Achaogen Inc (AKAO) saw its loss widen to $11.04 million, or $0.41 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $8.76 million, or $0.48 a share. Revenue during the quarter surged 258.49 percent to $16.05 million from $4.48 million in the previous year period.
Operating loss for the quarter was $8.95 million, compared with an operating loss of $8.53 million in the previous year period.
"Thanks to the coordinated efforts of our team and participating clinical trial sites, we were successful in completing enrollment of the Phase 3 EPIC trial ahead of schedule, and now expect to announce top-line EPIC and CARE results before the end of 2016," said Kenneth Hillan, M.B. Ch.B., Achaogens chief executive officer. "Also, at the recent IDWeek conference, we presented the first data from the CARE trial, which highlighted the role of therapeutic drug management in guiding targeted dosing of plazomicin in critically ill patients with antibiotic resistant gram-negative infections."
Working capital declinesAchaogen Inc has witnessed a decline in the working capital over the last year. It stood at $59.52 million as at Sep. 30, 2016, down 11.53 percent or $7.76 million from $67.28 million on Sep. 30, 2015. Current ratio was at 4 as on Sep. 30, 2016, down from 8.61 on Sep. 30, 2015. Days sales outstanding went down to 56 days for the quarter compared with 86 days for the same period last year.
Debt increases substantially
Achaogen Inc has witnessed an increase in total debt over the last one year. It stood at $25.02 million as on Sep. 30, 2016, up 67.57 percent or $10.09 million from $14.93 million on Sep. 30, 2015. Short-term debt stood at $1.04 million as on Sep. 30, 2016. Total debt was 31.01 percent of total assets as on Sep. 30, 2016, compared with 19.30 percent on Sep. 30, 2015. Debt to equity ratio was at 0.81 as on Sep. 30, 2016, up from 0.28 as on Sep. 30, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
