Westwood pharmaceuticals firm Puma Biotechnology on Monday reported a deeper net loss during the second quarter as the firm substantially increased its research and development expenses amid efforts to bring its breast cancer drug to market.
Puma Biotechnology reported a $38.8 million net loss ($1.29 a share) for the quarter ending June 30 compared with a $12.6 million net loss one year prior.
Analysts expected a loss of 76 cents a share.
Puma Biotechnology did not generate revenue from any products. The company is developing a drug, primarily for breast cancer treatment, called neratinib. The company’s research and development expenses increased from $10.4 million to $35 million.
Puma Biotechnology share prices nearly tripled in a single day in late July after the firm reported promising results from neratinib’s Phase III clinical trials.
The stock’s gains pushed Puma Biotechnology chief executive Alan Auerbach into the ranks of Los Angeles’ billionaires.
The company reported earnings figures after markets closed on Monday. Puma Biotechnology shares had closed slightly higher at $243.33 on the NYSE then slid 1.3 percent in after-hours trading.
Check out the Business Journal’s previous coverage.