Fennec Pharmaceuticals Inc. beat analyst estimates with a smaller-than-expected loss of $1.8 million for the third quarter of 2019, the company announced Tuesday. The average analyst estimate was a $4 million loss, according to Bloomberg data.

The company reported a loss of 9 cents per share, compared to the estimated 19 cents per share.

Fennec reported a smaller net loss for third-quarter of 2019 than its $2.7 million loss in 2018.

The company reported lower total assets for this quarter than it had at the beginning of the fiscal year. The company reported total assets of $15.9 million for the third quarter, compared to $23 million for at the prior year end.

Fennec said in a press release that the reduction in cash balance over the quarter came from cash used in operating activities related to manufacturing and regulatory expenses with developing the drug, PEDMARK.

Chief Executive Officer Rosty Raykov said in a statement that the company expects to complete the rolling submission for PEDMARK to the Food and Drug Administration in 2020. Raykov said the company is nearing completion of the PEDMARK’s New Drug Application.

“With the addition of a chief commercial officer during the quarter, we are focused on building the necessary team and infrastructure to support a rapid commercial launch of PEDMARK, if approved, in the second half of 2020,” Raykov said in the statement.

Based in Research Triangle Park, Fennec is a specialty pharmaceutical company focused on developing PEDMARK.

Fennec stock was trading at $5.27 per share Tuesday, down 8 cents.