Immune-stimulating protein company Stellar Biotechnologies Inc (Nasdaq:SBOT) disclosed on Tuesday that it recorded a net loss of USD1.10m (USD0.11 per basic share) for the three months ended 31 March 2017.

This reflects a decline in earnings when compared with a net loss of USD0.86m ( USD0.10 per basic share) for the same period last year.

Total revenues of USD0.06m were generated for the quarter ended 31 March 2017, down over revenues of USD0.33m for corresponding period last year.

The company said the change in revenue was due to a decrease in product sales volume. While the customer base has not changed significantly, product sales volumes are subject to variability associated with the rate of development and progression of clinical studies of third-party products that utilise Stellar KLH.

Research and development (R&D) expenses remained relatively flat at USD0.33m for the quarter ended 31 March 2017 from R&D of USD0.31m for the same period last year.