Rubius Therapeutics posts $42.3M loss in Q1

CAMBRIDGE, Mass. – Rubius Therapeutics Inc. reported a $42.3 million loss in the first quarter of 2021, or 51 cents per diluted share, the company said Monday.

The clinical-stage biopharmaceutical company posted a $48.5 million loss in the first quarter one year prior, or 60 cents per diluted share. The company owns and operates a manufacturing facility in North Smithfield.

In the first quarter of 2021, the company incurred $27.7 million in research and development costs, a decline from $36.2 million one year prior, and $13.2 million in general and administrative costs, an increase from $12.7 million one year prior.

“We had a great start to the year by reporting initial positive data from our ongoing Phase 1/2 clinical trial of RTX-240 in patients with advanced solid tumors, which provided evidence of the broad potential of the Red Platform across our entire pipeline of cancer and autoimmune programs,” said Dr. Pablo J. Cagnoni, CEO and president of Rubius Therapeutics. “With several expected clinical milestones from our pipeline, the coming year is poised to be an exciting one for patients, our employees and shareholders.”

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The company had $330.6 million in cash, cash equivalents and investments at the end of the quarter, an increase from $176.3 million at the end of the fourth quarter of 2020.