Infinity Pharmaceuticals, Inc. (INFI) saw its loss narrow to $10.48 million, or $0.21 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $40.66 million, or $0.82 a share.

The company has not recorded any revenues for the current quarter. However, it has reported a revenue of $9.26 million for the previous year period.

Operating loss for the quarter was $10.48 million, compared with an operating loss of $40.77 million in the previous year period.

"IPI-549 has a number of key attributes that have enabled us to rapidly enroll patients in our ongoing study. It is orally administered, is believed to be the only selective PI3K-gamma inhibitor in clinical development, and has demonstrated a favorable tolerability profile, both as a monotherapy as well as in combination with Opdivo," stated Adelene Perkins, Infinity's chair and chief executive officer. "Additionally, there is a strong body of preclinical translational research supporting the program demonstrating that selectively targeting PI3K-gamma with IPI-549 reprograms macrophages from a pro-tumor to an anti-tumor phenotype and is able to help overcome resistance to checkpoint inhibition, representing a unique and potentially transformative approach within immuno-oncology."

For fiscal year 2017, Infinity Pharmaceuticals, Inc. forecasts net loss to be in the range of $40 million to $50 million.