Novavax Inc. posted a larger fourth-quarter loss Friday after saying it spent almost twice as much on testing of its flu vaccines.

Novavax said it lost $14 million, compared with $11.1 million in the year-ago quarter. Because there are more Novavax shares on the market than there were a year ago, its loss fell to 15 cents from 16 cents on a per-share basis. Its revenue edged up to $75,000 from $70,000.

A Thomson Reuters survey shows analysts were expecting a loss of 6 cents per share on revenue of $110,000.

Novavax said it spent $11 million on research and development in fourth quarter, up from $5.9 million. The company is developing vaccines for swine flu and for other flu strains and respiratory diseases. Its products are several years away from reaching the market.

The company had about 96 million shares on the market during the fourth quarter. A year earlier, 68.1 million shares were trading.

Novavax took a loss of $38.4 million, or 45 cents per share, in 2009. That was up from a loss of $36 million, or 53 cents per share, in 2008. Revenue declined to $325,000 from $1.1 million.

In morning trading, Novavax stock gave up 9 cents, or 3.6 percent, to $2.39.