Hopkinton biopharmaceutical company Spring Bank Pharmaceuticals reported increased losses in the fourth quarter, in the first report since the company announced it would cease development of a treatment for chronic hepatitis B after a patient died during a trial.
Spring Bank’s net loss for the year was $24.1 million, up from $22.9 million for the previous year. Net loss for the fourth quarter was also up, at $7.4 million compared to the previous year’s fourth quarter loss of $5.4 million. Despite the losses, the company reported a strong enough cash balance, $54.5 million, to continue operations through late 2022.
The company announced following its discontinuation of its hepatitis B treatment, it is internally-developed product candidates in the fields of immuno-oncology and inflammatory diseases are expanding and moving forward.
