CohBar, Inc. (CWBR) saw its loss widen to $1.65 million, or $0.05 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $1.08 million, or $0.03 a share.
The company has not recorded any revenues for the current as well as previous quarter.
Operating loss for the quarter was $1.65 million, compared with an operating loss of $1.08 million in the previous year period.
"The advancement of our optimized MOTS-c analogs, CB4209 and CB4211, to IND-enabling activities during the third quarter was a significant milestone for CohBar, and an important step in demonstrating the potential of MBTs for the treatment of metabolic disorders underlying age-related diseases," said Simon Allen, CohBar's chief executive officer. "Together with our confirmatory studies for obesity and nonalcoholic steatohepatitis, or NASH, which is an advanced form of fatty liver disease, we are evaluating the clinical candidates for combination therapy in type 2 diabetes. At the same time, we've continued to mine the mitochondrial genome for new biologically active peptides, broadened our IP portfolio and further secured our position as a leader in mitochondria based therapeutics."
Working capital drops significantly
CohBar, Inc. has witnessed a decline in the working capital over the last year. It stood at $7.16 million as at Sep. 30, 2016, down 34.03 percent or $3.69 million from $10.85 million on Sep. 30, 2015. Current ratio was at 8.08 as on Sep. 30, 2016, down from 23.12 on Sep. 30, 2015.
Debt remains almost stable
Total debt of CohBar, Inc. remained almost stable for the quarter at $0.21 million, when compared with the last year period. Short-term debt stood at $0.21 million as on Sep. 30, 2016. Total debt was 2.44 percent of total assets as on Sep. 30, 2016, compared with 1.77 percent on Sep. 30, 2015. Debt to equity ratio was almost stable at 0.03 as on Sep. 30, 2016, when compared with the last year.
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