Axovant Sciences (AXON) saw its loss widen to $52.83 million, or $0.53 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $29.67 million, or $0.30 a share. The company has not recorded any revenues for the current as well as previous quarter.
Operating loss for the quarter was $53.10 million, compared with an operating loss of $30.59 million in the previous year period.
"With top line results expected from our MINDSET clinical study in late September and from our HEADWAY-DLB clinical study in the fourth quarter, this is a very exciting time for Axovant," stated David T. Hung, M.D., chief executive officer of Axovant Sciences. "We believe our late-stage programs have the potential to lead to much-anticipated treatments to broadly address multiple forms of dementia. In addition, our strong balance sheet will allow us to fund current programs while pursuing opportunities to acquire and develop additional innovative therapies to address a more expansive set of neurological conditions."
Working capital drops significantly
Axovant Sciences has witnessed a decline in the working capital over the last year. It stood at $173.42 million as at Mar. 31, 2017, down 34.88 percent or $92.91 million from $266.33 million on Mar. 31, 2016. Current ratio was at 4.75 as on Mar. 31, 2017, down from 17.90 on Mar. 31, 2016.
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