Nastech Pharmaceuticals had a rough time in the market Tuesday in the wake of its most recent quarterly earnings report.

Shares fell 13.27 percent to $12.88 as the Bothell firm - which specializes in delivering therapies through its proprietary nasal spray technology - saw its quarterly loss more than double to $16.4 million.

Profits are not as meaningful in early-stage biomedical companies such as Nastech, which derive most of their income from research partnerships and investors, as they are in other, commercial-stage companies. But the sudden drop in the company's numbers seems to have spooked some shareholders.

The loss, the company said in an earnings statement Monday, came as lower revenue coincided with higher research expenditures and an expanded payroll.