Infinity Pharmaceuticals, Inc. (INFI) saw its loss narrow to $22.93 million, or $0.46 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $39.19 million, or $0.80 a share.

The company has not recorded any revenues for the current quarter. However, it has reported a revenue of $9.08 million for the previous year period.

Operating loss for the quarter was $23.23 million, compared with an operating loss of $39.16 million in the previous year period.

"We are very pleased with the progress we have made in our Phase 1 clinical study of IPI-549. Both the monotherapy and combination dose-escalation phases of the study have been rapidly enrolling, and we are on track to initiate multiple expansion cohorts in the second half of the year," stated Adelene Perkins, Infinity's chair and chief executive officer. "While new immunotherapies, such as checkpoint inhibitors, are showing great promise in the treatment of various cancers, additional treatment options are needed for patients who relapse or do not respond to currently available therapies. Our preclinical data recently published in Nature demonstrate that IPI-549 reprograms macrophages from a pro-tumor to an anti-tumor phenotype and is able to help overcome resistance to checkpoint inhibition, providing a compelling rationale for our ongoing clinical study."

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