Pfenex Inc., a clinical-stage biotechnology company developing biosimilar therapeutics, reported third quarter financial earnings.
The San Diego firm reported a net loss of $7.6 million, up from a net loss of $2.5 million in the same period last year. Revenue was $2.1 million, down from $2.8 million in Q3 of 2014. Research and development expenses were up to $5.7 million in the third quarter, compared with only $1.3 million in the same period last year.
Cash and cash equivalents as of September 30, 2015 was $115.9 million.
The earnings were stronger than expected by analysts, and its stock was up immediately following the announcement. It’s trading on the New York Stock Exchange under the stock symbol PFNX.