Corbus Pharmaceuticals Holdings, Inc (CRBP) saw its loss widen to $20 million, or $0.49 a share for the year ended Dec. 31, 2016. In the previous year period, the company reported a loss of $8.85 million, or $0.28 a share. Revenue during the year surged 194.80 percent to $1.91 million from $0.65 million in the previous year.
Operating loss for the year was $19.99 million, compared with an operating loss of $8.85 million in the previous year.
“We are very pleased with the progress we have made over the recent quarters and I am proud to report that in 2016, we achieved many significant corporate milestones and successfully advanced JBT-101 through important regulatory and clinical milestones, including the positive clinical data from our Phase 2 study of systemic sclerosis,” stated Yuval Cohen, Ph.D., Chief Executive Officer of the Company.
Working capital declines
Corbus Pharmaceuticals Holdings, Inc has witnessed a decline in the working capital over the last year. It stood at $8.50 million as at Dec. 31, 2016, down 6.39 percent or $0.58 million from $9.08 million on Dec. 31, 2015. Current ratio was at 1.96 as on Dec. 31, 2016, down from 3.50 on Dec. 31, 2015.
Debt increases substantially
Corbus Pharmaceuticals Holdings, Inc has witnessed an increase in total debt over the last one year. It stood at $0.27 million as on Dec. 31, 2016, up 67.73 percent or $0.11 million from $0.16 million on Dec. 31, 2015. Corbus Pharmaceuticals Holdings has witnessed an increase in short-term debt over the last one year. It stood at $0.27 million as on Dec. 31, 2016, up 67.73 percent or $0.11 million from $0.16 million on Dec. 31, 2015. Total debt was 1.52 percent of total assets as on Dec. 31, 2016, compared with 1.26 percent on Dec. 31, 2015. Debt to equity ratio was at 0.03 as on Dec. 31, 2016, up from 0.02 as on Dec. 31, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
