Cancer immunotherapy company Compugen Ltd (NASDAQ:CGEN) disclosed on Monday that it recorded a net loss of USD8.4m (USD0.14 per basic and diluted share) for the first quarter ended 31 March 2019.

This marks a decline in earnings when compared with a net income of USD0.1m (USD0.0 per basic and diluted share) in the comparable period of 2018.

Revenues of USD0 were generated for the first quarter of 2019, down over USD10m in the comparable period of 2018. The revenues for the first quarter of 2018 reflect the upfront payment of USD10m from the license agreement with MedImmune/AstraZeneca.

R&D expenses of USD6.3m were recorded for the first quarter ended 31 March 2019, from R&D of USD7.1m for the comparable period in 2018. The decrease in R&D expenses is attributed to the cost reduction measures announced during the first quarter of 2019. Further reduction in expenses will be reflected over the course of 2019.