Heat Biologics Q1 Loss Narrows

(RTTNews) - Heat Biologics Inc. (HTBX) said that its first-quarter 2014 net loss attributable to common stockholders narrowed to $2.33 million or $0.36 per share from $3.06 million or $1.66 per share in the year ago quarter. Analysts polled by Thomson Reuters expected the company to report a loss of $0.39 per share for the quarter. Analysts' estimates typically exclude special items.

Net loss for the quarter was $2.42 million compared to a net loss of $788,461 in the prior year. The increase in the loss was primarily attributable to an increase of approximately $93,339 in Research and Development expense, an increase of $784,327 in Clinical and Regulatory expense and an increase of approximately $746,734 in General and Administrative expense.

The increase in Research and Development spending of $93,339 was primarily related to an increase of $147,376 in patent and licensing fees as part of the Company's continuing effort to maintain and expand its robust patent portfolio offset by a decrease of $49,790 in pre-manufacturing costs associated with producing Heat Biologic's vaccines for use in clinical trials plus changes in other various expenses.