Durham antiviral drug developer Chimerix reported a drop in revenue and a bigger net loss Monday in the company's first quarterly earnings report since going public last month.
Chimerix said its quarterly net loss grew 32 percent to $9.1 million. The per share loss increased 339 percent, to $22.58.
The 46-employee company attributed the outsize per-share loss to the increase in accretion of redeemable convertible preferred stock. It was a non-cash charge that doesn't reflect on the company's earnings.
Chimerix stock is booming. The shares have risen to $20.82, up 77 cents in midday trading, in the wake of the earnings release, and several analysts issued reports saying the company's prospects for success look favorable.