Cleveland BioLabs, Inc. (CBLI) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $1.14 million, or $ 0.10 a share in the quarter, against a net loss of $3.12 million, or $0.31 a share in the last year period.
Revenue during the quarter surged 127.53 percent to $1.14 million from $0.50 million in the previous year period.
Operating loss for the quarter was $0.71 million, compared with an operating loss of $2.82 million in the previous year period.
Yakov Kogan, Ph.D., MBA, Chief Executive Officer, stated, "The side-by-side analytical comparability analysis of two formulations of entolimod is on schedule to be completed in the fourth quarter of 2016. Once we have this data and once the FDA has finalized the biocomparability study design, the biocomparability study in non-human primates (“NHP”) may commence. We expect the NHP study will require approximately 6 months to complete, and we will update guidance on this point after the FDA has completed its reviews and our vendors have confirmed timing."
Operating cash flow remains negative
Cleveland BioLabs, Inc. has spent $5.31 million cash to meet operating activities during the nine month period as against cash outgo of $8.86 million in the last year period.
Cash flow from investing activities was $2.94 million for the nine month period as against cash outgo of $12.79 million in the last year period.
Cash flow from financing activities was $0.54 million for the nine month period, down 97.82 percent or $24.27 million, when compared with the last year period.
Cash and cash equivalents stood at $4.05 million as on Sep. 30, 2016, down 36.32 percent or $2.31 million from $6.36 million on Sep. 30, 2015.
Working capital increases
Cleveland BioLabs, Inc. has recorded an increase in the working capital over the last year. It stood at $14.16 million as at Sep. 30, 2016, up 6.91 percent or $0.92 million from $13.25 million on Sep. 30, 2015. Current ratio was at 6.08 as on Sep. 30, 2016, up from 2.31 on Sep. 30, 2015.
Days sales outstanding went down to 103 days for the quarter compared with 138 days for the same period last year.
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