Drug development company Heat Biologics Inc. reported a second-quarter loss that was less than expected as the company continues to develop its cancer drugs.
The Durham-based company reported a net loss of $3.2 million, or 9 cents per share, compared to a net loss of $2.9 million, of 17 cents per share, in the same quarter a year ago. The one analyst covering the company was expecting a loss of 10 cents per share.
Heat Biologics reported revenue of $411,000 for the quarter compared to no revenue in the second quarter of 2016.
“We remain at the forefront in developing allogeneic, ready-to-use immunotherapies designed to activate ‘killer’ T cells as part of a broad-based combination approach against cancer,” said CEO Jeff Wolf in a statement.
Heat Biologics’ shares were trading at 50 cents, unchanged, in Monday morning trading.
Research and development costs increased to $2.15 million in the second quarter from $1.78 million in the same quarter of 2016.
Heat Biologics, which was founded in 2008, is focused on the field of cancer immunotherapy. The company’s cancer vaccine is called ImPACT, short for Immune Pan-Antigen Cytotoxic Therapy. ImPACT is in Phase 2 in the most common type of lung cancer and bladder cancer.
The vaccine works by injecting genetically modified cells into a patient to elicit an immune response against the disease target.
During the second quarter, the company acquired another cancer immunotherapy company, Pelican Therapeutics, based in Austin, Texas.