Biotech startup Cardax Inc. pared its losses during the second quarter but has yet to announce a commercial launch date for the synthetic nature-identical products it is working on that would provide many of the anti-inflammatory benefits of steroids.

The Honolulu-based company, which has no revenue, reported Monday in a Securities and Exchange Commission filing that it lost $227,742 in the second quarter compared with a loss of $584,265 in the year-earlier period. The savings primarily were a result of not offering any stock-based compensation in the quarter after distributing $485,842 in such compensation in the second quarter of 2015. Each of the Cardax directors agreed, effective April 1, to suspend any additional equity compensation due to the company’s financial situation.

Cardax said the $406,470 in cash it had as of June 30 would be sufficient to continue operations on a limited budget through Nov. 15. The company, which has raised $748,000 so far this year, said it intends to raise additional capital to fund its operations through at least Dec. 31.

Since its inception in March 2010, the company has lost $55.1 million.

“We are devoting substantially all of our present efforts to establishing our business,” Cardax said in the filing. “We own intellectual property that we are marketing in varying stages worldwide. Our initial revenue-generating opportunities may include leveraging our scientific experience and relationships in the scientific community to market dietary supplements utilizing commercial-ready astaxanthin dietary ingredients.

“Additional revenue-generating opportunities are from our strategic alliances, including an exclusive license of our rights related to the development and commercialization of consumer health products containing or utilizing a nature-identical form of astaxanthin and a collaboration related to proprietary formulations of astaxanthin.”

Cardax said it also plans to pursue pharmaceutical applications of astaxanthin and related compounds.

Astaxanthin is normally produced in fresh water, such as ponds or streams, by microalgae. The streams empty into the ocean, where the astaxanthin is eaten by krill and other small crustaceans and taken up the food chain where it protects animals from strong inflammation.

Cardax’s stock closed at 11 cents Monday on a volume of 46,147 shares. Its range over the last year was a high of 59 cents on Oct. 1 and a low of 4.5 cents on April 19.