Avacta Group PLC (AIM:AVCT) reported a cash balance of just under £42mln at the end of last year after it made a loss of £39.2mln.
The oncology drug developer, which raised £61mln in October from a bond and share issue, was more focused on recent events, including the fourth dose escalation cohort of the company's Phase 1 clinical trial of AVA6000, a tumour-targeted form of the established chemotherapy doxorubicin.
Chief executive Alastair Smith said he is encouraged by the favourable safety data emerging from the ongoing phase 1a dose escalation study.
“We look forward to starting the dose expansion part of the phase 1 study later this year,” he said.
Shares in the company fell 0.75% to 129.52p in early trading on Tuesday.