Catalyst Biosciences, Inc (TRGT) saw its loss widen to $16.94 million, or $21.75 a share for the year ended Dec. 31, 2016. In the previous year period, the company reported a loss of $14.76 million, or $49.99 a share. Revenue during the year plunged 77.20 percent to $0.40 million from $1.75 million in the previous year.
Operating loss for the year was $20.42 million, compared with an operating loss of $13.80 million in the previous year.
“2016 was a very productive year ��" we continued to advance the development of our two highly potent next-generation coagulation factors in development. We presented positive results for both product candidates in subcutaneous non-clinical PK/PD studies at medical conferences, completed the marzeptacog alfa (activated) manufacturing technology transfer from Pfizer to CMC Biologicals, and successfully manufactured a commercial scale engineering batch of marzeptacog alfa (activated),” said Nassim Usman, Ph.D., Catalyst’s president and chief executive officer. “Having laid the groundwork in 2016 to initiate clinical trials of our Factor VIIa and IX candidates, we are looking forward to developing therapies with a simpler dosing method and improved long-term clinical outcomes for individuals with hemophilia.”
Working capital drops significantly
Catalyst Biosciences, Inc has witnessed a decline in the working capital over the last year. It stood at $15.56 million as at Dec. 31, 2016, down 49.73 percent or $15.39 million from $30.94 million on Dec. 31, 2015. Current ratio was at 1.71 as on Dec. 31, 2016, down from 1.82 on Dec. 31, 2015. Days sales outstanding went up to 311 days for the year compared with 119 days for the same period last year.
Debt comes down significantly
Catalyst Biosciences, Inc has recorded a decline in total debt over the last one year. It stood at $19.40 million as on Dec. 31, 2016, down 42.50 percent or $14.34 million from $33.74 million on Dec. 31, 2015. Targacept has recorded a decline in short-term debt over the last one year. It stood at $19.40 million as on Dec. 31, 2016, down 42.50 percent or $14.34 million from $33.74 million on Dec. 31, 2015. Total debt was 50.94 percent of total assets as on Dec. 31, 2016, compared with 48.54 percent on Dec. 31, 2015. Debt to equity ratio was at 1.21 as on Dec. 31, 2016, up from 1.07 as on Dec. 31, 2015.
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