Trevena Inc (TRVN) Wednesday reported fourth-quarter losses that were wider than analysts’ estimates, sending its shares down 5.4% during pre-market trading. Helped by substantially lower research and development expenses during the quarter, net loss narrowed to 10 cents per share from 24 cents per share a year ago.

However, this wasn’t good enough for the street, which was expecting a loss of only 6 cents per share.

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Q4 revenue of the clinical-stage biopharmaceutical company stood at $232 million, surpassing analysts’ estimate.

TRVN shares have slipped 23% in the trailing 52 weeks. Meanwhile, it has gained 16% since the beginning of this year.

Trevena announced that it has identified a new candidate for its S1P receptor program, designated as TRV045, which holds promise as a new mechanism for non-opioid treatment of chronic pain and other central nervous system disorders.

CEO Carrie Bourdow said, “We have achieved meaningful milestones with our early-stage pipeline assets and, in 2019, expect to continue the development of these assets to build long-term stockholder value.”

On Tuesday, shares of Cara Therapeutics (CARA) surged about 10% during the extended trading hours, after reporting better-than-expected results in the fourth quarter. Viking Therapeutics (VKTX) is scheduled to report quarterly results after the closing bell today.

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