Biopharmaceutical company AVEO Oncology (Nasdaq:AVEO) stated on Tuesday its net loss of USD35.6m (net loss of USD1.66 per basic and diluted share) for the full year ended 31 December 2020.

This marks a decline in earnings when compared with a net income of USD9.4m (net income of USD0.61 per basic and diluted share) in 2019.

The company said the net loss in 2020 reflects USD4.9m non-cash gain attributable to the decrease in the fair value of the 2016 private placement warrant liability as well as a shorter remaining term as the warrants approach expiration. Net income in 2019 reflects an USD11.6 non-cash gain attributable to the decrease in the fair value of the 2016 private placement warrant liability.

Total revenue of approximately USD6.0m was generated for 2020, down over USD28.8m for 2019, which included the upfront payment in connection with Kyowa Kirin's buy back of tivozanib non-oncology rights.

Research and development (R&D) expense was USD22.7m for 2020, a decline versus R&D expense of USD18.0m for 2019.