San Diego-based Regulus Therapeutics Inc. reported a net loss of $12 million for the second quarter of 2014, compared with a net loss of $7.3 million for the same quarter last year. Revenue was down, with $0.7 million this quarter, compared with $4.8 million in the same period last year.

An increase of about $3 million in research and development expenses is attributed to an initiation of a phase one clinical study and the continued advancement of other preclinical development programs. An increase of general and administrative expenses of $1.3 million was reportedly driven by an increase in salaries and other employee costs, along with general business activity expenses.

Regulus Therapeutics (NASDAQ: RGLS) is a biopharmaceutical company focused on the discovery and development of medicines targeting microRNAs.