BALTIMORE, MD — Cerecor Inc., a Baltimore-based biotech company focused on neurological and psychiatric disorders, reported a fourth-quarter loss that was less than expected due to lower research and development costs.
The company reported a net loss of $1.6 million, or 18 cents per share, for the fourth quarter, compared to a net loss of $3.6 million, or 53 cents per share, for the fourth quarter of 2015. The company was expected to report a loss of 67 cents.
Research and development costs decreased to $800,000 in the fourth quarter from $1.8 million in the fourth quarter of 2015.
“While we did not have the positive clinical trial results we had hoped for in 2016, we remain enthusiastic about the value of our product pipeline,” said Uli Hacksell, chief executive officer of Cerecor, in a statement.
“Our current focus is to establish support for our development programs through financing arrangements, including non-dilutive arrangements such as grants and collaborations, and to explore strategic alternatives focused on maximizing stockholder value.”
Revenue for the quarter was $182,000. Analysts were projecting revenue of $400,000.
Earlier this month, NASDAQ filed a notice threatening to delist Cerecor stock because it has fallen below $1. The company went public in October 2015.
The stock was trading at 82 cents, down 8 cents, in Tuesday afternoon trading.
The earnings filing can be found here.
This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism