Tapestry Pharmaceuticals, Inc. (Nasdaq: TPPH) are plunging after the Boulder, Colo.-based firm reported a third-quarter net loss of $6.1 million, or $0.37 per share, down 69% from a loss of $3.6 million, or $0.22 per share a year earlier.

The quarterly loss included $0.87 million in non-cash equity compensation expense.

At the end of the third quarter, Tapestry’s total assets declined 52% to $11.9 million, from $24.6 million during the same period of 2006. The company’s quarterly research and development costs rose 96% to $4.5 million, from $2.3 million a year earlier.

In afternoon trading, TPPH shares are plunging 29.6%, or $0.37, at $0.88. Over the last 52 weeks, shares have ranged from $0.85 to $2.07.

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