Marlborough drugmaker Phio Pharmaceuticals’ stock took a tumble Tuesday morning after a third quarter earnings report showing increased losses.
The company reported net losses for the quarter of $2.1 million, or $0.08 per share, compared to $1.5 million, or $0.34 per share, for the third quarter of 2018.
These losses were a result of additional operating expenses rising to $1 million for research and development and $1.1 million for general and administrative expenses, compared to $800,000 and $700,000 in the third quarter of the prior year, respectively.
Phio stocks on the Nasdaq fell more than 15% by 11 a.m. to $0.27 a share, compared to the entire Nasdaq, which is up 0.5% Tuesday.
The company’s stock is down more than 22% for the year, although a surge in April saw stocks climb 40% compared to the beginning of the year to $0.50 a share.
