ImmunoGen Inc. (NASDAQ: IMGN) reported third-quarter 2017 earnings before markets opened Thursday. The biotech company posted a net loss per share of $0.61 on operating revenues of $8.5 million. In the same period a year ago, the company reported a net loss of $0.51 per share on operating revenues of $7.7 million. Third-quarter results also compare to the Thomson Reuters consensus estimates for a loss per share of $0.19 and $33.62 million in revenues.

The cancer drug developer said the net loss of $56.68 million included $22.2 million in a non-cash charge related to the conversion of debt. In the third quarter of last year, ImmunoGen reported a net loss of $44.73 million.

Operating expense declined from $46.5 million a year ago to $39.6 million, primarily as a result of workforce reduction and lower third-party costs. Prior year operating expenses include a $4.1 million restructuring charge and a loss on leased office space.

CEO Mark Enyedy said:

During the third quarter, we built upon the momentum in the business with strong operational execution and by significantly strengthening our capital position. The Jazz collaboration accelerates the development of our early-stage programs in hematological malignancies, and the proceeds from this transaction and the October financing extend our operating runway well beyond the expected timeframe of the readout of FORWARD I, our Phase 3 registration study for mirvetuximab.

The company completed the issue of 16.7 million shares of common stock in October, raising $101.6 million, and has converted $96.9 million of outstanding debt to 25.9 million shares of common stock, reducing the company’s outstanding total of convertible debt to $3.1 million.

ImmunoGen also changed its forecast for cash and cash equivalents, raising the year-end total from a prior range of $90 million to $95 million to a new range of $260 million to $265 million as a result of the agreement with Jazz and the October stock offering. Revenue guidance remains unchanged and is expected to be between $115 million and $120 million.

ImmunoGen also expects that its current cash combined with the expected cash revenues from partners and collaborators will fund its operations into the fourth quarter of 2019.

Operating expenses are now expected to fall between $170 million and $175 million, compared to previous guidance of $175 million to $180 million.

Analysts have forecast a fourth-quarter net loss of $0.24 per share on revenues of $27.1 million. For the full year, analysts are looking for a net loss of $0.72 on revenues of $131.8 million.

The wider-than expected loss and the massive miss in revenues have sent investors heading for the exit. Shares traded down nearly 16.5% in Friday’s premarket session but were down only 6.8% to $4.95 just after the opening bell. The 52-week trading range is $1.53 to $8.84, and the consensus 12-month price target is $9.17.

Even at this morning’s early price, shares have more than doubled for the year to date.

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