ArQule, Inc. reported unaudited earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported research and development revenue of $4,138,000 against nil a year ago. Loss from operations was $4,025,000 against $7,268,000 a year ago. Net loss was $6,532,000 against $7,576,000 a year ago. Basic and diluted net loss per share was $0.07 against $0.11 a year ago.

The company announced that as a result of the April 2018 exclusive license agreement with Basilea, the company's guidance for 2018 is being updated. For 2018, the company now expects revenue to range between $14 and $17 million. Net use of cash is expected to range between $27 and $29 million for the year. Net loss is expected to range between $16 and $21 million, and net loss per share to range between $0.18 and $0.24 for the year. The company expects to end 2018 with between $40 and $42 million in cash and marketable securities.