Vital Therapies Inc. reported a net loss of $10.7 million in its very first quarterly earnings report — the biotech, which is developing treatments for liver failure, began trading on the public markets April 17 with a $61.1 million IPO.

This loss compares with a net loss of $9.4 million and a net loss attributable to its common stockholders of $10.3 million for the quarter ended March 31, 2013.

Total operating expenses for the first three months of 2014 were $11.9 million, compared with $4.9 million for the like quarter of 2013.

Research and development costs rose $9.2 million for the first quarter of 2014, as compared with $3.4 million for the same period of 2013.

The company is preparing for three Phase 3 studies of its Elad medical device, which functions as an artificial liver to filter toxins out of the bloodstream.