UPDATE: Infinity Pharmaceuticals Posts Q4 Loss

reported a loss in the fourth quarter. The Cambridge, Massachusetts-based company posted a quarterly loss of $40.3 million, or $0.83 per share, versus a year-ago loss of $33 million, or $0.68 per share. Its revenue came in at $4.4 million in the quarter. However, analysts were expecting a loss of $0.98 per share on revenue of $5.61 million. Research and development expense increased to $36.1 million in the latest quarter, from $26.6 million in the year-ago quarter, while general and administrative expense rose to $7.4 million from $6.5 million. For FY14, Infinity Pharmaceuticals posted a net loss of $17.4 million, or $0.36 per share, versus a year-ago loss of $126.8 million, or $2.64 per share. Its revenue for full year was $165.0 million. At December 31, 2014, the company had total cash, cash equivalents and available-for-sale securities of $333.2 million, versus $214.5 million at December 31, 2013. Adelene Perkins, chair, president and chief executive officer at Infinity said, "Our progress in 2014 positions us to achieve several important milestones this year as we work toward our goal of building a fully integrated biotechnology company. Importantly, in the second half of this year we expect to report topline data from DYNAMO, which could help to establish duvelisib as the best oral therapy for the treatment of iNHL. Two important components of our strategy to achieve better patient outcomes include the inhibition of both the delta and gamma isoform of PI3K with duvelisib and the combination of novel therapies. We expect that the first clinical study of duvelisib in combination with venetoclax will be initiated this year." Infinity Pharmaceuticals shares fell 1.88% to close at $15.13 yesterday.