reported a narrower loss in the third quarter and had a much better result on the bottom line than analysts were expecting.
The company lost $20.1 million, or 49 cents a share, compared with a loss of $22.6 million, 64 cents a share, a year ago. The net loss in the most recent quarter includes stock-based compensation expenses of $3.5 million, or 8 cents a share. Analysts were expecting Onyx to lose 77 cents a share.
While Onyx didn't report any revenue from its kidney cancer drug Nexavar, its marketing partner,
, says third-quarter revenue from the drug reached $45.4 million, up 41% from a year ago. Sales were mostly in the U.S. and European Union.
Onyx did recognize $100,000 in revenue in the latest third quarter from sales of certain viruses through its now-discontinued therapeutic virus program. The company recorded no revenue for last year's quarter.
Shares gained 65 cents, or 3.5%, to $19.50 in after-hours trading Tuesday.