CAMBRIDGE, Mass. (AP) — Infinity Pharmaceuticals Inc. said Tuesday it took a bigger loss in the fourth quarter as its drug development costs rose and payments decreased.

The company does not have any approved drugs, and its research and development costs climbed 34 percent as it continued clinical testing of two drugs. One drug candidate, IPI-504, is in early- and mid-stage studies as a treatment for lung cancer. The other, called IPI-145, is in mid-stage testing as a treatment for asthma and early-stage testing as a treatment for blood cancers and rheumatoid arthritis.

During the latest quarter, Infinity lost $47 million, or $1.15 per share, with no revenue. In the year-earlier quarter it took a loss of $14.1 million, or 53 cents per share. During that period it received $22.3 million from a partnership with Purdue Pharmaceutical Products. The company's research costs grew to $40 million from $29.9 million year over year.

Analysts expected Infinity to take a loss of 84 cents per share, according to FactSet.

IPI-145 is designed to block enzymes that are involved in immune cell functions, and IPI-504 is designed to make other cancer drugs more effective by blocking a protein that is critical to cancer cell growth, survival, and proliferation.

The company took a loss of $54 million, or $1.70 per share, in 2012 after losing $40 million, or $1.50 per share, in 2011. Revenue from the Purdue collaboration declined to $47.1 million from $92.8 million.

Infinity Pharmaceuticals shares declined 32 cents to $45.14 Tuesday. The stock is trading at its highest price since early 2001, and peaked at $46.81 during the day.