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AGTC reports $1.4 million net loss in third quarter

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Applied Genetic Technologies Corporation reported $10.3 million in revenue for the third quarter of 2017 compared with $11.8 million in the same time period of 2016.

A net loss of $1.4 million was reported for the quarter compared with a net income of $3 million last year, according to a company press release.

General and administrative expenses increased from $2.8 million in 2016’s third quarter to $3.7 million this period, which was attributed to higher corporate infrastructure, employee-related and share-based compensation expenses. Research and development expenses increased from $5.6 million to $8.3 million.

AGTC had cash, cash equivalents and investments of $129.6 million as of Sept. 30.