Shares in Pulmatrix (NSDQ:PULM) fell today after the medical device maker posted earnings that showed losses growing while revenue shrunk compared with the prior year.

The Lexington, Mass.-based company posted losses of $27.8 million, or $1.88 per share, on sales of $835,000 for the full year, with losses growing 6.4% while revenue shrunk 30.5% when compared with 2015.

On the upside, the company saw losses per share down 41.8% compared to the prior year.

“The company continues to advance its 2 iSperse-based product candidates and recently strengthened our balance sheet, with the closing of two registered direct offerings that brought in net proceeds of approximately $7.5 million. We expect pre-clinical data in the first half of 2017 on PUR1900 targeting fungal infections for severe asthma and cystic fibrosis patients and seek to secure a strategic partner(s) on PUR0200, a branded generic bronchodilator for COPD. As our product pipeline and iSperse technology continue to advance, we feel the Company is positioned for success as a leader in the treatment of respiratory diseases,” CEO Robert Clarke said in a press release.

Pulmatrix said it plans to continue to advance its current pipeline in 2017, with meetings slated with the FDA and EU regulatory bodies regarding the critical path for clinical development and approval of its PUR0200 branded generic bronchodilator for COPD.

The company said it will also work towards initial testing of its PUR1900 inhaled anti-fungal, initially targeted for patients with cystic fibrosis and severe asthma.

Shares have dropped 5.7% to $3.30 as of 3:49 p.m. EST.