Aviragen Therapeutics, Inc (AVIR) saw its loss widen to $9.10 million, or $0.24 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $6.50 million, or $0.17 a share. Revenue during the quarter surged 123.53 percent to $3.80 million from $1.70 million in the previous year period.
Operating loss for the quarter was $8.60 million, compared with an operating loss of $6.50 million in the previous year period.
“In looking to the 2017 calendar year, we have both near-term events and a broad vision driving the development of our antiviral pipeline. In the coming weeks, we have a key data readout from our lead program, vapendavir, that we feel could be a significant value-creating event for the Company. We are very committed to the advancement of our pipeline and are confident of its potential to address considerable unmet clinical needs for patients with limited therapeutic options,” commented Joseph M. Patti, PhD, president and chief executive officer of Aviragen Therapeutics. “We remain opportunistic in seeking out new indications within our current pipeline and plan to initiate a Phase 2 study of vapendavir for the treatment of rhinovirus infections in hematopoietic stem cell transplant patients this quarter.”
Working capital declines
Aviragen Therapeutics, Inc has witnessed a decline in the working capital over the last year. It stood at $45.70 million as at Dec. 31, 2016, down 13.12 percent or $6.90 million from $52.60 million on Dec. 31, 2015. Current ratio was at 5.35 as on Dec. 31, 2016, down from 9.77 on Dec. 31, 2015. Days sales outstanding went down to 90 days for the quarter compared with 225 days for the same period last year.
Debt comes down significantly
Aviragen Therapeutics, Inc has recorded a decline in total debt over the last one year. It stood at $0.50 million as on Dec. 31, 2016, down 44.44 percent or $0.40 million from $0.90 million on Dec. 31, 2015. Total debt was 0.88 percent of total assets as on Dec. 31, 2016, compared with 1.40 percent on Dec. 31, 2015. Debt to equity ratio was almost stable at 0.02 as on Dec. 31, 2016, when compared with the last year.
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