04:35 PM EDT, 08/30/2024 (MT Newswires) -- Rakovina Therapeutics ( RKVTF ) on Friday said its second-quarter loss widened on higher costs, including a boost to research and development spending.

The biopharmaceutical company said it lost $0.82 million, or $0.01 per share, in the period, compared to a loss of $0.6 million, 0r $0.01, in the year prior quarter.

The company reported no revenue in either quarter. It had $1.39 million of cash on hand as of June 30. Research and development spending rose 22% to $0.48 million

"We are thrilled by the rapid progress and strategic advancements we've made at Rakovina Therapeutics ( RKVTF ) since announcing our collaboration with Prof. Artem Cherkasov and exclusive access to the groundbreaking Deep Docking AI platform," said Executive Chairman Jeffrey Bacha. "The overwhelming support shown through our successful $2 million private placement and the expansion of our research collaborations with UBC and Pharma Inventor Inc. further solidifies our commitment to pioneering innovative cancer therapies."

The company's shares closed unchanged at $0.095 on the TSX Venture Exchange.