The company reported net loss of $49.8 million, or 27 cents a share, compared to $64.7 million, or 36 cents a share, in the same period one year earlier. Revenue rose 81.5% year over year to $11.8 million for the quarter. These figures beat the Capital IQ consensus estimate of a loss of 32 cents a share on revenue of $10.41 million.
Research and development expenses also decreased 31% to $12.7 million due to reduced clinical trial and manufacturing costs.
Must Read: Why Fiat (FIATY) Stock Is Down This Morning
Despite this, the stock was down 5.78% to $6.68 at 10:48 a.m.