San Diego-based Trovagene Inc., a molecular diagnostics company, announced its fourth quarter financial results on March 13, reporting a net loss of $4.7 million on revenue of $56,000. In the same quarter of 2013, the company reported a net loss of $1 million on revenue of $47,000.
For 2014 as a whole, Trovagene reported a net loss of $14.3 million compared to a net loss of $11.8 million in 2013. The change in net loss is due to an increase in total operating expenses, according to a company news release.
Trovagene had cash and cash equivalents of $27.3 million as of Dec. 31, 2014, compared to $25.8 million on Dec. 31, 2013. The company completed a secondary public offering in February of this year, raising approximately $23 million in gross proceeds.