Cara Therapeutics, Inc. (CARA) saw its loss widen to $22.20 million, or $0.81 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $10.69 million, or $0.39 a share.
Revenue during the quarter surged 12,914.29 percent to $0.91 million from $0.01 million in the previous year period.
Operating loss for the quarter was $22.32 million, compared with an operating loss of $10.99 million in the previous year period.
"During the quarter, we were pleased to announce positive data from Part A of our Phase 2/3 trial of I.V CR845 in CKD-associated pruritus, where we observed sustained clinical benefit over the entire two-month treatment period, supporting the potential viability of I.V CR845 as a long-term therapeutic approach for this unmet medical need," said Derek Chalmers, Ph.D., D.Sc., president and chief executive officer of Cara Therapeutics. "In addition to completing a successful follow on offering to support operations into 2019, our other late-stage trials continue to enroll well, and we look forward to completing an interim assessment in our adaptive Phase 3 postoperative pain trial of I.V. CR845, as well as reporting data from our Phase 2b chronic pain trial of Oral CR845 this quarter."
Working capital drops significantly
Cara Therapeutics, Inc. has witnessed a decline in the working capital over the last year. It stood at $28.52 million as at Mar. 31, 2017, down 69.46 percent or $64.87 million from $93.38 million on Mar. 31, 2016. Current ratio was at 3.28 as on Mar. 31, 2017, down from 16.34 on Mar. 31, 2016.
Days sales outstanding went down to 50 days for the quarter compared with 7286 days for the same period last year.
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