Biopharmaceutical firm Cellular Biomedicine Group Inc (NASDAQ:CBMG) stated on Tuesday that it recorded a net loss of USD38.9m for the full year ended 31 December 2018.

This marks a decline in earnings when compared with a lower net loss of USD25.5m for 2017.

Revenues of USD224,403 were generated for 2018, over revenues of USD336,817 in 2017. The company added that it received de minims incidental fees for service, while focusing its resources on its drug development activities.

Research and development expenses of USD24.2m were recorded for 2018, a rise over R&D expenses of USD14.6m for 2017, which was driven by costs incurred to advance and expand our pipeline and is primarily attributable to increased clinical trial-related costs and manufacturing costs for its development programmes, as well as increased employee-related costs due to headcount growth supporting overall research and development activities.

Additionally, the company launched licensing and collaboration agreement with Novartis, obtained NCI patent license for next generation Neoantigen-Reactive Tumor Infiltrating Lymphocyte (TIL) technology to treat solid tumors, opened new Research and Development (R&D) centre in Gaithersburg, Maryland, added talents in clinical and medical leadership and investor relations to improve communications with institutional investors as well as received two significant investments.