Halozyme Therapeutics reported a smaller first-quarter loss Friday due to cutbacks on research and development spending.
The biotechnology company said it lost $11.8 million, or 13 cents per share, compared with a loss of $14.7 million, or 18 cents per share a year ago. Revenue rose to $3.4 million from $2.8 million.
Analysts had forecast a loss of 16 cents per share, but revenue of $3.6 million, according to a poll by Thomson Reuters.
Clinical trial expenses fell, as did the cost of making drugs for use in trials. Total research and development spending fell to $11.5 million from $14 million.
Halozyme posted $3 million in collaborative revenue, up from $2.7 million in the year-ago quarter. Product sales spiked to $398,000 from $78,000.
The company is developing an enzyme called hyaluronidase, which is designed to make it possible to inject drugs that are normally delivered through an intravenous drip. Halozyme is also testing treatments for diabetes, cancer, and immune diseases. Its partners include Baxter International and Roche.
Halozyme Therapeutics Inc. is based in San Diego.