Bio-Path Holdings Inc.’s (NASDAQ: BPTH) shares were down 3.2% in morning hours on Thursday after the company reported its first quarter 2019 earnings results.

The bio-tech company reported a net loss of $1.5 million, or $0.89 per share, for the quarter compared to a loss of $1.9 million, or $3.38 per share, in the prior-year period.

R&D expenses decreased to $0.4 million from $0.9 million in the prior-year period, mainly due to lower clinical trial expenses as the operations between Stage 1 and Stage 2 of the Phase 2 clinical trial in AML were modified to include venetoclax combination treatment with prexigebersen.

In April, Bio-Path presented data from preclinical studies supporting the potential of BP1003, a novel liposome-incorporated STAT3 oligodeoxynucleotide inhibitor, for the treatment of pancreatic cancer, non-small cell lung cancer and acute myelogenous leukemia at the American Association for Cancer Research (AACR) Annual Meeting.

The company anticipates the completion of the Investigational New Drug-enabling studies in 2019 through early 2020, and the filing of an IND application for a Phase 1 study of BP1003 for the treatment of pancreatic cancer in 2020.

In March 2019, Bio-Path issued 712,910 shares of its common stock at a price of $25.95 per share, for gross proceeds of approx. $18.5 million in one transaction. The company also completed two other smaller offerings during the first quarter.

As of March 31, 2019, Bio-Path had cash of $19.3 million, compared to $1 million at December 31, 2018. Bio-Path has not generated significant revenues to date. According to its SEC filings, the company’s ability to generate revenues will depend heavily on the successful development and eventual commercialization of its drug candidates.

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