Genetic drugmaker Alnylam Pharmaceuticals Inc. said Wednesday its financial losses widened in the third quarter on higher research costs and less revenue from product collaborations.
The company had been receiving about half its revenue from a partnership with Cubist Pharmaceuticals Inc. Alnylam and Cubist were studying a treatment for respiratory syncytial virus, an infection in adult lung transplant patients. Alnylam said in February that the companies had decided to end the partnership.
Alnylam's technology uses RNA interference, or RNAi, technology. RNAi therapies work by turning off or silencing disease-causing genes. More than half of the company's revenue in the most recent quarter came from an alliance with Japanese drugmaker Takeda Pharmaceuticals Co. Ltd. Other revenue came from alliances with Monsanto and the Medicines Co.
The company lost $29.7, or 48 cents per share, compared with $19.5 million, or 38 cents per share, a year earlier. The company's revenue fell more than 46 percent to $8.9 million on fewer research collaborations with other drugmakers.
The company reported having $367 million in cash, equivalent and securities as of Sept. 30. Alnylam said it expects to finish the year with $320 million in cash and equivalents.
Shares of Alnylam Pharmaceuticals Inc. fell $2.35, or 4.1 percent, to close at $54.97.