08:57 AM EDT, 04/10/2024 (MT Newswires) -- Theratechnologies ( THTX ) was at last look up near 6% in US premarket trade on Wednesday after reporting a narrower Q1 loss and an acceleration of the phase 1 trial of a drug for ovarian cancer.

The stock's advance came after an 8.3% jump in Canada on Tuesday

The net loss fell to US$4.5 million, or US$0.10 per share, in the three months ended Feb. 29 compared with a loss of US$10.4 million, or US$0.43 per share in the same quarter of last year. Revenue on the quarter fell 18% to US$16.25 million, compared with near US$20 million due to lower sales of Egrifta SV and Trogarzo.

Theratechnologies ( THTX ) confirmed its 2024 revenue guidance of US$87-90 million and an adjusted EBITDA of US$13-15 million.

"Despite lower revenues this quarter, we expect a reverse trend in the second quarter and an evening out of revenues in the second half of 2024," said CEO Paul Levesque.

The company said it continues to prioritize its phase 1 clinical trial of sudocetaxel zendusortide, a treatment for advanced ovarian cancer, and that it has enrolled a new group of patients that will be tested receiving higher doses of the drug.