Argos Therapeutics, Inc. (ARGS) saw its loss narrow to $12.25 million, or $0.32 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $20.08 million, or $0.97 a share.
Revenue during the quarter dropped 7.32 percent to $0.15 million from $0.16 million in the previous year period.
Operating loss for the quarter was $12.20 million, compared with an operating loss of $19.76 million in the previous year period.
"During the third quarter, we further strengthened our management team and financial position," said Jeff Abbey, president and chief executive officer. "As we previously announced, Dr. Richard Katz joined us as chief financial officer in July. Rich has already played an instrumental role by driving the most recent financing, in which we raised gross proceeds of $50 million. In addition, he has initiated the transformation of our finance structure towards that of a commercial stage company."
Working capital increases sharply
Argos Therapeutics, Inc. has recorded an increase in the working capital over the last year. It stood at $47.34 million as at Sep. 30, 2016, up 187.21 percent or $30.85 million from $16.48 million on Sep. 30, 2015. Current ratio was at 2.98 as on Sep. 30, 2016, up from 2.96 on Sep. 30, 2015.
Days sales outstanding went down to 18 days for the quarter compared with 55 days for the same period last year.
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