Biotechnology company Advaxis Inc (NASDAQ:ADXS) stated on Thursday its net loss of USD66.5m (USD1.29 per share) for the fiscal year ended 31 October 2018.

This marks a rise in earnings when compared with a net loss of USD93.4m (USD2.31 per share) for fiscal 2017.

Revenues of USD6.063m and USD12.03m were generated in fiscal 2018 and fiscal 2017, respectively.

Research and development expenses of USD57.0m were recorded for fiscal 2018, a decline over R&D of USD70.5m for fiscal 2017, primarily attributable to a decrease in laboratory costs, drug manufacturing process validation and drug stability studies.

In fiscal year 2018, the company received the US FDA's allowance for the Investigational New Drug application for ADXS-HOT off-the-shelf neoantigen drug candidate, ADXS-503 for the all types of non-small cell lung cancer; Dosed the first patients in the ADXS-NEO Phase 1 dose-escalation study for several solid tumour types; licensed ADXS-HER2 to OS Therapies for evaluation of pediatric osteosarcoma; as well as presented data from several preclinical and clinical trials with the drug candidates.