Adamas Pharmaceuticals Inc (ADMS) saw its loss narrow to $14.39 million, or $0.66 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $14.86 million, or $0.81 a share.
Revenue during the quarter plunged 82.03 percent to $0.14 million from $0.77 million in the previous year period.
Operating loss for the quarter was $14.64 million, compared with an operating loss of $15 million in the previous year period.
"This was a milestone quarter for the company as we prepared for and submitted our New Drug Application (NDA) for ADS-5102 (amantadine hydrochloride) extended-release capsules for the potential treatment of levodopa-induced dyskinesia (LID) in patients with Parkinson’s disease in October 2016," said Gregory T. Went, Ph.D., Chairman and Chief Executive Officer of Adamas Pharmaceuticals, Inc. "We are pleased that our platform, which focuses on developing chrono-synchronous therapies, continues to provide potential treatments for patients with chronic neurologic disorders, including Alzheimer’s and Parkinson’s disease."
Operating cash flow remains negative
Adamas Pharmaceuticals Inc has spent $38.44 million cash to meet operating activities during the nine month period as against cash outgo of $34.87 million in the last year period.
The company has spent $49.96 million cash to meet investing activities during the nine month period as against cash inflow of $0.04 million in the last year period
Cash flow from financing activities was $65.07 million for the nine month period, up 519.15 percent or $54.56 million, when compared with the last year period.
Cash and cash equivalents stood at $9.78 million as on Sep. 30, 2016, down 73.66 percent or $27.34 million from $37.12 million on Sep. 30, 2015.
Working capital increases marginally
Adamas Pharmaceuticals Inc has recorded an increase in the working capital over the last year. It stood at $97.82 million as at Sep. 30, 2016, up 3.52 percent or $3.33 million from $94.50 million on Sep. 30, 2015. Current ratio was at 8.79 as on Sep. 30, 2016, down from 9.63 on Sep. 30, 2015.
Days sales outstanding went up to 377 days for the quarter compared with 78 days for the same period last year.
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