Rubius Therapeutics ramps up R&D costs, reports $49M loss in Q3

PROVIDENCE – Rubius Therapeutics Inc. reported a $49 million loss in the third quarter, or 55 cents per diluted share, a decline from a $40.9 million loss one year prior, or 51 cents per share, the clinical-stage biopharmaceutical company said Monday.

The company, which is designing products for the potential treatment of cancer and autoimmune diseases, is based in Cambridge, Mass., but operates a manufacturing facility in Smithfield.

“With the clearance of our latest IND application for RTX-224, we will have three Red Cell Therapeutic product candidates for the potential treatment of cancer in the clinic, demonstrating continued strong execution across preclinical and clinical development as well as manufacturing,” said Dr. Larry Turka, chief scientific officer and head of research and translational medicine at Rubius.

The company said that it spent $38 million on research and development in the quarter, an increase from $28.2 million one year prior, and $12 million on general and administrative costs, roughly level with costs one year prior.

- Advertisement -