NEW YORK (GenomeWeb) – Dicerna Pharmaceuticals this week reported its first-quarter financial results, posting a jump in its net loss due to higher costs associated with drug development and its recently completed initial public offering.
For the three-month period ended March 31, 2014, Dicerna's net loss climbed to $10.8 million from $3.8 million in the same period a year earlier.
Research and development spending rose to $5.3 million from $2.4 million, largely due to the initiation of Phase I testing for the company's RNAi cancer drug DCY-MYC in April, as well as continued work on its primary hyperoxaluria 1 therapy DCR-PH1, which is slated to enter human trials early next year.
General and administrative expenses increased to $2.8 million from $1.1 million, reflecting Dicerna's costs of completing its IPO in January.
At the end of the first quarter, Dicerna had cash and cash equivalents totaling $133.8 million.