Argos Therapeutics reported a wider net loss in second quarter as the Durham drug developer ramped up research and development spending.
Argos had a net loss of $19.6 million, or 95 cents per share, compared with a loss of $12 million, or 61 cents per share, during the same period last year. Revenue for the quarter was $100,000, compared to $500,000 during the second quarter of 2014.
Argos, which has no drugs on the market, is developing a suite of personalized immunotherapies for cancer and infectious diseases.
Argos’s lead drug candidate, AGS-003, is being evaluated for treatment of metastatic renal cell carcinoma. Last month, Argos completed its enrollment goal for its Phase 3 trial of AGS-003.
Results from the trial are expected in the second half of 2016, and regulatory approval could come early as 2017 if the drug is effective.
Argos research and development spending totaled $16.1 million in the second quarter, up from $10.6 million during the same period last year.
In April, Argos signed a licensing agreement with Chongqing Lummy Pharmaceutical Co., a Chinese pharmaceutical company, to commercialize its cancer treatment in China, Hong Kong, Taiwan and Macau. The deal with will pay Argos royalties on net sales and up to $20 million in milestone payments.
Argos reported earnings after the market closed Wednesday. Earlier, the stock closed at $4.90, down 14 cents. The shares are down 51 percent this year.