Honolulu-based biotech firm Cardax Inc. continues to pile up losses as it develops products that would provide many of the anti-inflammatory benefits of steroids.

The company, which has no revenue, reported in a regulatory filing Monday it lost $1.1 million in the first quarter to increase its total deficit since its 2006 inception to $51 million.

The loss was dramatically less than its $11.3 million loss in the year-earlier quarter when the company issued $9.1 million in stock-based compensation. Last quarter, Cardax issued just $376,026 in stock-based compensation.

In January, Cardax disclosed it reached an agreement with its employees and executives to defer cash payment of compensation until the company has sufficient cash resources. Cardax said it also has deferred payment of other trade payables.

Cardax said the $157,998 it had in cash at the end of last quarter would be sufficient to continue operations on a limited budget only through June 30.

The company said it intends to raise additional capital to fund its operations through at least Dec. 31 and is negotiating the terms of additional financing with investors.

It also is considering a private placement of its common stock and warrants to purchase common stock.

Cardax, which is thinly traded, last traded at 23 cents May 5. It became a publicly traded company in February 2014.