Tricida Inc (NASDAQ: TCDA) stock fell 0.70% after the company non-GAAP net loss narrowed to $25.3 million and non-GAAP net loss of $20.2 million for the three months ended December 31, 2018 and 2017, respectively, and non-GAAP net loss of $96.5 million and non-GAAP net loss of $46.0 million for the years ended December 31, 2018 and 2017, respectively. As of December 31, 2018, cash, cash equivalents and investments were $243.4 million.

Moreover, the research and development expense was $22.7 million and $17.8 million for the three months ended December 31, 2018 and 2017, respectively, and $85.6 million and $35.9 million for the years ended December 31, 2018 and 2017, respectively. The increases in research and development expense in the three-month and full year periods of 2018 compared to the prior periods were primarily due to increased activities in connection with our TRC101 clinical development program, including increased drug substance manufacturing, as well as increased personnel and related costs.

For FY 19, TCDA expects a cash expenditure of $135 to $145 million. Based on its current operating plan, Tricida expects that its cash and investments as of December 31, 2018 and its anticipated borrowing capacity under its Hercules debt facility will enable the Company to fund its anticipated operating expenses and capital expenditure requirements into 2021.

Meanwhile, TCDA has signed an amendment to its existing debt facility with Hercules Capital, Inc., which is a leader in customizing debt financing for companies in the life sciences and technology-related markets. The amendment increases the total amount available under the debt facility to up to $200 million and extends the maturity of the loans thereunder. Tricida originally entered into a $100 million debt facility with Hercules Capital in February 2018. Under the terms of the amendment, the $40 million currently drawn under Tricida’s existing debt facility with Hercules remains outstanding, and additional tranches of $20 million and $15 million are available for drawdown prior to December 15, 2019 and December 15, 2020, respectively. An additional tranche of $75 million will be available for drawdown between January 1, 2020 and December 15, 2020, subject to FDA approval of TRC101. A final tranche of $50 million will be available for drawdown prior to December 15, 2021, subject to future approval by Hercules. The final maturity date of the debt facility is initially four years from the closing of the amendment and is extended to five years if the $75 million tranche is drawn.