By Dean Seal
Anavex Life Sciences recorded a wider loss in its fiscal fourth quarter, though the shortfall was still smaller than analysts had been expecting.
The clinical-stage biopharmaceutical company posted a loss of $11.6 million for the three months ended Sept. 30 compared with a loss of $10.1 million in the same quarter a year ago.
Per share, the loss was 14 cents. Analysts polled by FactSet had been expecting a loss of 16 cents a share.
Overheads and R&D costs for the quarter were higher year-over-year, leaving the company with cash and cash equivalents of $132.2 million by quarter's end. The company said it is currently looking at about four years of runway at the current cash burn rate.
Shares rose 9.3% to $9.43 in premarket trading.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
December 23, 2024 07:41 ET (12:41 GMT)
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