Axovant Sciences Ltd. (AXON) saw its loss narrow to $47.81 million, or $0.48 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $63.36 million, or $0.64 a share.
The company has not recorded any revenues for the current as well as previous quarter.
Operating loss for the quarter was $47.97 million, compared with an operating loss of $62.55 million in the previous year period.
"We look forward to a transformational year ahead for Axovant," stated Vivek Ramaswamy, chief executive officer of Axovant Sciences. "Our clinical programs are on-track to produce results from multiple late-stage clinical studies in 2017, and we continue to prepare for the potential commercial launches of those drugs if we receive marketing approval. In addition, we recently completed a financing that provides additional flexibility to advance or expand our pipeline."
Working capital drops significantly
Axovant Sciences Ltd. has witnessed a decline in the working capital over the last year. It stood at $165.98 million as at Dec. 31, 2016, down 42.35 percent or $121.94 million from $287.92 million on Dec. 31, 2015. Current ratio was at 5.19 as on Dec. 31, 2016, down from 19.12 on Dec. 31, 2015.
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