects to complete the enrollment of all three phases of its Phase 2 study in the third quarter of this year, and report results in the second quarter of next year.
"We accomplished several key clinical and corporate goals over the past year, setting the stage for further progress in 2015," said Jeff Wolf, Heat's CEO, in a statement.
Earlier this month Heat’s treatment 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.
Heat has no drugs on the market but is developing treatments for lung cancer and bladder cancer. As of Dec. 1, Heat had $14.4 million in cash.
The company raised $10.66 million earlier this month after selling 1.64 million shares at $6.50 a share in a public stock sale.
Heat’s stock closed Thursday at $5.90. The shares are up nearly 29 percent this year.