AVEO Oncology (AVEO) saw its loss narrow to $5.60 million, or $0.07 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $6.58 million, or $0.11 a share.

Revenue during the quarter plunged 96.47 percent to $0.13 million from $3.60 million in the previous year period.

Operating loss for the quarter was $9.43 million, compared with an operating loss of $6.12 million in the previous year period.

"TIVO-3, our lead clinical program designed to serve as the basis for a potential U.S. registration for tivozanib as a first- and third-line treatment for renal cell cancer, continues to enroll ahead of schedule and has now completed its first safety review,” said Michael Bailey, president and chief executive officer of AVEO. "We look forward to the study’s pre-planned interim futility analysis midyear 2017 and, potentially, to top line results in the first quarter of 2018 and to initial data from our Phase 1 TiNivo study of tivozanib in combination with Opdivo® in the first half of 2017. We also continue to support our partner EUSA Pharma in its efforts to complete the European Marketing Authorization Application review for tivozanib as a first-line treatment for renal cell carcinoma. There remains a significant unmet need for better tolerated therapies in this disease, particularly those that enable combination treatment, and we look forward to receiving tivozanib data and to potential regulatory milestones in the coming quarters."