Honolulu-based biotech company Cardax Inc. cut its loss by more than half in the third quarter as it scaled back its stock-based compensation, administrative expenses, and research and development.

The company, which has no revenue, reported in a U.S. Securities and Exchange Commission filing Thursday that it lost $743,461 in the July-to-September period compared with a $1.9 million loss in the year-earlier quarter. Cardax, which increased its total deficit since its 2006 inception to $52.3 million, is developing a product that would provide many of the anti-inflammatory benefits of steroids.

Cardax raised $1.46 million during the first nine months of this year by selling stock, and reported in the filing that the $413,145 it had in cash at the end of last quarter would be sufficient to continue operations on a limited budget only through Dec. 31. To conserve cash, Cardax said it agreed with its employees, its executives and certain vendors to pay any compensation due during any calendar quarter that has not been paid in cash in the form of shares of common stock or stock options.

The company said it is  negotiating the terms of additional financing with investors and is considering a private placement of its common stock and warrants.

Cardax did not provide in the filing a launch  date of its synthetic nature-identical anti-inflammatory product that it previously said would be released sometime next year.

The company’s stock closed Monday down 4 cents at 25 cents.