NEW YORK—Ophthotech Corp. (Nasdaq: OPHT) reported a net loss for the quarter ended September 30, 2016 of $60.9 million compared to a net loss of $39.6 million for the same period in 2015. For the nine months ended September 30, 2016, the company reported a net loss of $127.1 million compared to a net loss of $70.1 million for the same period in 2015.

Collaboration revenue in connection with Ophthotech’s licensing and commercialization agreement with Novartis Pharma AG was $1.7 million for the quarter ended September 30, 2016, compared to $3.4 million for the prior year period. For the nine months ended September 30, 2016, collaboration revenue was $45.6 million compared to $46.7 million for the same period in 2015.

Research and development expenses were $50.9 million for the quarter compared to $40.5 million for the same period in 2015. For the nine months ended September 30, 2016, research and development expenses were $136.9 million compared to $97.1 million for the same period in 2015. Ophthotech said its R&D expenses increased in both the quarter and nine-month period primarily due to its Fovista Phase 3 clinical program, including manufacturing expenses and personnel costs which include share-based compensation expense.

“This is an exciting time for Ophthotech as we prepare for data from two trials of Fovista in combination with Lucentis for the treatment of wet AMD,” said David R. Guyer, MD, chief executive officer and chairman of the board of Ophthotech. “We look forward to providing initial topline data in this fourth quarter.”

General and administrative expenses were $12.0 million for the quarter compared to $10.4 million for the same period in 2015. For the nine months ended September 30, 2016, general and administrative expenses were $37.2 million compared to $32.0 million for the same period in 2015. The increase in general and administrative expenses in the quarter and nine- month period relates primarily to an increase in costs to support Ophthotech’s expanded operations and infrastructure, which consists of additional management, corporate staffing, professional services and consulting fees, and increased share-based compensation.

As of September 30, 2016, Ophthotech had $321.2 million in cash, cash equivalents, and marketable securities.