San Diego biotech Cidara Therapeutics reported a net loss of $16.7 million in the first quarter, compared to a $13.14 million net loss in the first quarter of last year.

Research and development expenses were $13.2 million in the first quarter, versus $10.2 million for the same period in 2017. Cidara attributed the increase largely to clinical development costs for its drug rezafungin.

In March, the company reported positive Phase 2 results for rezafungin, an antifungal drug. It’s heading for final-stage clinical trials.

Cash, cash equivalents and short-term investments totaled $67 million as of March 31.