Achaogen, Inc (AKAO) saw its loss widen to $29.72 million, or $1.04 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $11.27 million, or $0.61 a share. Revenue during the quarter surged 130.15 percent to $10.73 million from $4.66 million in the previous year period.
Operating loss for the quarter was $12.06 million, compared with an operating loss of $10.88 million in the previous year period.
"2016 was a year of remarkable progress by the Achaogen team ��" the plazomicin Phase 3 results were exceptional and we are also poised to advance C-Scape, a highly attractive development candidate, into the clinic in 2017,” said Kenneth Hillan, M.B. Ch.B., Achaogen's chief executive officer. “With the additional capital we raised in December 2016, we are well positioned to seek approval of plazomicin and, if approved, to execute on our goal of launching a treatment that has the potential to address serious multi-drug resistant bacterial infections occurring every day in our hospitals.”
Working capital increases sharply
Achaogen, Inc has recorded an increase in the working capital over the last year. It stood at $140.64 million as at Dec. 31, 2016, up 147.60 percent or $83.83 million from $56.80 million on Dec. 31, 2015. Current ratio was at 8.14 as on Dec. 31, 2016, up from 7.54 on Dec. 31, 2015.
Debt increases substantially
Achaogen, Inc has witnessed an increase in total debt over the last one year. It stood at $25.28 million as on Dec. 31, 2016, up 73.89 percent or $10.74 million from $14.54 million on Dec. 31, 2015. Short-term debt stood at $4.17 million as on Dec. 31, 2016. Total debt was 15.42 percent of total assets as on Dec. 31, 2016, compared with 21.74 percent on Dec. 31, 2015. Debt to equity ratio was at 0.24 as on Dec. 31, 2016, down from 0.34 as on Dec. 31, 2015.
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